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STOCK BASED COMPENSATION (Tables)
9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock option plan

$

0.9

 

 

$

2.5

 

 

$

6.8

 

 

$

8.4

 

RSUs

 

2.0

 

 

 

2.0

 

 

 

6.0

 

 

 

5.8

 

PSUs

 

0.5

 

 

 

1.9

 

 

 

0.2

 

 

 

4.5

 

ESPP

 

0.3

 

 

 

0.3

 

 

 

0.7

 

 

 

0.8

 

Total expense

$

3.7

 

 

$

6.7

 

 

$

13.7

 

 

$

19.5

 

Stock Option Activity

Stock option activity for the nine months ended September 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

 

340,652

 

 

 

49.01

 

 

 

 

 

 

 

 

 

Exercised

 

(267,566

)

 

 

51.50

 

 

 

 

 

 

 

 

 

Forfeited

 

(387,082

)

 

 

89.17

 

 

 

 

 

 

 

 

 

Canceled or expired

 

(373,137

)

 

 

97.89

 

 

 

 

 

 

 

 

 

Outstanding as of September 30, 2019

 

4,209,253

 

 

$

95.37

 

 

 

3.2

 

 

$

0.8

 

Exercisable as of September 30, 2019

 

3,351,023

 

 

$

100.83

 

 

 

2.5

 

 

$

-

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock options granted (shares)

 

30,666

 

 

 

1,712

 

 

 

340,652

 

 

 

362,382

 

Weighted average fair value at grant date

$

13.74

 

 

$

18.09

 

 

$

14.41

 

 

$

16.87

 

Assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

4.34

 

 

 

4.89

 

 

 

4.40

 

 

 

4.89

 

Expected volatility

 

32.63

%

 

 

25.68

%

 

 

30.99

%

 

 

25.34

%

Expected dividend yield

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Risk free interest rate

 

1.76

%

 

 

2.74

%

 

 

2.35

%

 

 

2.58

%

Summary of RSU Activity

RSU activity for the nine months ended September 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

 

262,864

 

 

 

48.57

 

 

 

 

 

 

 

 

 

Vested and released

 

(105,677

)

 

 

73.47

 

 

 

 

 

 

 

 

 

Forfeited

 

(115,001

)

 

 

69.30

 

 

 

 

 

 

 

 

 

Non-vested as of September 30, 2019

 

471,996

 

 

$

59.12

 

 

 

1.6

 

 

$

24.0

 

Summary of PSU Activity

PSU activity for the nine months ended September 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

 

157,451

 

 

 

48.59

 

Vested and released

 

(65,095

)

 

 

63.38

 

Forfeited

 

(84,936

)

 

 

58.11

 

Non-vested as of September 30, 2019

 

122,928

 

 

$

48.45