SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2014

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

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

In May 2014, shareholders approved the Company’s 2014 Omnibus Incentive Plan (the “2014 Plan”) which replaced the Company’s 2011 Omnibus Incentive Plan (the “2011 Plan”) for future equity awards granted by the Company. The Company transferred the common shares available under the 2011 Plan to the 2014 Plan. The maximum number of common shares that may be issued to participants under the 2014 Plan is equal to 18,000,000 common shares, plus the number of common shares under the 2011 Plan reserved but unissued and not underlying outstanding awards and the number of common shares becoming available for reuse after awards are terminated, forfeited, cancelled, exchanged or surrendered under the 2011 Plan and the Company’s 2007 Equity Compensation Plan. The Company registered, in the aggregate, 20,000,000 common shares of common stock for issuance under the 2014 Plan. Approximately 17,611,183 shares were available for future grants as of September 30, 2014. The Company uses reserved and unissued common shares to satisfy its obligation under its share-based compensation plans.

The following table summarizes the components and classification of share-based compensation expense related to stock options and restricted share units (“RSUs”) for the three-month and nine-month periods ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Stock options	$	5.4	$	4.6	$	14.7	$	12.8
RSUs	14.8		11.4		45.9		19.7
Share-based compensation expense	$	20.2	$	16.0	$	60.6	$	32.5
Research and development expenses	$	1.4	$	—	$	4.2	$	—
Selling, general and administrative expenses	18.8		16.0		56.4		32.5
Share-based compensation expense	$	20.2	$	16.0	$	60.6	$	32.5

The increase in share-based compensation expense for the three-month and nine-month periods ended September 30, 2014 was driven primarily by (i) the incremental compensation expense related to the higher fair value for share-based awards granted subsequent to the third quarter of 2013 and (ii) the impact of the accelerated vesting in the first half of 2014 related to certain performance-based RSU awards.

In the nine-month periods ended September 30, 2014 and 2013, the Company granted approximately 261,000 stock options with a weighted-average exercise price of $117.82 per option and approximately 912,000 stock options with a weighted-average exercise price of $84.51 per option, respectively. The weighted-average fair values of all stock options granted to employees in the nine-month periods ended September 30, 2014 and 2013 were $62.15 and $26.10, respectively.

In the nine-month periods ended September 30, 2014 and 2013, the Company granted approximately94,000time-based RSUs with a weighted-average grant date fair value of $135.06per RSU and approximately 95,000 time-based RSUs with a weighted-average grant date fair value of $73.90 per RSU, respectively.

In the nine-month periods ended September 30, 2014 and 2013, the Company granted approximately 410,000 performance-based RSUs with a weighted-average grant date fair value of $209.72per RSU and approximately 338,000 performance-based RSUs with a weighted-average grant date fair value of $125.04 per RSU, respectively.

As of September 30, 2014, the total remaining unrecognized compensation expense related to non-vested stock options, time-based RSUs and performance-based RSUs amounted to $169.6 million, in the aggregate, which will be amortized over a weighted-average period of 3.41 years.