Equity Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Based Compensation

Equity Based Compensation

Equity compensation expense was $3.1 million and $6.4 million in the second quarter of 2015 and 2014, respectively. In the first quarter of 2015, the Company granted 0.3 million stock appreciation rights at $90.06 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 15,174 shares of common stock. As of June 30, 2015, 1.8 million share options at a weighted average strike price per share of $53.26 were vested and exercisable, with a remaining weighted average exercise period of 4.9 years. As of June 30, 2015, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $36.6 million. It is estimated that these costs will vest over a weighted average period of 2.1 years.