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LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | 6 Months Ended
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Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
LONG-TERM INCENTIVE EMPLOYEE COMPENSATION | LONG-TERM INCENTIVE EMPLOYEE COMPENSATION Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses. The following table provides the components of LTIP costs for the three and six months ended June 30, 2016 and 2015.
| Three Months |  | Six Months
For the Periods Ended June 30 | 2016 |  | 2015 |  | 2016 |  | 2015
Equity based awards | $ | 3.0 |  |  | $ | 3.8 |  |  | $ | 5.9 |  |  | $ | 6.9 |
Liability-based awards | 0.3 |  |  | 0.7 |  |  | 0.8 |  |  | 0.9 |
Total share-based compensation expense | $ | 3.3 |  |  | $ | 4.5 |  |  | $ | 6.7 |  |  | $ | 7.8 |
As of June 30, 2016, there was estimated unrecognized compensation cost of $29.0 related to unvested equity-based awards that is expected to be recognized ratably over a weighted-average period of 2.0 years, and $3.0 related to unvested liability-based awards that are expected to be recognized ratably over a weighted-average period of 2.2 years. Year-to-Date 2016 LTIP Activity The majority of our LTIP activity occurs during the first quarter of each year. During the six months ended June 30, 2016, we granted the following LTIP awards as provided in the table below:
| # of Awards Granted | Weighted Average Grant Date Fair Value Per Share
Non-qualified stock options (NQOs) | 0.4 |  | $ | 9.16 |
Restricted stock units (RSUs) | 0.3 |  | $ | 33.28 |
Performance stock units (PSUs) | 0.2 |  | $ | 33.27 |
The NQOs vest either on the completion of a three-year service period or annually in three equal installments, as determined by employee level, and have a ten-year expiration period. RSUs and PSUs vest on the completion of a three-year service period. During the six months ended June 30, 2016 and 2015, 0.4 and 0.3 NQOs were exercised resulting in proceeds of $8.8 and $5.3, respectively. RSUs of 0.3 and 0.2 vested and were issued during the six months ended June 30, 2016 and 2015, respectively. In addition, PSUs of 0.2 were issued during the six months ended June 30, 2016 that vested on December 31, 2015. The fair value of each NQO grant was estimated on the date of grant using a binomial lattice pricing model that incorporates multiple and variable assumptions over time, including assumptions such as employee exercise patterns, stock price volatility and changes in dividends. The following table details the weighted average assumptions used to measure fair value and the resulting grant date fair value for the first quarter 2016 NQO grants.
Dividend yield | 1.5%
Expected volatility | 32.2%
Expected life | 6.0 years
Risk-free rates | 1.5%
Weighted average grant date fair value per share | $9.16

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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