LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

3 Months Ended

Mar. 31, 2015

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

LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

Our long-term incentive plan (LTIP) costs are primarily recorded within general and administrative expenses. The following table provides the components of LTIP costs for the three months ended March 31, 2015 and 2014.



For the Three Months Ended March 31	2015		2014
Equity based awards	$	3.1	$	3.3
Liability-based awards	0.2		0.1
Total share-based compensation expense	$	3.3	$	3.4

At March 31, 2015, there was estimated unrecognized compensation cost of $32.9 related to unvested equity-based awards that is expected to be recognized ratably over a weighted-average period of 2.4 years, and $2.3 related to unvested liability-based awards that are expected to be recognized ratably over a weighted-average period of 1.9 years.

During the three months ended March 31, 2015, we granted the following LTIP awards as provided in the table below:



	# of Awards Granted	Grant Date Fair Value
Non-qualified stock options (NQOs)	0.2		$	11.23
Restricted stock units (RSUs)	0.2		$	41.52
Total shareholder return awards (TSR)	0.1		$	45.67
Return on invested capital awards (ROIC)	0.1		$	40.12

The NQOs vest either on the completion of a three-year service period or annually in three equal installments, as determined by employee level, and have a ten-year expiration period. RSUs, TSR awards, and ROIC awards vest on the completion of a three-year service period.

During the three months ended March 31, 2015 and 2014, 0.1 and 0.5 stock options were exercised resulting in proceeds of $2.0 and $9.0, respectively. In addition, restricted stock units of 0.2 vested and were issued during both the three months ended March 31, 2015 and 2014.

The fair value of each NQO grant was estimated on the date of grant using a binomial lattice pricing model that incorporates multiple and variable assumptions over time, including assumptions such as employee exercise patterns, stock price volatility and changes in dividends. The following table details the weighted average assumptions used to measure fair value and the resulting grant date fair value for the first quarter 2015 NQO grants.



Dividend yield	1.1%
Expected volatility	29.4%
Expected life	5.8 years
Risk-free rates	1.7%
Grant date fair value	$11.23

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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