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Stock-Based Compensation
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees and Directors under the 2002 Employee Stock Incentive Plan and a Director Deferred Stock Ownership Plan. The 2002 Employee Stock Incentive Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.

Stock-based compensation for the periods ended September 30 is as follows:
(in millions)
Three Months
 
Nine Months
 
2016
 
2015
 
2016
 
2015
Stock option expense 1
$
2

 
$
2

 
$
6

 
$
11

Restricted stock and unit awards expense
18

 
16

 
48

 
44

Total stock-based compensation expense 
$
20

 
$
18

 
$
54

 
$
55


1 
There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options.

During the nine months ended September 30, 2016, the Company granted 0.6 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $100.31 per share. Total unrecognized compensation expense related to unvested restricted stock and unit awards as of September 30, 2016 was $65 million, which is expected to be recognized over a weighted average period of 1.8 years.