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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of stock-based compensation expenses
During the years ended December 31, 2019, 2018 and 2017, the Company recorded and capitalized the following stock-based compensation expenses:
 
2019
 
2018
 
2017
Stock-based compensation expense - Property
$
1.8

 
$
2.4

 
$
2.1

Stock-based compensation expense - Services
1.0

 
0.9

 
0.8

Stock-based compensation expense - SG&A
108.6

 
134.2

 
105.6

Total stock-based compensation expense
$
111.4

 
$
137.5

 
$
108.5

 
 
 
 
 
 
Stock-based compensation expense capitalized as property and equipment
$
1.6

 
$
2.0

 
$
1.6
Assumptions used to determine the grant date fair value for options granted Key assumptions used to apply the Black-Scholes option pricing model were as follows (percentages and years disclosed in full amounts):


2017
Range of risk-free interest rate

1.88% - 1.94%
Weighted average risk-free interest rate

1.89%
Range of expected life of stock options

5.2 years
Range of expected volatility of the underlying stock price

18.95% - 19.45%
Weighted average expected volatility of underlying stock price

19.05%
Range of expected annual dividend yield

2.40%
Summary of the company's option activity
The Company’s option activity for the year ended December 31, 2019 was as follows (share and per share data disclosed in full amounts):
 
 
Options
 
Weighted
Average
Exercise Price Per Share
 
Weighted
Average
Remaining
Life (Years)
 
Aggregate
Intrinsic Value
Outstanding as of January 1, 2019
 
4,257,470

 

$84.03

 
 
 
 
Granted
 
—

 
—

 
 
 
 
Exercised
 
(1,190,017
)
 
79.15

 
 
 
 
Forfeited
 
(7,211
)
 
94.71

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding as of December 31, 2019
 
3,060,242

 

$85.90

 
4.30
 

$440.4

Exercisable as of December 31, 2019
 
2,822,938

 

$85.09

 
4.14
 

$408.6

Vested or expected to vest as of December 31, 2019
 
3,060,242

 

$85.90

 
4.30
 

$440.4
Schedule of options outstanding
The following table sets forth information regarding options outstanding at December 31, 2019 (share and per share data disclosed in full amounts):
Options Outstanding
 
Options Exercisable
Range of Exercise
Price Per Share
 
Outstanding
Number of
Options
 
Weighted
Average Exercise
Price Per Share
 
Weighted Average
Remaining Life
(Years)
 
Options
Exercisable
 
Weighted
Average Exercise
Price Per Share
$43.11 - $74.06
 
201,845

 
$
58.21

 
1.87
 
201,845

 
$
58.21

$76.90 - $77.75
 
505,525

 
76.91

 
2.98
 
505,525

 
76.91

$81.18 - $94.23
 
834,335

 
81.58

 
3.94
 
834,335

 
81.58

$94.57 - $94.71
 
1,488,529

 
94.62

 
5.23
 
1,262,051

 
94.60

$96.70 - $121.15
 
30,008

 
111.31

 
6.52
 
19,182

 
109.92

$43.11 - $121.15
 
3,060,242

 
$
85.90

 
4.30
 
2,822,938

 
$
85.09
Summary of the company's restricted stock unit activity The Company’s RSU and PSU activity for the year ended December 31, 2019 was as follows (share and per share data disclosed in full amounts): 
 
RSUs
 
Weighted Average Grant Date Fair Value
 
PSUs
 
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2019 (1)
1,649,973

 
$
121.23

 
624,511

 
$
109.97

Granted (2)
551,860

 
185.41

 
243,077

 
147.39

Vested and Released (3)
(671,598
)
 
114.49

 
(338,680
)
 
94.71

Forfeited
(75,885
)
 
140.81

 
—

 
—

Outstanding as of December 31, 2019
1,454,350

 
$
147.67

 
528,908

 
$
136.94

Expected to vest as of December 31, 2019
1,454,350

 
$
147.67

 
528,908

 
$
136.94

Vested and deferred as of December 31, 2019 (4)
19,810

 
$
124.03

 
—

 
$
—


_______________
(1)
PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2018 PSUs and the 2017 PSUs (each as defined below), or 131,311 and 154,520 shares, respectively, and the shares issuable at the end of the three-year vesting period for the PSUs granted in 2016 (the “2016 PSUs”), based on achievement against the performance metrics for the three-year performance period, or 338,680 shares.
(2)
PSUs represent the shares above target that are issuable for the 2017 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 128,254 shares, and the target number of shares issuable at the end of the three-year performance period for the 2019 PSUs, or 114,823 shares.
(3)
This includes 32,596 and 46,500 of previously vested and deferred RSUs and PSUs, respectively. PSUs consist of shares vested pursuant to the 2016 PSUs. There are no additional shares to be earned related to the 2016 PSUs.
(4)
Vested and deferred RSUs are related to deferred compensation for certain former employees.