13. Stock Incentive Plans and Stock Purchase Plans:

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, 2015, the Company had approximately 5.4 million shares available for future grants and awards under its Amended and Restated 2008 Incentive Plan.

On November 3, 2015, the Company’s shareholders approved an amendment to the Company’s 1996 Non-Qualified Employee Stock Purchase Plan, as amended (the “ESPP”) to increase the number of shares issuable under the ESPP. Under the ESPP, 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. Also on November 3, 2015, the Company’s shareholders approved the creation of the 2015 Non-Qualified Stock Purchase Plan (the “SPP”) which allows certain eligible non-employee service providers to purchase the Company’s common stock at 90% of market value on January 1st, April 1st, July 1st and October 1st of each year upon the SPP’s effective date of January 1, 2016.

Each of the ESPP and the SPP provide for the issuance of an of aggregate 2.5 million shares of the Company’s common stock less the number of shares of common stock purchased under the other plan. In accordance with the provisions of the accounting guidance for stock-based compensation, the Company recognizes stock-based compensation expense for the discount received by participating employees and non-employee service providers. During the year ended December 31, 2015, approximately 234,000 shares were issued under the ESPP. At December 31, 2015, the Company had approximately 2.6 million shares in aggregate reserved for issuance under the ESPP and SPP.

The Company recognized approximately $32.1 million, $31.7 million and $31.3 million of stock-based compensation expense related to its stock incentive plans and the ESPP during the years ended December 31, 2015, 2014 and 2013, 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, 2015 are as follows:


	Number of Shares			Weighted Average Fair Value
Non-vested shares at January 1, 2015		1,271,044		$	46.80
Awarded		483,423		$	70.44
Forfeited		(29,974	)	$	55.77
Vested		(710,702	)	$	44.43

Non-vested shares at December 31, 2015		1,013,791		$	61.50

The aggregate fair value of the restricted and deferred stock that vested during the years ended December 31, 2015, 2014 and 2013 was approximately $31.6 million, $28.2 million and $33.3 million, respectively.

The weighted average grant-date fair value of restricted and deferred stock awards that were granted during the years ended December 31, 2015, 2014 and 2013 was $70.44, $57.73 and $46.48, respectively.

At December 31, 2015, the total stock-based compensation cost related to non-vested restricted stock remaining to be recognized as compensation expense over a weighted-average period of approximately 1.5 years was $28.7 million.

The Company did not grant any stock options during 2015 or 2014, 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, 2015 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, 2015		814,094		$	27.57
Exercised		(228,707	)	$	26.58			$	11.3

Outstanding and exercisable at December 31, 2015		585,387		$	27.96		2.7	$	25.6

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $25.6 million, $38.8 million and $35.4 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, 2015, 2014 and 2013 was approximately $11.6 million, $17.5 million and $19.0 million, respectively. The cash proceeds received from the exercise of stock options for the years ended December 31, 2015, 2014 and 2013 were approximately $6.1 million, $30.1 million and $18.9 million, respectively.