Long-term Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Black-Scholes Option Assumptions Valuation Model

The weighted average fair value of options to buy AB Holding Units granted during 2015, 2014 and 2013 was $4.13, $4.78 and $5.44, respectively, on the date of grant, determined using the Black-Scholes option valuation model with the following assumptions:



	2015		2014		2013
Risk-free interest rate	1.5	%	1.5	%	0.8-1.7%
Expected cash distribution yield	7.1	%	8.4	%	8.0 - 8.3%
Historical volatility factor	32.1	%	48.9	%	49.7 - 49.8%
Expected term	6.0 years		6.0 years		6.0 years

Summary of Option Awards Activity

The activity in our option plan during 2015 is as follows:



	Options to Buy AB Holding Units		Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2014	5,942,411		$	45.03	3.9
Granted	29,056		31.74
Exercised	(541,073	)	17.06
Forfeited	(23,121	)	83.95
Expired	(8,802	)	45.45
Outstanding as of December 31, 2015	5,398,471		47.59		2.9	$	—
Exercisable as of December 31, 2015	4,736,653		43.04		2.9	—
Vested or expected to vest as of December 31, 2015	5,398,471		47.59		2.9	—

Summary of Activity of Unvested Restricted Holding Units

Changes in unvested restricted AB Holding Units during 2015 are as follows:



	AB Holding Units		Weighted Average Grant Date Fair Value per AB Holding Unit
Unvested as of December 31, 2014	20,661,359		$	20.63
Granted	7,428,103		23.26
Vested	(8,010,453	)	19.52
Forfeited	(299,195	)	21.48
Unvested as of December 31, 2015	19,779,814		22.05