Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

A summary of restricted stock transactions during the three months ended March 31, 2016 follows:



	Number of shares
Non-vested stock awards outstanding at January 1, 2016	1,778,275
Awarded:
Time-vesting shares	70,396
Performance-based shares	133,676
Released:
Time-vesting shares	(131,462	)
Performance-based shares	(90,003	)
Forfeitures:
Time-vesting shares	(4,800	)
Performance-based shares	(153,248	)
Non-vested stock awards outstanding at March 31, 2016	1,602,834

In January 2016, the Company awarded shares of restricted stock to certain senior executives consisting of 70,396 time-vesting shares which vest ratably over three years and 133,676 performance-based shares which cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and will be settled in stock. The market performance criteria is the Company's Total Shareholder Return ("TSR"), which includes share price appreciation and dividends paid, during the three-year term of the award measured against the TSR of a peer group of companies.

The weighted average grant-date fair value of the 2016 time-vesting stock awards was $48.47 and the performance-based stock awards was $51.05.

The fair value of the performance-based shares awarded in 2016 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 19.8%, an expected term of three years, and a weighted average risk-free interest rate of 1.22%.

At March 31, 2016, unrecognized compensation cost related to outstanding non-vested stock awards was $44. The weighted average period over which the expense is expected to be recognized is 2.3 years. The aggregate market value of the shares released on the vesting dates was $11.