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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
6.
STOCK-BASED COMPENSATION
Jones Lang LaSalle Amended and Restated Stock Award and Incentive Plan ("SAIP") provides for the granting of various stock awards to eligible employees of JLL. Such awards include restricted stock units and options to purchase a specified number of shares of common stock, although we have not granted stock options since 2003. There were approximately 550 thousand shares available for grant under the SAIP as of December 31, 2016. We also have a stock-based compensation plan for our United Kingdom-based employees, the SAYE plan, that allows for the purchase of stock at a 15% discount from the market price at the beginning of the plan's three and five year vesting periods.
Stock-based compensation expense is included within Compensation and benefits expense on our Consolidated Statements of Comprehensive Income. Stock-based compensation expense consisted of the following.
 
Year Ended December 31,
($ in millions)
2016
2015
2014
Restricted stock unit awards
$
25.5

20.7

19.3

SAYE
1.4

2.1

1.1

Total
$
26.9

22.8

20.4


Restricted Stock Unit Awards
Restricted stock unit activity is presented in the below table.
 
Shares
(in thousands)
 
Weighted Average
Grant Date
Fair Value
Weighted Average
Remaining
Contractual Life (in years)
Unvested as of December 31, 2013
1,025.3

 
$
73.09

 
Granted
160.5

 
119.88

 
Vested
(426.6
)
 
60.14

 
Forfeited
(13.9
)
 
80.74

 
Unvested as of December 31, 2014
745.3

 
90.43

2.38
Granted
186.3

 
159.30

 
Vested
(196.4
)
 
78.45

 
Forfeited
(29.2
)
 
94.20

 
Unvested as of December 31, 2015
706.0

 
111.78

2.03
Granted
299.3

 
107.74

 
Vested
(203.6
)
 
96.37

 
Forfeited
(50.8
)
 
117.48

 
Unvested as of December 31, 2016
750.9

 
$
113.97

1.71
Unvested shares expected to vest as of December 31, 2016
750.2

 
$
113.99

1.71

We determine the fair value of restricted stock units based on the closing market price of the Company's common stock on the grant date. As of December 31, 2016, we had $29.6 million of unamortized deferred compensation related to unvested restricted stock units, which is anticipated to be recognized over varying periods into 2020.
Shares vested during the years ended December 31, 2016, 2015 and 2014, had grant date fair values of $19.6 million, $15.4 million, and $25.7 million, respectively. Shares granted during the years ended December 31, 2016, 2015 and 2014 had grant date fair values of $32.2 million, $29.7 million and $19.2 million, respectively.
Other Stock-Based Compensation Programs
As previously discussed, we also maintain the SAYE plan, a stock-based compensation plan for our United Kingdom-based employees. Under this plan, employees make an annual election to contribute to the plan to purchase stock at a 15% discount from the market price at the beginning of the plan's three and five year vesting periods. There were approximately 400 thousand shares available for grant under the SAYE plan as of December 31, 2016.
Options activity under the SAYE plan is presented in the following table.
 
Year Ended December 31,
(options in thousands)
2016
 
2015
Options granted
—

 
76

Exercise price - options granted
$
—

 
$
125.50

 
 
 
 
Options exercised
20

 
82

Weighted average exercise price
$
70.37

 
$
58.84


The fair values of options granted under the SAYE plan are amortized over their respective vesting periods. There were approximately 128 thousand and 156 thousand options outstanding under the SAYE plan as of December 31, 2016 and 2015, respectively.