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Equity Incentive Program
 9 Months Ended
Sep. 30, 2015
Share-based Compensation [Abstract]  
Equity Incentive Program
Equity Incentive Program

Stock-based compensation expense recognized in the Consolidated Statements of Earnings totaled $6.4 million and $2.6 million for the three months ended September 30, 2015 and 2014, respectively. For the nine months ended September 30, 2015 and 2014 stock-based compensation expense was $13.0 million and $6.5 million, respectively. Included in stock-based compensation expense for the three and nine months ended September 30, 2015 is $1.4 million of charges associated with accelerated change-in-control expense recognized as a result of the Audience acquisition, which was paid out during the three months ending September 30, 2015.

Stock Options

The expense related to stock options granted in the nine months ended September 30, 2015 and 2014 was estimated on the date of grant using a Black-Scholes option-pricing model based on the assumptions shown in the table below.

 
Nine Months Ended September 30,
 
2015
 
2014
Risk-free interest rate
1.24
%
to
1.50
%
 
1.32
%
to
1.63
%
Dividend yield
—%
 
—%
Expected life (years)
4.5
 
4.5

to
5.3

Volatility
41.9
%
to
42.4
%
 
42.9
%
to
49.9
%
Fair value at date of grant
$6.59
to
$6.88
 
$
10.73

to
$
13.50



The following table summarizes the Company's stock-settled stock appreciation right ("SSAR") and stock option activity for the nine months ended September 30, 2015 (in millions except share and per share amounts).
 
SSARs
 
Stock Options
 
Number of Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
 
Number of Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
Outstanding at December 31, 2014
1,064,383

 
$
20.81

 
 
 
 
 
1,327,990

 
$
29.31

 
 
 
 
Granted
—

 
—

 
 
 
 
 
1,955,707

 
18.01

 
 
 
 
Assumed from Audience acquisition
—

 
—

 
 
 
 
 
29,117

 
17.50

 
 
 
 
Exercised
(18,947
)
 
11.79

 
 
 
 
 
(2,100
)
 
12.65

 
 
 
 
Forfeited
(13,380
)
 
23.92

 
 
 
 
 
(128,282
)
 
20.91

 
 
 
 
Expired
(10,925
)
 
21.97

 
 
 
 
 
(2,966
)
 
27.82

 
 
 
 
Outstanding at September 30, 2015
1,021,131

 
$
20.93

 
$
0.9

 
6.0
 
3,179,466

 
$
22.61

 
$
0.9

 
6.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2015
695,248

 
$
19.52

 
$
0.9

 
5.4
 
221,060

 
$
29.29

 
$
—

 
5.5


Unrecognized compensation expense related to SSARs and stock options not yet exercisable at September 30, 2015 were $0.3 million and $19.1 million, respectively. This cost is expected to be recognized over a weighted-average period of 0.4 years for SSARs and 1.5 years for stock options.

RSUs

The following table summarizes the Company's restricted stock unit ("RSU") balances for the nine months ended September 30, 2015.
 
Share units
 
Weighted-average grant date fair value
Unvested at December 31, 2014
390,939

 
$
28.41

Granted
535,492

 
18.51

Assumed from Audience acquisition
432,254

 
17.92

Vested
(194,876
)
 
21.08

Forfeited
(49,242
)
 
20.42

Unvested at September 30, 2015
1,114,567

 
$
21.35



At September 30, 2015, $18.0 million of unrecognized compensation expense related to RSUs is expected to be recognized over a weighted-average period of 1.5 years.