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Equity Incentive Program
 3 Months Ended
Mar. 31, 2016
Share-based Compensation [Abstract]  
Equity Incentive Program
Stock-based compensation expense recognized in the Consolidated Statements of Earnings totaled $5.4 million and $2.7 million for the three months ended March 31, 2016 and 2015, respectively.

Stock Options

The expense related to stock options granted in the three months ended March 31, 2016 and 2015 was estimated on the date of grant using a Black-Scholes option-pricing model based on the assumptions shown in the table below.
 
Three Months Ended March 31,
 
2016
 
2015
Risk-free interest rate
1.04%
 
1.44%
Dividend yield
—%
 
—%
Expected life (years)
4.5
 
4.5
Volatility
39.6%
 
42.4%
Fair value at date of grant
$3.76
 
$6.59


The following table summarizes the Company's stock-settled stock appreciation right ("SSAR") and stock option activity for the three months ended March 31, 2016 (in millions except share and per share amounts).
 
SSARs
 
Stock Options
 
Number of Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
 
Number of Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
Outstanding at December 31, 2015
1,013,780

 
$
20.92

 
 
 
 
 
3,165,556

 
$
22.58

 
 
 
 
Granted
—

 
—

 
 
 
 
 
1,875,001

 
11.02

 
 
 
 
Forfeited
—

 
—

 
 
 
 
 
(17,961
)
 
18.49

 
 
 
 
Expired
(5,672
)
 
15.32

 
 
 
 
 
(2,666
)
 
29.53

 
 
 
 
Outstanding at March 31, 2016
1,008,108

 
$
20.95

 
$
0.1

 
5.5
 
5,019,930

 
$
18.28

 
$
4.1

 
6.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at March 31, 2016
1,008,108

 
$
20.95

 
$
0.1

 
5.5
 
939,993

 
$
22.93

 
$
—

 
5.5


There was no unrecognized compensation expense related to SSARs at March 31, 2016. At March 31, 2016, unrecognized compensation expense related to stock options not yet exercisable was $21.3 million and is expected to be recognized over a weighted-average period of 1.5 years.

RSUs

The following table summarizes the Company's restricted stock unit ("RSU") balances for the three months ended March 31, 2016.
 
Share units
 
Weighted-average grant date fair value
Unvested at December 31, 2015
1,079,994

 
$
24.41

Granted
865,693

 
11.02

Vested
(196,502
)
 
20.95

Forfeited
(38,590
)
 
19.02

Unvested at March 31, 2016
1,710,595

 
$
16.23



At March 31, 2016, $21.3 million of unrecognized compensation expense related to RSUs is expected to be recognized over a weighted-average period of 1.6 years.