12. Share-Based Compensation

During 2015 the Company had three stock-based compensation plans: the Company 1998 Stock Incentive Plan, as amended and restated (the "SI Plan"), the Company 1998 Executive Stock Award Plan, as amended and restated (the "ESA Plan") and the Company 1998 Non-Employee Director Stock Award Plan, as amended and restated (the "NED Plan") (collectively, the "Stock Plans"). There are no outstanding awards under the ESA Plan or the NED Plan and in February 2016, the Board of Directors terminated both plans.

The SI Plan allows us to grant equity compensation awards, including, among other awards, non-qualified stock options and nonvested stock as part of our overall compensation program to attract and retain key personnel and encourage a greater personal financial investment in the Company, thereby promoting the long-term growth of the Company. A maximum of 30.0 million shares of common stock are authorized for issuance under the SI Plan. A maximum of 3.75 million and 1.2 million shares of common stock were authorized for issuance under the ESA Plan and NED Plan, respectively. In total, 3,684,157 shares of common stock were available for issuance as of December 31, 2015, under these plans, including 294,658 shares under the SI Plan. In addition, we may make incentive payments under the Company 2003 Executive Incentive Plan, as amended and restated (the "EIP") in the form of cash, stock options, nonvested stock or a combination thereof. Incentive awards paid under the EIP in the form of stock options or nonvested stock are issued out of shares reserved for issuance under the SI Plan. Generally, shares of common stock covered by terminated, surrendered or cancelled options, by forfeited nonvested stock, or by the forfeiture of other awards that do not result in issuance of shares of common stock are again available for awards under the plan from which they were terminated, surrendered, cancelled or forfeited.

Under our SI Plan, the exercise price of a stock option is equal to the closing market price of Company common stock on the date of grant. The maximum term of non-qualified options granted under the SI Plan is 10 years and two days and the options generally vest in 331/3% increments on the second, third and fourth anniversaries of the grant date. We receive a current income tax benefit for stock option exercises.

Nonvested stock awards are valued on the date of grant, have no purchase price and generally vest over four years in 331/3% increments on the second, third and fourth anniversaries of the grant date. The Company also issues nonvested stock awards to our financial advisors who are independent contractors. These awards have the same terms as awards issued to employees; however, changes in the Company's share price result in variable compensation expense over the vesting period. Under the SI Plan, nonvested shares are forfeited upon the termination of employment with or service to the Company, as applicable, or service on the Board of Directors, dependent upon the circumstances of termination. Except for restrictions placed on the transferability of nonvested stock, holders of nonvested stock have full stockholders' rights during the term of restriction, including voting rights and the rights to receive cash dividends.

Stock Options

There are no options outstanding as of December 31, 2015. The total intrinsic value (on date of exercise) of options exercised during the year ended December 31, 2013 was $139 thousand. The related income tax benefit recognized in 2013 was $51 thousand.

Nonvested Stock

A summary of nonvested share activity and related fair value for the year ended December 31, 2015 follows:

	Nonvested Stock Shares		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2014		3,442,202	$	48.37
Granted		1,406,569		44.72
Vested		(1,188,908)		38.90
Forfeited		(254,656)		49.39

Nonvested at December 31, 2015		3,405,207	$	50.09

For the years ended December 31, 2015, 2014 and 2013, compensation expense related to nonvested stock totaled $47.5 million, $54.1 million and $53.2 million, respectively.

The income tax benefit from the compensation expense related to nonvested stock was $17.6 million, $20.1 million and $19.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. These benefits will be recognized upon vesting and may increase or decrease depending on the fair value of the shares on the date of vesting. As of December 31, 2015, the remaining unamortized expense of $115.3 million is expected to be recognized over a weighted average period of 2.4 years.

The total fair value of shares vested (at vest date) during the years ended December 31, 2015, 2014 and 2013, was $53.9 million, $104.8 million and $80.5 million, respectively. The Company permits employees the right to tender a portion of their vested shares to the Company to satisfy the minimum tax withholding obligations of the Company with respect to vesting of the shares.