12. Stockholders’ Equity

Equity Incentive Plans

In fiscal 2016, the Company adopted the 2015 Berry Plastics Group, Inc. Long-Term Incentive Plan (“2015 Plan”) to align its incentive plans with plans of similar public companies by permitting for, among other things, the issuance of performance-based awards. The 2015 Plan authorized the issuance of 7.5 million shares, an increase of approximately 5 million over the remaining available for grant at the time of adoption. As of the adoption of the 2015 Plan, no shares were permitted to be issued under any of the other previous Incentive Plans.

The Company recognized total stock-based compensation expense of $20 million, $20 million, and $21 million for fiscal 2017, 2016, and 2015, respectively. The intrinsic value of options exercised in fiscal 2017 was $114 million.

Information related to the equity incentive plans as of the fiscal year end is as follows:

	2017					2016
	Number of Shares (in thousands)			Weighted Average Exercise Price		Number of Shares (in thousands)			Weighted Average Exercise Price
Options outstanding, beginning of period		11,716		$	21.44		11,351		$	17.71
Options granted		1,820			49.53		2,805			30.27
Options exercised		(2,562	)		12.07		(2,061	)		12.57
Options forfeited or cancelled		(214	)		33.52		(379	)		23.37
Options outstanding, end of period		10,760		$	28.18		11,716		$	21.44

Option price range at end of period	$	3.04-49.53				$	3.04-45.62
Options exercisable at end of period		4,108					4,573
Options available for grant at period end		2,875					4,695
Weighted average fair value of options granted during period	$	15.52				$	8.68

The fair value for options granted has been estimated at the date of grant using a Black-Scholes model, generally with the following weighted average assumptions:

	2017			2016			2015
Risk-free interest rate		2.2	%		1.2	%		1.6	%
Dividend yield		0.00	%		0.00	%		0.00	%
Volatility factor		.26			.26			.30
Expected option life	7 years			7 years			7 years

The following table summarizes information about the options outstanding as of fiscal 2017:

Range of Exercise Prices				Number Outstanding (in thousands)				Intrinsic Value of Outstanding (in millions)			Weighted Remaining Contractual Life		Weighted Exercise Price				Number Exercisable (in thousands)				Intrinsic Value of Exercisable (in millions)				Unrecognized Compensation (in millions)			Weighted Recognition Period
$	3.04-49.53				10,760			$	306		7 years		$	28.18				4,108			$	146			$	35		2 years