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html{
	background: #eee;
}
body{
	margin: 50px auto;
	padding: 50px;
	max-width: 600px;
	background: #fff;
	border: 1px solid #ddd;
  border-radius: 5px;
  box-shadow: 0 0 10px #ccc;
}

.float-placeholder{
  border-radius: 3px;
	border: 1px solid #ccc;
	position: relative;

	height:50px;
	line-height: 50px;
}
	.float-placeholder-label,
	.float-placeholder-input{
		text-indent: 10px;
		transition: font-size 160ms;
		transition: line-height 160ms;
	}
	.float-placeholder-label{
		position: absolute;
		top: 0;
		left: 0;

		height: inherit;
		line-height: inherit;
	}
	.float-placeholder-input{
		position: absolute;
		bottom: 0;
		left: 0;

		background: transparent;
		width: 100%;
		border: 0;

		height: 40px;
	  line-height: 40px;
	}
		.float-placeholder-input::-webkit-input-placeholder{
			color: transparent;
		}
	.float-placeholder-input:focus{
		outline: 0;
	}


.is-focused{
   border: 1px solid #006CFF;
}
.is-floating .float-placeholder-input{
	height: 50px;
	line-height: 50px;
}

.is-floating + .float-placeholder-label{
  color: #999;
	font-size: 11px;
	line-height: 20px;
	height: 20px
}

<script src="//cdnjs.cloudflare.com/ajax/libs/jquery/2.1.3/jquery.min.js"></script>

var $inputs = $('.float-placeholder-input'),
	update = function(){
		var $input = $(this),
			$wrapper = $input.closest('.float-placeholder');

		if( $input.val() !== '' || $input.is(':focus') || $input.prop('tagName') === 'SELECT'){
			$input.addClass('is-floating');
		} else {
			$input.removeClass('is-floating');
		}

		if($input.is(':focus')){
			$wrapper.addClass('is-focused');
		} else {
			$wrapper.removeClass('is-focused');
		}
	};

$inputs.each( update );
$inputs.on('click focus input blur', update);

<div class="float-placeholder">
	<input type="text" id="name" placeholder="What is your name?" class="float-placeholder-input">
	<label for="name" class="float-placeholder-label">Name</label>
</div>
<br>
<div class="float-placeholder">
	<select id="state" class="float-placeholder-input">
		<option>California</option>
		<option>Colorado</option>
	</select>
	<label for="name" class="float-placeholder-label">Name</label>
</div>