Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

6. STOCK-BASED COMPENSATION

The SAIP provides for the granting of various stock awards to eligible employees of JLL. Such awards have historically been RSUs and generally vested in three years. In 2018, we issued PSUs for the first time to certain employees, including our GEB members, under the SAIP. PSU awards generally vest in three years, subject to performance and, for certain awards, market conditions.

There were approximately 1.0 million shares available for grant under the SAIP as of December 31, 2020. We also have a stock-based compensation plan for our UK-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 vesting periods. While there have been no options granted under the SAYE plan since 2017, approximately 281 thousand shares remain available for grant as of December 31, 2020.

Stock-based compensation expense, excluding expense related to HFF retention awards issued in conjunction with the HFF acquisition, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to HFF retention awards issued in conjunction with the HFF acquisition is included within Restructuring and acquisition charges. Stock-based compensation expense by award type is presented below.


	Year Ended December 31,
(in millions)	2020		2019	2018
Restricted stock unit awards	$	41.8	61.6	22.4
Performance stock unit awards	5.5		13.6	3.2
SAYE	0.2		1.2	1.3
Total	$	47.5	76.4	26.9

Restricted Stock Units and Performance Stock Units


	RSU Shares (in 000's)	PSU Shares (in 000's)	Total Shares (in 000's)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of December 31, 2017	727.7	—	727.7	$	118.96	1.24
Granted	176.6	100.6	277.2	156.13
Vested	(292.5)	—	(292.5)	125.01
Forfeited	(52.2)	(7.5)	(59.7)	131.84
Unvested as of December 31, 2018	559.6	93.1	652.7	131.32		2.02
Granted	1,298.0	196.5	1,494.5	141.06
Vested	(287.7)	—	(287.7)	116.32
Forfeited	(37.6)	(2.8)	(40.4)	137.49
Unvested as of December 31, 2019	1,532.3	286.8	1,819.1	141.51		2.39
Granted	173.1	276.4	449.5	124.98
Vested	(571.1)	—	(571.1)	137.99
Forfeited	(38.1)	(31.7)	(69.8)	136.00
Unvested as of December 31, 2020	1,096.2	531.5	1,627.7	$	137.42	1.69

As of December 31, 2020, we had $66.4 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over varying periods into 2023; $32.3 million relates to the awards issued in conjunction with the HFF acquisition.

Shares vested during the years ended December 31, 2020, 2019 and 2018, had grant date fair values of $78.8 million, $33.5 million, and $43.3 million, respectively. Shares granted during the years ended December 31, 2020, 2019 and 2018 had grant date fair values of $56.2 million, $210.8 million and $36.5 million, respectively. During the year ended December 31, 2019, we granted 1,111.3 thousand shares of RSU awards to HFF employees in conjunction with the HFF acquisition.