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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2017
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

A summary of restricted stock transactions during the three months ended March 31, 2017 follows:
 
Number of shares
Non-vested stock awards outstanding at January 1, 2017
1,321,292

Awarded:

Time-vesting shares
65,575

Performance-based shares
134,795

Released:

Time-vesting shares
(53,347
)
Performance-based shares
(115,732
)
Forfeitures:
 
       Time-vesting shares
(11,500
)
Performance-based shares
(58,749
)
Non-vested stock awards outstanding at March 31, 2017
1,282,334



The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the performance metric is the Company's total shareholder return, which includes share price appreciation and dividends paid during the three-year term of the award, measured against a peer group of companies. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and will be settled in stock.

For awards subject to a performance condition, the performance metric is the Company's average return on invested capital, over the three-year term. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of performance achieved ranging between 0% and 200% of the shares originally awarded, and will be settled in stock.

The time-vesting restricted and deferred stock awards vest ratably over three to five years.

The weighted average grant-date fair value of the 2017 time-vesting stock awards was $53.35 and the performance-based stock awards was $51.91.

The fair value of the performance-based shares subject to a market condition awarded in 2017 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 21.1%, an expected term of three years, and a weighted average risk-free interest rate of 1.43%.

At March 31, 2017, unrecognized compensation cost related to outstanding non-vested stock awards was $36. The weighted average period over which the expense is expected to be recognized is 1.9 years. The aggregate market value of the shares released on the vesting dates was $9 for the three months ended March 31, 2017.