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Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2016
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
STOCK-BASED COMPENSATION PLANS

The Company’s operating results for the three months ended March 31, 2016 and 2015 included stock compensation expense of $4.1 in each period. Expense for the three months ended March 31, 2016 and 2015 included $0.3 and $0.5, respectively, related to awards classified as liabilities that will ultimately settle in cash.

Restricted Stock Units

Time-based Restricted Stock Units
During the three months ended March 31, 2016 and 2015, the Company granted 0.5 and 0.7 shares, respectively, of time-based restricted stock units. The weighted average grant date fair values of these grants were $26.34 and $22.10 per share, respectively. These time-based grants are scheduled to vest 25% at the first anniversary of the grant date, 25% at the second anniversary and 50% at the third anniversary.

The total compensation cost related to non-vested time-based restricted stock units not yet recognized as of March 31, 2016 was approximately $26.6, which is expected to be recognized over a weighted average period of 1.3 years. Changes to non-vested time-based restricted stock units for the three months ended March 31, 2016 were as follows:

Shares (in millions)
Number
of
Shares
Weighted
Average Fair
Value at Date
of Grant
Non-vested at December 31, 2015
1.3

20.20

Granted
0.5

26.34

Vested
(0.4
)
18.97

Forfeited
—

—

Non-vested at March 31, 2016
1.4

$
22.84



Performance-based Restricted Stock Units
During the three months ended March 31, 2016 and 2015, the Company granted 0.3 and 0.4 shares, respectively, of performance-based restricted stock units. These grants provide for payout based upon the extent to which the Company achieves certain EPS targets, as determined by the Compensation and Benefits Committee of the Board of Directors, over three-year periods. Payout levels for earned shares range from 50% to 200% of award shares. No payout is earned if performance is below the minimum performance threshold level. At March 31, 2016, the targets for the third year of the 2015 grants and the second and third years of the 2016 grants had not yet been set and the key terms had not been effectively communicated to the recipients, and as such the expense related to these grants had not yet been recognized. These grants have been excluded from the table below.

During the three months ended March 31, 2016, the Company established and communicated to participants the final key terms of the 2014 awards, resulting in grants for accounting purposes with a grant date fair value of $26.49 per share. The total compensation cost related to the 2014 non-vested performance-based restricted stock units not yet recognized as of March 31, 2016 was approximately $5.9, which is expected to be recognized ratably over the remaining vesting period ending in February 2017.

Changes to non-vested performance-based restricted stock units for the three months ended March 31, 2016 were as follows:
Shares (in millions)
Number
of
Shares
Weighted
Average Fair
Value at Date
of Grant
Non-vested at December 31, 2015
0.3

21.84

Granted
0.3

26.49

Vested
(0.3
)
21.84

Forfeited
—

—

Non-vested at March 31, 2016
0.3

$
26.45



 
Stock Options
Presented below is a summary of Company stock option activity for the three months ended March 31, 2016. Prior to 2016, all outstanding stock options were fully vested and the related expense had been fully recognized.
 
Shares (in millions)
Shares
 
Weighted
Average
Exercise
Price
 
Weighted Average Remaining Contractual Term (in years)
 
Weighted Average Fair Value at Date of Grant (per share)
Options outstanding at December 31, 2015
0.5

 
$
13.33

 
5.6
 
$
3.78

Options exercisable at December 31, 2015
0.5

 
$
13.33

 
5.6
 
$
3.74

Granted
—

 
—

 
 
 
 
Exercised
(0.1
)
 
13.76

 
 
 
 
Forfeited
—

 
—

 
 
 
 
Options outstanding at March 31, 2016
0.4

 
$
13.31

 
5.3
 
$
3.77

Options exercisable at March 31, 2016
0.4

 
$
13.31

 
5.3
 
$
3.77