Stock-based Compensation Plans

The Company's share-based compensation consists of stock options, time-based restricted stock, time-based restricted stock units, performance-based restricted stock, and performance-based restricted stock units. The Company also offers an employee stock purchase plan for eligible employees.

See the Company's Annual Report on Form 10-K for fiscal 2017 for a detailed description of the Company's stock-based compensation awards and employee stock purchase plan, including information related to vesting terms, service and performance conditions, and payout percentages. Also, see the Company's Annual Report on Form 10-K for fiscal 2017 for a discussion of the Company's process for estimating the fair value of stock options granted.

The Company currently utilizes treasury stock to satisfy stock option exercises, issuances under the Company's employee stock purchase plan, and restricted stock awards. From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase programs. The Company repurchased 2.2 million and 4.0 million shares in the three months ended September 30, 2017 and 2016, respectively. The Company considers several factors in determining when to execute share repurchases, including, among other things, actual and potential acquisition activity, cash balances and cash flows, issuances due to employee benefit plan activity, and market conditions.

The following table represents stock-based compensation expense and related income tax benefits for the three months ended September 30, 2017 and 2016, respectively:



	Three Months Ended
	September 30,
	2017		2016
Operating expenses	$	5.2	$	5.6
Selling, general and administrative expenses	28.6		21.5
System development and programming costs	5.2		4.0
Total pre-tax stock-based compensation expense	$	39.0	$	31.1

Income tax benefit	$	14.1	$	11.2

As of September 30, 2017, the total remaining unrecognized compensation cost related to unvested stock options, restricted stock units, and restricted stock awards amounted to $26.4 million, $78.6 million, and $124.9 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 2.6 years, 1.8 years, and 1.6 years, respectively.

During the three months ended September 30, 2017, the following activity occurred under the Company’s existing plans:

Stock Options:



	Number of Options (in thousands)		Weighted Average Price (in dollars)
Options outstanding at July 1, 2017	4,172		$	75
Options granted	1,134		$	107
Options exercised	(320	)	$	66
Options canceled/forfeited	(53	)	$	81
Options outstanding at September 30, 2017	4,933		$	83

Time-Based Restricted Stock and Time-Based Restricted Stock Units:



	Number of Shares (in thousands)		Number of Units (in thousands)
Restricted shares/units outstanding at July 1, 2017	1,761		386
Restricted shares/units granted	808		179
Restricted shares/units vested	(862	)	(194	)
Restricted shares/units forfeited	(27	)	(4	)
Restricted shares/units outstanding at September 30, 2017	1,680		367

Performance-Based Restricted Stock and Performance-Based Restricted Stock Units:



	Number of Shares (in thousands)		Number of Units (in thousands)
Restricted shares/units outstanding at July 1, 2017	404		769
Restricted shares/units granted	157		338
Restricted shares/units vested	(238	)	(248	)
Restricted shares/units forfeited	(4	)	(15	)
Restricted shares/units outstanding at September 30, 2017	319		844

The fair value for stock options granted was estimated at the date of grant using the following assumptions:



	Three Months Ended
	September 30,
	2017			2016
Risk-free interest rate	1.8		%	1.2		%
Dividend yield	2.1		%	2.3		%
Weighted average volatility factor	21.7		%	23.2		%
Weighted average expected life (in years)	5.4			5.4
Weighted average fair value (in dollars)	$	17.50		$	14.36