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Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2017
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
STOCK-BASED COMPENSATION PLANS

The Company’s operating results for the three and six months ended June 30, 2017 included stock-based compensation expense of $4.2 and $8.5, respectively, compared to $5.0 and $9.2, respectively, for the same periods in 2016. Expense for the three and six months ended June 30, 2017 included $0.1 and less than $0.1, respectively, related to awards classified as liabilities that will ultimately settle in cash compared to $0.5 and $0.9, respectively, for the same periods in the prior year.

Restricted Stock Units

Time-based Restricted Stock Units
During the six months ended June 30, 2017 and 2016, the Company granted 0.2 and 0.5 shares, respectively, of time-based restricted stock units. The weighted average grant date fair values of these grants were $23.06 and $26.43, respectively. These time-based grants are scheduled to vest 25% at the first anniversary of the grant date, 25% at the second anniversary and 50% at the third anniversary.

The total compensation cost related to non-vested time-based restricted stock units not yet recognized as of June 30, 2017 was approximately $14.7, which is expected to be recognized over a weighted average period of 1.7 years. Changes to non-vested time-based restricted stock units for the six months ended June 30, 2017 were as follows:

Shares (in millions)
Number
of
Shares
Weighted
Average Fair
Value at Date
of Grant
Non-vested at December 31, 2016
1.3


$23.23

Granted
0.2

23.06

Vested
(0.5
)
22.72

Forfeited
—

—

Non-vested at June 30, 2017
1.0


$23.38




Performance-based Restricted Stock Units
During the six months ended June 30, 2017 and 2016, the Company granted 0.3 and 0.3 shares, respectively, of performance-based restricted stock units. These grants provide for payout based upon the extent to which the Company achieves certain EPS targets, as determined by the Compensation and Benefits Committee of the Board of Directors, over three-year periods. Payout levels for earned shares range from 50% to 200% of award shares. No payout is earned if performance is below the performance minimum threshold level. At June 30, 2017, the targets for the third year of the 2016 grants and the second and third years of the 2017 grants had not yet been set, the key terms had not been effectively communicated to the recipients, and as such the expense related to these grants had not yet been recognized. These grants have been excluded from the table below.

During 2017, the Company established and communicated to participants the final key terms of the 2015 grants, resulting in grants for accounting purposes of 0.3 shares with a grant date fair value of $21.27 per share. The total compensation cost related to the 2015 non-vested performance-based restricted stock units not yet recognized as of June 30, 2017 was approximately $4.5, which is expected to be recognized ratably over the remaining vesting period ending in February 2018.

Changes to non-vested performance-based restricted stock units for the six months ended June 30, 2017 were as follows:
Shares (in millions)
Number
of
Shares
Weighted
Average Fair
Value at Date
of Grant
Non-vested at December 31, 2016
0.3


$26.48

Granted
0.3

21.27

Vested
(0.3
)
26.23

Forfeited
—

—

Non-vested at June 30, 2017
0.3


$21.28



 
Stock Options
Presented below is a summary of Company stock option activity. Prior to 2017, all outstanding stock options were fully vested and the related expense had been fully recognized.
 
Shares (in millions)
Shares
Weighted
Average
Exercise
Price
Weighted Average Remaining Contractual Term (in years)
Weighted Average Fair Value at Date of Grant (per share)
Options outstanding at December 31, 2016
0.4


$13.34

4.5

$3.78

Options exercisable at December 31, 2016
0.4


$13.34

4.5

$3.78

Granted
—

—

 
 
Exercised
—

—

 
 
Forfeited
—

—

 
 
Options outstanding at June 30, 2017
0.4


$13.34

4.0

$3.80

Options exercisable at June 30, 2017
0.4


$13.34

4.0

$3.80