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STOCK BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense Resulting from Stock Option Awards, RSUs, PSUs, and ESPP

The following table presents the total stock-based compensation expense resulting from stock option awards, RSUs, PSUs, and the ESPP included in SG&A in the Condensed Consolidated Statements of (Loss) Income:

 

In millions

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

Stock option plan

$

2.0

 

 

$

3.0

 

RSUs

 

1.8

 

 

 

2.1

 

PSUs

 

0.2

 

 

 

1.6

 

ESPP

 

0.3

 

 

 

0.4

 

Total pre-tax expense

$

4.3

 

 

$

7.1

 

Stock Option Activity

Stock option activity for the three months ended March 31, 2019 is summarized as follows:

 

 

Number of Options

 

 

Weighted Average Exercise Price per Share

 

 

Weighted Average Remaining Contractual Life

 

 

Total Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in millions)

 

Outstanding at January 1, 2019

 

4,896,386

 

 

$

95.85

 

 

 

 

 

 

 

 

 

Granted

 

277,134

 

 

 

48.36

 

 

 

 

 

 

 

 

 

Exercised

 

(1,752

)

 

 

47.24

 

 

 

 

 

 

 

 

 

Forfeited

 

(150,367

)

 

 

86.79

 

 

 

 

 

 

 

 

 

Canceled or expired

 

(86,680

)

 

 

84.21

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2019

 

4,934,721

 

 

$

93.62

 

 

 

3.9

 

 

$

2.9

 

Exercisable as of March 31, 2019

 

3,842,475

 

 

$

97.05

 

 

 

3.2

 

 

$

1.1

 

Assumptions Used in Black-Scholes Option Pricing Model The estimated fair value of stock options at the time of the grant using the Black-Scholes option pricing model was as follows:

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

Stock options granted (shares)

 

277,134

 

 

 

338,334

 

Weighted average fair value at grant date

$

14.15

 

 

$

16.87

 

Assumptions:

 

 

 

 

 

 

 

Expected term (in years)

 

4.39

 

 

 

4.89

 

Expected volatility

 

30.58

%

 

 

25.33

%

Expected dividend yield

 

0.00

%

 

 

0.00

%

Risk free interest rate

 

2.41

%

 

 

2.57

%

Summary of RSU Activity

RSU activity for the three months ended March 31, 2019, is summarized as follows:

 

 

Number of Units

 

 

Weighted Average Grant Date Fair Value

 

 

Weighted Average Remaining Contractual Life

 

 

Total Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in millions)

 

Non-vested at January 1, 2019

 

429,810

 

 

$

72.02

 

 

 

 

 

 

 

 

 

Granted

 

210,028

 

 

 

48.34

 

 

 

 

 

 

 

 

 

Vested and Released

 

(79,601

)

 

 

76.32

 

 

 

 

 

 

 

 

 

Forfeited

 

(33,248

)

 

 

72.55

 

 

 

 

 

 

 

 

 

Non-vested as of March 31, 2019

 

526,989

 

 

$

61.89

 

 

 

2.0

 

 

$

28.7

 

Summary of PSU Activity

PSU activity for the three months ended March 31, 2019, is summarized as follows:

 

 

Number of Units

 

 

Weighted Average Grant Date Fair Value

 

Non-vested at January 1, 2019

 

115,508

 

 

$

63.77

 

Granted

 

145,514

 

 

 

48.44

 

Vested and Released

 

(63,219

)

 

 

63.35

 

Forfeited

 

(57,786

)

 

 

61.95

 

Non-vested as of March 31, 2019

 

140,017

 

 

$

48.78