Stock-based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Stock-Based Compensation

Restricted Stock Unit Awards

Along with cash based-salaries and performance-based annual cash incentive awards, restricted stock unit awards represent a primary element of our compensation program.

Restricted stock unit activity for the three months ended September 30, 2013 and September 30, 2012 is as follows:

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at July 1, 2013	1,442.2		$	71.27
Granted	58.7		91.85
Vested	(453.5	)	71.10
Forfeited	(22.0	)	57.56
Unvested at September 30, 2013	1,025.4		$	72.82	2.24
Unvested shares expected to vest	991.1		$	72.94	2.25
	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at July 1, 2012	1,710.5		$	68.49
Granted	15.6		70.56
Vested	(356.9	)	69.34
Forfeited	(16.2	)	63.56
Unvested at September 30, 2012	1,353.0		$	68.35	2.22
Unvested shares expected to vest	1,310.9		$	68.38	2.22

Restricted stock unit activity for the nine months ended September 30, 2013 and September 30, 2012 is as follows:

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at January 1, 2013	1,345.9		$	68.50
Granted	233.9		91.33
Vested	(513.2	)	70.82
Forfeited	(41.2	)	61.70
Unvested at September 30, 2013	1,025.4		$	72.82	2.24
Unvested shares expected to vest	991.1		$	72.94	2.25
	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at January 1, 2012	1,362.3		$	66.29
Granted	592.8		67.08
Vested	(574.3	)	62.14
Forfeited	(27.8	)	68.70
Unvested at September 30, 2012	1,353.0		$	68.35	2.22
Unvested shares expected to vest	1,310.9		$	68.38	2.22

We determine the fair value of restricted stock units based on the market price of the Company’s common stock on the grant date. As of September 30, 2013, we had $31.7 million of remaining unamortized deferred compensation related to unvested restricted stock units. We will recognize the remaining cost of unvested restricted stock units outstanding at September 30, 2013 over varying periods into 2018.

Shares vested during the three months ended September 30, 2013 and 2012, had grant date fair values of $32.2 million and $24.7 million, respectively, and $36.3 million and $35.7 million, for the nine months ended September 30, 2013 and 2012, respectively. Shares granted during the three months ended September 30, 2013 and 2012 had grant date fair values of $5.4 million and $1.1 million, respectively, and $21.4 million and $39.8 million, for the nine months ended September 30, 2013 and 2012, respectively.

Other Stock Compensation Programs

We also have a stock-based compensation plan for our United Kingdom and Ireland based employees, the Jones Lang LaSalle Savings Related Share Option Plan ("Save as You Earn" or "SAYE"). Under this plan, employees make an annual election to contribute to the plan to purchase stock at a 15% discount from the market price at the beginning of the plan’s three and five year vesting periods. In July 2013, we issued approximately 25,400 options under the SAYE plan at an exercise price of $77.65. In June 2012, we issued approximately 127,400 options under the SAYE plan at an exercise price of $59.26. There were approximately 233,000 and 237,400 options outstanding under the SAYE plan at September 30, 2013 and December 31, 2012, respectively.