STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

Time Vested Stock Awards

During the three months ended March 31, 2017, the Company issued the following stock-based awards that vest over the requisite service period:

Grant Date	Shares/Units Granted	Grant Type	Plan	Grant Date Fair Value Per Share			Vesting Period
1/3/2017	5,914	Restricted Stock	2012 Plan	$	43.99	(1)(2)(3)	Ratably over 3 years from the grant date
2/28/2017	3,795	MSPP	2012 Plan	$	14.15	(2)(4)	Cliff vest 2 years from the grant date
3/15/2017	2,772	DCRP	2012 Plan	$	42.66	(3)	1,303 shares vested immediately; 1,469 shares vest ratably until the recipient reaches age 65
3/16/2017	17,575	Restricted Stock Units	2012 Plan	$	43.11	(3)	Ratably over 5 years from the grant date
3/16/2017	4,293	MSPP	2012 Plan	$	14.37	(2)(4)	Cliff vest 2 years from the grant date
3/16/2017	853	Restricted Stock	2012 Plan	$	43.11	(2)(3)	Ratably over 3 years from the grant date

(1) Share-based awards issued under the 2017-2019 LTIP to the executive officers of the Company were 50% weighted on meeting the 3 year requisite service period (i.e. restricted stock) and 50% weighted on the attainment of certain performance targets as selected by the Company's Compensation Committee and as approved by the Company's Board of Directors.

(2) Unvested awards participate fully in the rewards of stock ownership of the Company, including dividends and voting rights.

(3) The grant date fair value per share (or unit) was determined based on the closing market price of the Company's common stock on the grant date.

(4) MSPP awards are purchased by certain employees and executive officers of the Company at a one-third discount, based on the closing market price of the Company's common stock on the grant date. The grant date fair value per share equals the one-third discount received.

Performance-Based Stock Awards

During the three months ended March 31, 2017, the Company issued the following stock-based awards that vest subject to achievement of certain performance measures:

Grant Date	Units Granted	Grant Type	Plan	Grant Date Fair Value Per Share			Vesting Period
3/16/2017	695	Restricted Stock Units	2012 Plan	$	43.11	(1)	Ratably over a 3 year period, subject to the achievement of certain performance measures as determined annually

(1) The grant date fair value per unit was determined based on the closing market price of the Company's common stock on the grant date. The Company recognizes compensation expense on its performance-based awards based on its estimated probability of achieving the performance measures.