Thorndike (1969) proposed a three P theory of faculty grading orientations (FGOs) -- "perfection", "peers", and "potential", also known as Criterion-, Norm, and Self-referenced FGOs in the literature. Using data from a 2014 faculty survey I examined the responses of 1,742 faculty at 18 four-year, primarily teaching institutions in the U.S. to determine the prevalence of these FGOs among college faculty, and what factors can help explain faculty's preferences for a particular grading orientation. I found that most faculty used the Criterion-referenced FGO; the number of faculty using the Norm-referenced FGO seems to have noticeable decreased since the 1990s; and that the Self FGO appears to be used sporadically. Faculty gender and academic discipline help explain faculty's choice of FGOs.