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Equity (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Share Repurchases

Share repurchases for each of the three years ended December 31 are as follows:

 

 

 

Total Number

 

 

 

 

 

 

Average

 

Year Ended

 

of Shares

 

 

 

 

 

 

Price Paid

 

December 31,

 

Purchased

 

 

Total Cost (1)

 

 

per Share (1)

 

2015

 

 

6,209,400

 

 

$

100,630

 

 

$

16.21

 

2014

 

 

6,769,891

 

 

 

154,145

 

 

 

22.77

 

2013

 

 

190,187

 

 

 

7,653

 

 

 

40.24

 

 

 

(1)

The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.
Summary of Stock Options Granted

A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2015, 2014 and 2013 and the changes during the year ended on those dates is presented below:

 

 

2015

 

 

2014

 

 

2013

 

 

 

Number of

 

 

Weighted

 

 

Number of

 

 

Weighted

 

 

Number of

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Shares

 

 

Average

 

 

Shares

 

 

Average

 

 

 

Underlying

 

 

Exercise

 

 

Underlying

 

 

Exercise

 

 

Underlying

 

 

Exercise

 

 

 

Options

 

 

Price

 

 

Options

 

 

Price

 

 

Options

 

 

Price

 

Outstanding at beginning of year

 

 

1,958,633

 

 

$

28.43

 

 

 

1,808,987

 

 

$

33.13

 

 

 

2,027,089

 

 

$

32.44

 

Exercised

 

 

—

 

 

 

—

 

 

 

(131,706

)

 

 

20.08

 

 

 

(212,017

)

 

 

26.66

 

Forfeited

 

 

(281,479

)

 

 

22.17

 

 

 

(57,871

)

 

 

30.18

 

 

 

(6,085

)

 

 

31.35

 

Spin-off adjustment

 

 

—

 

 

 

—

 

 

 

339,223

 

 

N/A

 

 

 

—

 

 

 

—

 

Outstanding at end of year (1)

 

 

1,677,154

 

 

 

29.48

 

 

 

1,958,633

 

 

 

28.43

 

 

 

1,808,987

 

 

 

33.13

 

Exercisable at end of year (1)

 

 

1,677,154

 

 

$

29.48

 

 

 

1,846,465

 

 

$

28.35

 

 

 

1,510,929

 

 

$

32.47

 

 

 

(1)

Options outstanding and exercisable at December 31, 2015 had no intrinsic value.

 
Additional Information about Stock Options Outstanding

The following table summarizes additional information about stock options outstanding at December 31, 2015:

 

 

 

Options Outstanding and Exercisable

 

 

 

Number of

 

 

Weighted

 

 

Weighted

 

 

 

Shares

 

 

Average

 

 

Average

 

 

 

Underlying

 

 

Remaining

 

 

Exercise

 

 

 

Options

 

 

Life (Years)

 

 

Price

 

$20.49 to $25.41

 

 

311,704

 

 

 

3.65

 

 

$

21.34

 

$25.42 to $30.59

 

 

593,387

 

 

 

4.07

 

 

 

29.53

 

$30.60 to $35.73

 

 

772,063

 

 

 

3.57

 

 

 

32.72

 

Total

 

 

1,677,154

 

 

 

3.76

 

 

$

29.48

 

 
Summary of Status of Non-Vested Stock Options

A summary of the status of our non-vested stock options at December 31, 2015 and changes during the year ended December 31, 2015 is presented below:

 

 

 

Shares

 

 

Weighted-Average

 

 

 

Under Outstanding

 

 

Grant-Date

 

 

 

Options

 

 

Fair Value

 

Non-Vested Options at January 1, 2015

 

 

112,168

 

 

$

13.05

 

Vested

 

 

(112,168

)

 

 

13.05

 

Non-Vested Options at December 31, 2015

 

 

—

 

 

$

—

 

 
Assumptions used to Value Performance-Vested Restricted Stock Awards

The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows:

 

 

 

2015

 

 

2014

 

 

2013

 

Valuation assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility

 

 

34.0

%

 

 

33.0

%

 

 

34.8

%

Expected dividend yield

 

 

9.4

%

 

 

4.7

%

 

 

1.3

%

Risk-free interest rate

 

 

0.8

%

 

 

0.7

%

 

 

0.4

%

 
Summary of Restricted Share Awards

A summary of the RSU awards for each of the years in the period ended December 31 is as follows:

 

 

 

2015

 

 

2014

 

 

2013

 

TVRSU

 

 

 

 

 

 

 

 

 

 

 

 

Units awarded (maximum available)

 

 

2,004,311

 

 

 

1,617,534

 

 

 

1,033,009

 

Weighted-average share price at award date

 

$

15.90

 

 

$

31.56

 

 

$

41.32

 

Weighted-average vesting period (years)

 

 

3.0

 

 

 

3.0

 

 

 

3.0

 

PVRSU

 

 

 

 

 

 

 

 

 

 

 

 

Units awarded (maximum available)

 

 

1,205,130

 

 

 

740,364

 

 

 

565,650

 

Weighted-average share price at award date

 

$

15.94

 

 

$

31.66

 

 

$

41.42

 

Three-year performance period ended December 31

 

 

2017

 

 

 

2016

 

 

 

2015

 

Weighted-average award-date fair value

 

$

9.12

 

 

$

19.66

 

 

$

24.97

 

 
Summary of Status of Non-Vested Restricted Shares

A summary of the status of non-vested RSU’s at December 31, 2015 and changes during the year ended December 31, 2015 is presented below:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

TVRSU’s

 

 

Award-Date

 

 

PVRSU’s

 

 

Award-Date

 

 

 

Outstanding

 

 

Fair Value

 

 

Outstanding (1)

 

 

Fair Value

 

Non-vested RSU’s at January 1, 2015

 

 

1,881,179

 

 

$

34.66

 

 

 

1,942,969

 

 

$

21.44

 

Awarded

 

 

2,004,311

 

 

 

15.90

 

 

 

1,205,130

 

 

 

9.12

 

Vested

 

 

(842,396

)

 

 

35.52

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(333,419

)

 

 

22.84

 

 

 

(601,962

)

 

 

19.52

 

Non-vested RSU’s at December 31, 2015

 

 

2,709,675

 

 

$

21.97

 

 

 

2,546,137

 

 

$

16.06

 

 

 

(1)

The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown.