Stock-based Compensation

3 Months Ended

Mar. 31, 2014

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

Stock-based Compensation

(7) Stock-Based Compensation

Restricted Stock Unit Awards

Along with cash based-salaries and performance-based annual cash incentive awards, restricted stock unit awards represent a crucial element of our compensation program.

Restricted stock unit activity for the three months ended March 31, 2014 and 2013, is as follows:

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at January 1, 2014	1,025.0		$	73.10
Granted	135.3		118.42
Vested	(129.5	)	58.18
Forfeited	—		—
Unvested at March 31, 2014	1,030.8		$	80.92	2.36
Unvested shares expected to vest	997.1		$	81.10	2.37
	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Unvested at January 1, 2013	1,347.4		$	68.50
Granted	159.6		90.97
Vested	(38.8	)	70.65
Forfeited	(17.7	)	63.74
Unvested at March 31, 2013	1,450.5		$	70.97	2.09
Unvested shares expected to vest	1,408.0		$	71.01	2.09

We determine the fair value of restricted stock units based on the market price of the Company's common stock on the grant date. As of March 31, 2014, we had $37.7 million of remaining unamortized deferred compensation related to unvested restricted stock units. We will recognize the remaining cost of unvested restricted stock units outstanding at March 31, 2014 over varying periods into 2019.

Shares vested during the three months ended March 31, 2014 and 2013, had grant date fair values of $7.5 million and $2.7 million, respectively. Shares granted during the three months ended March 31, 2014 and 2013, had grant date fair values of $16.0 million and $14.5 million, respectively.

Other Stock Compensation Programs

We also have a stock-based compensation plan for our United Kingdom and Ireland based employees, the Jones Lang LaSalle Savings Related Share Option Plan ("Save as You Earn" or "SAYE"). Under this plan, employees make an annual election to contribute to the plan to purchase stock at a 15% discount from the market price at the beginning of the plan's three and five year vesting periods. No options were issued during the three months ended March 31, 2014 and 2013. The fair value of options granted under the SAYE plan are amortized over their respective vesting periods. There were approximately 219,200 and 227,800 options outstanding under the SAYE plan at March 31, 2014 and December 31, 2013, respectively.