LONG-TERM INCENTIVE EMPLOYEE COMPENSATION

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2015 and 2014.



	Three Months					Nine Months
For the Periods Ended September 30	2015			2014		2015		2014
Equity based awards	$	4.2		$	4.0	$	11.1	$	10.8
Liability-based awards	(0.1		)	1.0		0.8		2.9
Total share-based compensation expense	$	4.1		$	5.0	$	11.9	$	13.7

At September 30, 2015, there was estimated unrecognized compensation cost of $25.8 related to unvested equity-based awards that is expected to be recognized ratably over a weighted-average period of 2.1 years, and $2.4 related to unvested liability-based awards that are expected to be recognized ratably over a weighted-average period of 2.0 years.

Year-to-Date 2015 LTIP Activity

The majority of our LTIP activity occurs during the first quarter of each year. The majority of LTIP grants occurred on February 25, 2015. During the nine months ended September 30, 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)	0.3		$	40.93
Total shareholder return (TSR) awards	0.1		$	45.67
Return on invested capital (ROIC) awards	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 nine months ended September 30, 2015 and 2014, 0.3 and 0.8 NQOs were exercised resulting in proceeds of $5.5 and $14.3, respectively. In addition, RSUs of 0.3 vested and were issued during both nine month periods ended September 30, 2015 and 2014, respectively.

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