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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2014
STOCK-BASED COMPENSATION

NOTE 2. STOCK-BASED COMPENSATION

       Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:

 Three Months Ended
 March 31,
 2014 2013
Stock-based compensation cost$ 20.3 $ 17.2
Tax benefit$ 6.3 $ 6.2

During the first three months of 2014, the Company granted 0.3 million employee stock options, which had a weighted average grant date fair value of $31.49 per share based on the Black-Scholes option-pricing model. The Company also granted 0.9 million shares of restricted stock in the first three months of 2014, which had a weighted average grant date fair value of $79.55 per share and generally vest ratably over a four-year period. Additionally, the Company granted approximately 0.2 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market based performance metrics of the Company over a three-year period. The weighted average grant date fair value of these awards was $76.23 per share.

       The following weighted average assumptions were used in determining the fair value for options granted in 2014:

Expected dividend yield 1.41%
Expected stock volatility 41%
Risk-free interest rate 2.30%
Expected holding period7.2 years
Grant date fair value$ 31.49

Unrecognized compensation expense at March 31, 2014 was $14.7 million and $126.8 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.5 years and 1.9 years, respectively. Additionally, there was $21.9 million of unrecognized compensation expense relating to the aforementioned non-market based performance-based awards, which is expected to be recognized over a weighted average period of 1.1 years.

The following tables summarize information relating to stock option exercises, restricted stock vesting and the delivery of performance-based awards:

  Three months ended
  March 31,
Exercise of stock options: 2014 2013
Proceeds from stock option exercises $ 56.1 $ 31.4
Aggregate intrinsic value $ 42.9 $ 21.8
Tax benefit realized upon exercise $ 16.1 $ 7.7
Number of shares exercised   1.2   1.0
       
  Three months ended
  March 31,
Vesting of restricted stock: 2014 2013
Fair value of shares vested $ 91.4 $ 53.8
Tax benefit realized upon vesting $ 31.8 $ 19.1
Number of shares vested   1.2   1.1
       
  Three months ended
  March 31,
Delivery of performance-based restricted stock: 2014 2013
Fair value of shares delivered $ 38.0 $ 25.5
Tax benefit realized upon delivery $ 14.8 $ 9.7
Number of shares delivered   0.5   0.5