13. Stock Incentive Plans and Stock Purchase Plan:

The Company’s Amended and Restated 2008 Incentive Compensation Plan, as amended (the “Amended and Restated 2008 Incentive Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, deferred stock, and other stock-related awards and performance awards that may be settled in cash, stock or other property.

Under the Amended and Restated 2008 Incentive Plan, options to purchase shares of common stock may be granted at a price not less than the fair market value of the shares on the date of grant. The options must be exercised within 10 years from the date of grant and generally become exercisable on a pro rata basis over a three-year period from the date of grant. The Company issues new shares of its common stock upon exercise of its stock options. Restricted stock awards generally vest over periods of three years upon the fulfillment of specified service-based conditions and in certain instances performance-based conditions. Deferred stock awards generally vest upon the satisfaction of specified performance-based conditions or service-based conditions. The Company recognizes compensation expense related to its restricted stock and deferred stock awards ratably over the corresponding vesting periods. At December 31, 2014, the Company had approximately 6.3 million shares available for future grants and awards under its Amended and Restated 2008 Incentive Plan.

Under the Company’s 1996 Non-Qualified Employee Stock Purchase Plan, as amended (the “Stock Purchase Plan”), employees are permitted to purchase the Company’s common stock at 85% of market value on January 1st, April 1st, July 1st and October 1st of each year. In accordance with the provisions of the accounting guidance for stock-based compensation, the Company recognizes stock-based compensation expense for the 15% discount received by participating employees. During the year ended December 31, 2014, approximately 260,000 shares were issued under the Stock Purchase Plan. At December 31, 2014, the Company had approximately 335,000 shares reserved for issuance under the Stock Purchase Plan.

The Company recognized approximately $31.7 million, $31.3 million and $28.4 million of stock-based compensation expense related to its stock incentive plans and the Stock Purchase Plan during the years ended December 31, 2014, 2013 and 2012, respectively.

The activity related to the Company’s restricted and deferred stock awards and the corresponding weighted average grant-date fair values for the year ended December 31, 2014 are as follows:


	Number of Shares			Weighted Average Fair Value
Non-vested shares at January 1, 2014		1,519,976		$	37.78
Awarded		529,431		$	57.73
Forfeited		(33,569	)	$	42.19
Vested		(744,794	)	$	37.90

Non-vested shares at December 31, 2014		1,271,044		$	46.80

The aggregate fair value of the restricted and deferred stock that vested during the years ended December 31, 2014, 2013 and 2012 was approximately $28.2 million, $33.3 million and $23.0 million, respectively.

The weighted average grant-date fair value of restricted and deferred stock awards that were granted during the years ended December 31, 2014, 2013 and 2012 was $57.73, $46.48 and $30.06, respectively.

At December 31, 2014, the total stock-based compensation cost related to non-vested restricted and deferred stock remaining to be recognized as compensation expense over a weighted-average period of approximately 1.4 years was $26.1 million.

The Company did not grant any stock options during 2014 or 2013, and all stock-based compensation cost related to stock options has been recognized. The activity and certain other information related to the Company’s outstanding stock option awards for the year ended December 31, 2014 are as follows:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2014		1,966,170		$	26.74
Exercised		(1,151,576	)	$	26.16			$	38.8
Forfeited		(500	)	$	27.72				—

Outstanding and exercisable at December 31, 2014		814,094		$	27.57		3.6	$	31.4

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $38.8 million, $35.4 million and $18.1 million, respectively.

The net excess tax benefit recognized in additional paid-in capital related primarily to stock options, restricted stock and deferred stock for the years ended December 31, 2014, 2013 and 2012 was approximately $17.5 million, $19.0 million and $6.2 million, respectively. The cash proceeds received from the exercise of stock options for the years ended December 31, 2014, 2013 and 2012 were approximately $30.1 million, $18.9 million and $20.8 million, respectively.