Equity Based Compensation

3 Months Ended

Mar. 31, 2016

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

Equity Based Compensation

Equity Based Compensation

Equity compensation expense was $11.5 million and $4.5 million in the first quarter of 2016 and 2015, respectively. In the first quarter of 2016, the Company granted 0.3 million stock appreciation rights at $93.53 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 8,908 shares of common stock. As of March 31, 2016, 1.9 million share options at a weighted average strike price per share of $56.20 were vested and exercisable, with a remaining weighted average exercise period of 5.0 years. As of March 31, 2016, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $47.6 million. It is estimated that these costs will vest over a weighted average period of 2.4 years.