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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2017
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 March 31,
| 2016 |  | 2017
Share-based compensation | $ | 9.2 |  |  | $ | 9.4 |
Tax benefit | 3.6 |  |  | 3.6 |
The Company has $66.4 million and $93.7 million of unrecognized share-based compensation as of December 31, 2016 and March 31, 2017, respectively, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Stock Options The following table summarizes transactions in the Company’s stock options:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding - December 31, 2016 | 1.4 |  |  | $ | 108.53 |  |  |
Options granted | 0.0 |  |  | 152.36 |  |  |
Options exercised | (0.4 | ) |  | 96.70 |  |  |
Options forfeited | 0.0 |  |  | 142.19 |  |  |
Unexercised options outstanding - March 31, 2017 | 1.0 |  |  | 112.38 |  |  | 3.1
Exercisable at March 31, 2017 | 0.6 |  |  | 104.20 |  |  | 1.5
As of March 31, 2017, 0.2 million options outstanding have expiration dates prior to the end of 2017. For the three months ended March 31, 2016 and 2017, the Company granted stock options with fair values of $16.0 million and $0.4 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 three months ended March 31, 2016 and 2017, the weighted average fair value of options granted was $38.90 and $46.49, per option, respectively, based on the weighted-average grant date assumptions stated below.
|  | For the Three Months Ended March 31,
|  | 2016 |  | 2017
Dividend yield |  | — | % |  | 0.5 | %
Expected volatility |  | 30.6 | % |  | 30.1 | %
Risk-free interest rate |  | 1.6 | % |  | 2.2 | %
Expected life of options (in years) |  | 5.7 |  |  | 5.7 |
Forfeiture rate |  | — | % |  | — | %
Restricted Stock The following table summarizes transactions in the Company’s restricted stock units:
| Restricted Stock Units |  | Weighted Average Grant Date Value
Unvested units - December 31, 2016 | 0.6 |  |  | $ | 168.84 |
Units granted | 0.2 |  |  | 152.88 |
Units vested | (0.2 | ) |  | 167.14 |
Units forfeited | (0.0 | ) |  | 170.73 |
Unvested units - March 31, 2017 | 0.6 |  |  | 163.14 |
For the three months ended March 31, 2016 and 2017, the Company granted awards with fair values of $27.7 million and $36.4 million, respectively. These awards were valued based on the closing price of the Company’s common stock on the grant date and contain vesting conditions requiring service over a period of three to four years. In certain circumstances, awards also require certain performance conditions to be satisfied. 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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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