XML 61 R37.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumption used with Black Scholes Option Valuations Models We value the TSR awards using the economic theory that is the basis for all valuation models, including Binominal, Black-Scholes, exotic options formulas, and Monte Carlo valuations. We valued the TSR awards with the following assumptions:

 

 

NAREIT Lodging & Resorts Index

 

 

 

2022 Award Grants

 

 

2021 Award Grants

 

Grant date stock price

 

$

18.45

 

 

$

14.13

 

Volatility

 

 

45.0

%

 

 

43.2

%

Beta

 

 

0.667

 

 

 

0.669

 

Risk-free rate - three year award

 

 

1.61

%

 

 

0.18

%
Schedule Payout for TSR Awards

The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30th and 75th percentiles:

 

TSR Percentile Ranking

 

Payout (% of Maximum)

 

At or above 75th percentile

 

 

100

%

50th percentile

 

 

50

 

30th percentile

 

 

25

 

Below 30th percentile

 

 

0

 

 
Summary of Status of Senior Executive Plans The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2022:

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Shares
(in millions)

 

 

Fair Value
(per share)

 

 

Shares
(in millions)

 

 

Fair Value
(per share)

 

 

Shares
(in millions)

 

 

Fair Value
(per share)

 

Balance, at beginning of year

 

 

3.2

 

 

$

12

 

 

 

1.6

 

 

$

10

 

 

 

1.2

 

 

$

13

 

Granted ⁽¹⁾

 

 

1.6

 

 

 

17

 

 

 

2.7

 

 

 

14

 

 

 

2.0

 

 

 

10

 

Vested ⁽²⁾

 

 

(1.3

)

 

 

16

 

 

 

(0.9

)

 

 

17

 

 

 

(1.1

)

 

 

15

 

Forfeited/expired

 

 

(0.1

)

 

 

16

 

 

 

(0.2

)

 

 

17

 

 

 

(0.5

)

 

 

15

 

Balance, at end of year

 

 

3.4

 

 

 

15

 

 

 

3.2

 

 

 

12

 

 

 

1.6

 

 

 

10

 

Issued in calendar year ⁽²⁾

 

 

0.5

 

 

 

17

 

 

 

0.6

 

 

 

15

 

 

 

0.4

 

 

 

19

 

___________

(1)
Shares granted in 2022 and 2021 include a portion of three-year performance awards granted during each of 2022 and 2021. The performance goals for the subsequent years are not set at the time of the agreement and, therefore, the portion of the awards related to those periods do not have a grant date fair value for accounting purposes and are not included in the chart above.
(2)
Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2022 include shares vested at December 31, 2021, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $8 million, $7 million and $5.5 million for 2022, 2021 and 2020, respectively.