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Share-Based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Summary of restricted stock activity
The following is a summary of restricted stock unit activity for the nine months ended September 30, 2019. The fair value of the restricted share unit awards is determined using the closing price of our common stock on date of grant.
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2019
537

 
$
59.41

Granted
284

 
74.32

Vested
(247
)
 
55.42

Forfeited
(44
)
 
67.59

Outstanding at September 30, 2019
530

 
$
68.50
Summary of performance based share grants
The following is a summary of Return on Invested Capital ("ROIC") performance share unit grants for the nine months ended September 30, 2019. The fair value of the ROIC performance share units is equal to the closing share price on the date of the grant. 
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2019
274

 
$
52.11

Granted
77

 
74.07

Adjustment for Performance Condition Achieved (a)
74

 
37.86

Vested
(174
)
 
37.86

Forfeited
(17
)
 
63.18

Outstanding at September 30, 2019
234

 
$
64.54


(a) Represents an increase in the number of original ROIC performance share units awarded based on the final performance criteria achievement at the end of the performance period of such awards.
TSR Performance Share Unit Grants
The following is a summary of our Total Shareholder Return ("TSR") performance share unit grants for the nine months ended September 30, 2019:
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2019
274

 
$
61.04

Granted
77

 
89.62

Adjustment for Market Condition Achieved (a)
74

 
37.86

Vested
(174
)
 
37.86

Forfeited
(17
)
 
63.18

Outstanding at September 30, 2019
234

 
$
75.82
Summary of the changes in outstanding stock options
The following is a summary of the changes in outstanding stock options for the nine months ended September 30, 2019:
 
Share units            (in thousands)
 
Weighted
Average
Exercise
Price / Share
 
Weighted  Average
Remaining
Contractual
Term (Years)
 
Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2019
2,125

 
$
43.08

 
6.5
 
 
Granted
334

 
74.08

 
 
 
 
Exercised
(286
)
 
35.71

 
 
 
 
Forfeited and expired
(46
)
 
67.04

 
 
 
 
Outstanding at September 30, 2019
2,127

 
$
48.42

 
6.5
 
$
67

Options exercisable at September 30, 2019
1,492

 
$
39.60

 
5.5
 
$
60

Vested and expected to vest as of September 30, 2019
2,067

 
$
47.71

 
6.4
 
$
66
Stock option valuation assumptions The following are weighted-average assumptions for 2019 grants:
Volatility
24.10

%
Risk-free interest rate
2.55

%
Dividend yield
1.30

%
Expected term (in years)
5.4

 
Weighted-average fair value / share
$
17.04

 
Performance-based shares valuation assumptions
The fair value of TSR performance share units was calculated on the date of grant using a Monte Carlo simulation model utilizing several key assumptions, including expected Company and peer company share price volatility, correlation coefficients between peers, the risk-free rate of return, the expected dividend yield and other award design features. The following are weighted-average assumptions for 2019 grants:
Volatility
20.9
%
Risk-free interest rate
2.52
%