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Share-Based Compensation
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
Share-Based Compensation

The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $5.6 and $4.3 for the three months ended March 31, 2016 and 2015, respectively.

Options outstanding and exercisable as of March 31, 2016 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and changes during the three months ended March 31, 2016 were as follows:
 
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value (1)
 
 

 
(per share)
 
(in years)
 
 
Outstanding at January 1, 2016
 
1.7

 
$
34.21

 
 
 
 
Expired or forfeited
 
(0.2
)
 
$
38.23

 
 
 
 
Granted
 
0.5

 
$
27.39

 
 
 
 
Outstanding at March 31, 2016
 
2.0

 
$
32.34

 
8
 
$
0.8

Options exercisable at March 31, 2016
 
1.1

 
$
34.32

 
6
 
$
0.1

Options vested and expected to vest at March 31, 2016 (2)
 
2.0

 
$
32.43

 
7
 
$
0.8

(1)
The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the first quarter of 2016 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.
(2)
The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.

The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the three months ended March 31, 2016:
 
 
Number of
Shares
 
Weighted-Average
Grant-Date Fair
Value
 
 

 
(per share)
RSUs:
 
 
 
 
Non-vested at January 1, 2016
 
0.9

 
$
32.53

Forfeited
 
(0.1
)
 
$
32.39

Vested
 
(0.2
)
 
$
30.86

Granted
 
0.5

 
$
27.13

Non-vested at March 31, 2016
 
1.1

 
$
30.40

Performance Shares:
 
 
 
 
Non-vested at January 1, 2016
 
0.8

 
$
34.06

Forfeited
 
—

 
$
34.09

Vested
 
(0.2
)
 
$
29.32

Granted
 
0.6

 
$
30.49

Non-vested at March 31, 2016
 
1.2

 
$
33.00



Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the Board of Directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that are assessed after a three-year period as well as performance objectives that are assessed annually over a three-year period. No shares are vested unless certain performance threshold objectives are met.

As of March 31, 2016, there were 0.1 non-employee director deferred shares vested and outstanding.