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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation The following is a summary of share-based compensation expense:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2015 |  | 2016 |  | 2015 |  | 2016
Share-based compensation | $ | 8.4 |  |  | $ | 10.7 |  |  | $ | 25.5 |  |  | $ | 30.7 |
Tax benefit | 3.2 |  |  | 4.1 |  |  | 9.8 |  |  | 11.8 |
The Company has $70.6 million and $83.9 million of unrecognized share-based compensation as of December 31, 2015 and September 30, 2016, respectively, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Stock Options The following table summarizes the transactions of the Company’s stock options:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding - December 31, 2015 | 1.4 |  |  | $ | 96.18 |  |  |
Options granted | 0.4 |  |  | 122.82 |  |  |
Options exercised | (0.2 | ) |  | 77.40 |  |  |
Unexercised options outstanding - September 30, 2016 | 1.6 |  |  | 105.15 |  |  | 2.8
Exercisable at September 30, 2016 | 1.2 |  |  | 97.07 |  |  | 1.5
For the nine months ended September 30, 2015 and 2016, the Company granted stock options with fair values of $1.0 million and $16.4 million, respectively. Stock options generally vest over a period of three to four years and expire seven years after the grant date. All options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. In certain circumstances, option awards also require certain performance conditions to be satisfied in order for the options to be exercised. The fair value of options granted was estimated using the Black-Scholes option pricing model. For the nine months ended September 30, 2015 and 2016, the weighted average fair value of options granted was $54.92 and $39.02, per option, respectively, based on the weighted-average grant date assumptions stated below.
|  | For the Nine Months Ended September 30,
|  | 2015 |  | 2016
Dividend yield |  | — | % |  | — | %
Expected volatility(1) |  | 26.7 | % |  | 30.7 | %
Risk-free interest rate(2) |  | 1.5 | % |  | 1.6 | %
Expected life of options (in years)(3) |  | 5.0 |  |  | 5.7 |
Forfeiture rate |  | — | % |  | — | %
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(1) | Expected volatility is based on historical and implied volatility.
(2) | Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of the grant.
(3) | Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.
Restricted Stock The following table summarizes the transactions of the Company’s restricted stock units:
| Restricted Stock Units |  | Weighted Average Grant Date Value
Unvested units - December 31, 2015 | 0.6 |  |  | $ | 192.04 |
Units granted | 0.2 |  |  | 122.59 |
Units vested | (0.2 | ) |  | 181.35 |
Units forfeited | (0.0 | ) |  | 172.18 |
Unvested units - September 30, 2016 | 0.6 |  |  | 169.29 |
For the nine months ended September 30, 2015 and 2016, the Company granted awards with fair values of $49.8 million and $28.0 million, respectively. These awards were valued based on the closing price of the Company’s common stock on the date of grant and contain vesting conditions requiring service over a period of four years. In certain circumstances, awards also require certain performance conditions to be satisfied, and the Company may elect to settle the awards in shares of the Company’s common stock or cash.

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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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