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Equity Based Compensation
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Based Compensation
Equity Based Compensation
Equity compensation expense was $5.3 million and $5.5 million in the third quarter of 2014 and 2013, respectively. In the first quarter of 2014, the Company granted 0.3 million stock appreciation rights at $78.48 weighted average exercise price per share and 0.2 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 15,925 shares of common stock. As of September 30, 2014, 1.8 million share options at $51.03 weighted average per share were vested and exercisable with a remaining weighted average exercise period of 5.0 years. As of September 30, 2014, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $31.0 million. It is estimated that these costs will vest over a weighted average period of 2.0 years.
Effective with the 2014 grants, certain eligible associates were granted a greater portion of equity awards in performance contingent units, while others were granted a greater portion of awards settled in cash. This change increases the performance based nature of the awards while reducing share issuance.