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STOCK BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock option plan

$

3.9

 

 

$

2.9

 

 

$

5.9

 

 

$

5.9

 

RSUs

 

2.2

 

 

 

1.7

 

 

 

4.0

 

 

 

3.8

 

PSUs

 

(0.5

)

 

 

1.0

 

 

 

(0.3

)

 

 

2.6

 

ESPP

 

0.1

 

 

 

0.1

 

 

 

0.4

 

 

 

0.5

 

Total expense

$

5.7

 

 

$

5.7

 

 

$

10.0

 

 

$

12.8

 

Stock Option Activity

Stock option activity for the six months ended June 30, 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

 

309,986

 

 

 

49.25

 

 

 

 

 

 

 

 

 

Exercised

 

(267,566

)

 

 

51.50

 

 

 

 

 

 

 

 

 

Forfeited

 

(218,390

)

 

 

91.01

 

 

 

 

 

 

 

 

 

Canceled or expired

 

(143,390

)

 

 

87.07

 

 

 

 

 

 

 

 

 

Outstanding as of June 30, 2019

 

4,577,026

 

 

$

95.75

 

 

 

3.8

 

 

$

0.1

 

Exercisable as of June 30, 2019

 

3,534,197

 

 

$

101.06

 

 

 

3.1

 

 

$

-

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock options granted (shares)

 

32,852

 

 

 

21,836

 

 

 

309,986

 

 

 

360,670

 

Weighted average fair value at grant date

$

16.85

 

 

$

16.79

 

 

$

14.48

 

 

$

16.87

 

Assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

4.34

 

 

 

4.89

 

 

 

4.40

 

 

 

4.89

 

Expected volatility

 

31.77

%

 

 

25.54

%

 

 

30.82

%

 

 

25.34

%

Expected dividend yield

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Risk free interest rate

 

2.29

%

 

 

2.70

%

 

 

2.41

%

 

 

2.58

%

Summary of RSU Activity

RSU activity for the six months ended June 30, 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

 

247,966

 

 

 

48.78

 

 

 

 

 

 

 

 

 

Vested and released

 

(99,064

)

 

 

74.07

 

 

 

 

 

 

 

 

 

Forfeited

 

(63,631

)

 

 

71.50

 

 

 

 

 

 

 

 

 

Non-vested as of June 30, 2019

 

515,081

 

 

$

60.49

 

 

 

1.8

 

 

$

24.6

 

Summary of PSU Activity

PSU activity for the six months ended June 30, 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

 

150,559

 

 

 

48.74

 

Vested and released

 

(64,751

)

 

 

63.32

 

Forfeited

 

(66,207

)

 

 

60.43

 

Non-vested as of June 30, 2019

 

135,109

 

 

$

48.88