Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Restricted Stock and RSUs.

Restricted stock and restricted stock units (“RSUs”) activity for the six months ended June 30, 2017 is summarized below.

Outstanding at	Restricted Stock and RSUs			Weighted- Average Grant Date Fair Value
December 31, 2016		2,987,588		$	318.04
Granted		1,032,221		$	375.93
Converted		(1,294,073	)	$	319.78
Forfeited		(30,438	)	$	338.43
June 30, 2017⁽¹⁾		2,695,298		$	339.14

⁽¹⁾	At June 30, 2017, approximately 2.4 million awards are expected to vest and 0.3 million awards have vested but have not been converted.

Performance-Based RSUs [Member]

Restricted Stock and RSU Activity

Performance-based RSU activity for the six months ended June 30, 2017 is summarized below.

Outstanding at	Performance- Based RSUs			Weighted- Average Grant Date Fair Value
December 31, 2016		610,371		$	315.65
Granted		294,584		$	375.27
Forfeited		(1,430	)	$	296.12
June 30, 2017		903,525		$	335.12

Market Performance-Based RSUs [Member]

Restricted Stock and RSU Activity

Market Performance-based RSUs.

Market performance-based RSUs activity for the six months ended June 30, 2017 is summarized below.

Outstanding at	Market Performance- Based RSUs			Weighted- Average Grant Date Fair Value
December 31, 2016		803,474		$	151.20
Converted		(517,138	)	$	126.76
June 30, 2017⁽¹⁾		286,336		$	195.33

⁽¹⁾ The market performance-based RSUs require that separate 15%, 25% and 35% share price appreciation targets be achieved during the six-year term of the awards. The awards are split into three tranches and each tranche may vest if the specified target increase in share price is met. At June 30, 2017 approximately 0.2 million awards are expected to vest and an immaterial amount of awards have vested and have not been converted.