STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Stock-based compensation cost	$	20.3	$	16.1	$	40.6	$	33.3
Tax benefit	$	6.5	$	5.8	$	12.8	$	12.0

During the first six 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 six 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-basedawards 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 $76.24 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	41.2%
Risk-free interest rate	2.30%
Expected holding period	7.2 years
Grant date fair value	$ 31.49

Unrecognized compensation expense at June 30,2014 was $12.3million and $111.2 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.3 years and 1.8 years, respectively. Additionally, there was $20.9million 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:

	Six Months Ended
	June 30,
Exercise of stock options:	2014		2013
Proceeds from stock option exercises	$	89.0	$	89.2
Aggregate intrinsic value	$	69.2	$	66.7
Tax benefit realized upon exercise	$	25.3	$	24.4
Number of shares exercised		2.0		2.7
	Six Months Ended
	June 30,
Vesting of restricted stock:	2014		2013
Fair value of shares vested	$	91.9	$	53.8
Tax benefit realized upon vesting	$	32.0	$	19.1
Number of shares vested		1.2		1.1
	Six Months Ended
	June 30,
Vesting of performance-based restricted stock:	2014		2013
Fair value of shares vested	$	38.0	$	25.5
Tax benefit realized upon vesting	$	14.8	$	9.7
Number of shares vested		0.5		0.5