Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

The following table summarizes the market-based awards granted during the first nine months of 2016 and 2015:

The following table summarizes the performance-based awards granted during the first nine months of 2016 and 2015:



Year Awarded	Performance Period Ending	Performance Measure	Number of Shares Granted	Period Expensed Through
2016	December 2016	Revenues before Reimbursable Items and Adjusted EPS	15,605	December 2016
2016	December 2017	Adjusted EPS	14,940	December 2017
2016	December 2018	Merchant Segment Net Revenue, Corporate Accountability Operating Income and attainment of synergies from TransFirst acquisition	29,332	December 2018
2016	December 2018	Revenues before Reimbursable Items and Adjusted Operating Income	67,517	December 2018
2016	December 2018	Merchant Segment Net Revenue and Corporate Accountability Operating Income	78,220	December 2018
2016	December 2018	Adjusted EPS	122,284	December 2018
2016	December 2016	Revenues before Reimbursable Items and Adjusted EPS	144,995	December 2018
2015	December 2017	Adjusted EPS	135,289	December 2017
2015	December 2015	Revenues before Reimbursable Items and Adjusted EPS	165,543	December 2018


	Nine months ended September 30,
	2016			2015
Number of options granted		687,685		613,473
Weighted average exercise price	$	47.01		39.01
Risk-free interest rate		1.24	%	1.73	%
Expected volatility		21.53	%	20.80	%
Expected term (years)		4.5		6.3
Dividend yield		0.86	%	1.04	%
Weighted average fair value	$	8.50		8.27