12.	Stock Based Compensation Plans

The Company has options outstanding under four equity compensation plans. Under the Amended and Restated Omnibus Equity Plan, the Company may grant options and other stock-based awards to employees and directors. Under the 1983 Stock Option Plan and the Stock Award Plan, the Company granted options to key management employees. Under the Stock Option Plan for Directors, the Company granted options to non‑employee directors. Following adoption of the original Omnibus Equity Plan by stockholders in 2008, no further grants were permitted under the other equity compensation plans. Options outstanding under the plans are issued at market value on the date of grant, vest on the third anniversary of the date of grant and must be exercised within ten years of the date of grant. If, upon termination of a participant’s employment (other than a termination for cause), a participant is at least 55 years old, has at least five years of service, and the sum of the participant’s age and years of service is at least 65, the participant may exercise any stock options granted in 2007 or later within a period of three years from the date of termination or, if earlier, the date such stock options otherwise would have expired, subject to specified conditions. Issuances of Common Stock to satisfy employee option exercises currently are made from treasury stock.

Stock option transactions for the three years ended December 31, 2015 were as follows:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
Outstanding as of December 31, 2012		8.2		$	32.81
Granted		1.7			61.89
Exercised		(1.0	)		21.47
Cancelled		(0.1	)		47.47
Outstanding as of December 31, 2013		8.8		$	39.47
Granted		1.1			69.61
Exercised		(1.3	)		25.14
Cancelled		(0.1	)		56.31
Outstanding as of December 31, 2014		8.5		$	45.50
Granted		1.1			83.81
Exercised		(0.9	)		31.11
Cancelled		(0.1	)		61.90
Outstanding as of December 31, 2015		8.6		$	51.77		5.8	$	284.1
Exercisable as of December 31, 2015		4.8		$	37.06		4.1	$	230.4

The following table summarizes information relating to options outstanding and exercisable as of December 31, 2015:

	Options Outstanding						Options Exercisable
			Weighted		Weighted				Weighted
	Outstanding		Average		Average		Exercisable		Average
Range of	as of		Remaining		Exercise		as of		Exercise
Exercise Prices	12/31/2015		Contractual Life		Price		12/31/2015		Price
$15.01 - $25.00		0.6		1.1	$	22.02		0.6	$	22.02
$25.01 - $35.00		2.1		3.4	$	29.37		2.1	$	29.37
$35.01 - $45.00		0.8		5.2	$	40.57		0.8	$	40.57
$45.01 - $55.00		1.3		5.9	$	53.80		1.3	$	53.80
$55.01 - $65.00		1.6		6.9	$	61.88		0.0	$	55.08
$65.01 - $75.00		1.1		8.2	$	69.54		0.0	$	0.00
$75.01 - $85.00		1.1		9.4	$	83.82		0.0	$	0.00
		8.6		5.8	$	51.77		4.8	$	37.06

The table above represents the Company’s estimate of options fully vested and expected to vest. Expected forfeitures are not material and, therefore, are not reflected in the table above.

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:

	2015		2014		2013
Intrinsic Value of Stock Options Exercised	$	49.0	$	58.0	$	42.2
Stock Compensation Expense Related to Stock Option Awards	$	14.8	$	15.2	$	15.5
Issued Stock Options		1.1		1.1		1.7
Weighted Average Fair Value of Stock Options issued (per share)	$	13.70	$	12.82	$	10.92
Fair Value of Stock Options Issued	$	15.3	$	15.0	$	18.1

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	2015			2014			2013
Risk-free interest rate		2.0	%		2.0	%		1.4	%
Expected life in years		6.3			6.2			6.2
Expected volatility		17.2	%		20.4	%		21.2	%
Dividend yield		1.6	%		1.8	%		1.8	%

The fair value of stock options is based upon the Black Scholes option pricing model. The Company determined the stock options’ lives based on historical exercise behavior and their expected volatility and dividend yield based on the historical changes in stock price and dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument.

As of December 31, 2015, there was a fair value of $8.4 related to unamortized stock option compensation expense, which is expected to be recognized over the next three years. The Company’s Consolidated Statements of Cash Flow reflect an add back to Net Cash Provided by Operating Activities of $16.1, $17.0 and $17.0 in 2015, 2014 and 2013, respectively, for non-cash compensation expense, primarily stock option expense. Cash flow from Financing Activities includes $15.8, $18.5 and $13.1 in 2015, 2014 and 2013, respectively, of excess tax benefits on stock options exercised. The total tax benefit for 2015, 2014 and 2013 was $15.8, $18.8 and $13.4, respectively.