Stock-Based Compensation Plans

The Company has one stock-based incentive plan, the 2011 Plan, which incorporates and supersedes its two previous plans except for awards previously granted under the two plans (see Note 1 — Accounting for Stock-Based Compensation). Participants are generally granted stock-based awards only if the applicable Company-wide or profit-center operating goals, or both, or strategic goals, established by the Compensation and Leadership Development Committee of the Board of Directors at the beginning of the year, are met.

The fair value of each restricted stock unit award is estimated on the date of the award based on the closing market price of the underlying stock on the day preceding the date of the award, excluding the present value of the dividends that the restricted stock units do not participate in. On February 1, 2016, 431,439 restricted stock units were awarded at an estimated value of $32.63 per share, the closing price on January 29, 2016. The restrictions on these awards generally lapse one quarter on each of the date of the award and the first, second and third anniversaries of the date of the award. Restrictions on certain awards to each of the Company's named executive officers and certain members of the Company's senior management lapse fully on the third anniversary of the date of the award. On April 21, 2015, 1,950 restricted stock units were awarded to each of the Company’s six non-employee directors at a value of $36.33 per share based on the closing price on April 20, 2015. There are no restrictions on the non-employee directors’ restricted stock units granted on April 21, 2015.

The following table summarizes the Company’s unvested restricted stock unit activity for the year ended December 31, 2015:



	Shares (in thousands)		Weighted- Average Price		Aggregate Intrinsic Value * (in thousands)
Unvested Restricted Stock Units (RSUs)	Shares (in thousands)		Weighted- Average Price		Aggregate Intrinsic Value * (in thousands)
Outstanding at January 1, 2015	504		$	31.67	$	17,423
Awarded	351		31.80
Vested	(322	)	31.99
Forfeited	(6	)	31.55
Outstanding at December 31, 2015	527		$	31.56	$	17,994
Outstanding and expected to vest at December 31, 2015	515		$	31.56	$	17,584

* The intrinsic value is calculated using the closing price per share of $34.15, as reported by the New York Stock Exchange on December 31, 2015.

The total intrinsic value of restricted stock units vested during the years ended December 31, 2015, 2014 and 2013 was $10.3 million, $9.1 million and $5.7 million respectively, based on the market value on the award date.

No stock options were granted under the 2011 Plan in 2013, 2014 or 2015.

The following table summarizes the Company’s stock option activity for the year ended December 31, 2015:



	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value* (in thousands)
Non-Qualified Stock Options	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value* (in thousands)
Outstanding at January 1, 2015	855		$	29.48	3.1	$	4,381
Exercised	(330	)	$	29.37
Forfeited	(2	)	$	29.66
Outstanding and exercisable at December 31, 2015	523		$	29.55	2.1	$	2,406

* The intrinsic value represents the amount by which the fair market value of the underlying common stock exceeds the exercise price of the option, using the closing price per share of $34.15, as reported by the New York Stock Exchange on December 31, 2015.

The total intrinsic value of stock options exercised during the three years ended December 31, 2015, 2014 and 2013, was $2.4 million, $0.8 million and $2.6 million, respectively.

As of January 1, 2015, there were 99 thousand unvested stock options with a weighted average grant-date fair value of $10.33 per share. These stock options vested in the first quarter of 2015 and, as of December 31, 2015, the Company had no unvested stock options.

As of December 31, 2015, total unrecognized compensation cost of $17.2 million was related to unvested stock-based compensation arrangements under the 2011 Plan for awards made through February 2015 and those expected to be made through February 2016. The portion of this cost related to restricted stock units awarded through February 2015 is expected to be recognized over a weighted-average period of 2 years.

The Company also maintains a Stock Bonus Plan whereby it awards shares to employees, who do not otherwise participate in one of the Company’s stock-based incentive plans. The number of shares awarded, as well as the period of service, is determined by the Compensation and Leadership Development Committee of the Board. The Company committed to issuing 10 thousand shares for 2015 and issued 16 thousand and 11 thousand shares for 2014 and 2013, respectively, which resulted in pre-tax compensation charges of $0.7 million, $0.9 million and $0.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. These employees are also awarded cash bonuses, which are included in these charges, to compensate for their income taxes payable as a result of the stock bonuses. Shares have been issued under this plan in the year following the year in which the employee reached the tenth anniversary of employment with the Company.