XML 114 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Summary of Stock Options Granted A summary of the status of stock options granted under the 1991 Plan as of December 31, 2019, 2018 and 2017 and the changes during the year ended on those dates is presented below:
 
 
2019
 
2018
 
2017
 
 
Number of
Shares
Underlying
Options
 
Weighted
Average
Exercise
Price
 
Number of
Shares
Underlying
Options
 
Weighted
Average
Exercise
Price
 
Number of
Shares
Underlying
Options
 
Weighted
Average
Exercise
Price
Outstanding at beginning of year
 
1,103,242

 
$
28.74

 
1,313,155

 
$
29.51

 
1,420,175

 
$
29.52

Expired
 
(394,842
)
 
24.85

 
(209,913
)
 
33.56

 
(107,020
)
 
29.74

Outstanding at end of year (1)
 
708,400

 
30.90

 
1,103,242

 
28.74

 
1,313,155

 
29.51

Exercisable at end of year (1)
 
708,400

 
$
30.90

 
1,103,242

 
$
28.74

 
1,313,155

 
$
29.51

(1) 
Options outstanding and exercisable at December 31, 2019 had no intrinsic value.
Additional Information about Stock Options Outstanding
The following table summarizes additional information about stock options outstanding at December 31, 2019:
 
 
Options Outstanding and Exercisable
 
 
Number of
Shares
Underlying
Options
 
Weighted
Average
Remaining
Life (Years)
 
Weighted
Average
Exercise
Price
$20.49 to $25.41
 
53,934

 
2.03
 
$
25.41

$25.42 to $30.59
 
277,177

 
2.10
 
30.59

$30.60 to $32.78
 
377,289

 
0.70
 
31.92

Total
 
708,400

 
1.33
 
$
30.90
Assumptions used to Value Performance-Vested Restricted Stock Awards The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows:
 
 
2019
 
2018
 
2017
Valuation assumptions:
 
 

 
 

 
 

Expected volatility
 
59.6
%
 
61.8
%
 
56.4
%
Risk-free interest rate
 
2.50
%
 
2.31
%
 
1.49
%
Summary of Restricted Share Awards
A summary of the RSUs awarded for each of the years ended December 31, 2019, 2018 and 2017 is as follows:
 
 
2019
 
2018
 
2017
TVRSU
 
 

 
 

 
 

Units awarded
 
4,639,119

 
3,578,212

 
3,231,225

Weighted-average share price at award date
 
$
3.02

 
$
4.71

 
$
6.96

Weighted-average vesting period (years)
 
3.0

 
3.0

 
3.0

PVRSU
 
 

 
 

 
 

Units awarded
 
1,623,399

 
2,733,906

 
2,474,978

Weighted-average share price at award date
 
$
3.13

 
$
4.55

 
$
7.28

Three-year performance period ended December 31
 
2021

 
2020

 
2019

Weighted-average award date fair value
 
$
3.61

 
$
2.96

 
$
4.37
Summary of Status of Non-Vested Restricted Shares
A summary of the status of non-vested RSUs at December 31, 2019 and changes during the year ended December 31, 2019 is presented below:
 
 
TVRSUs
Outstanding
 
Weighted
Average
Award-Date
Fair Value
 
PVRSUs
Outstanding (1)
 
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at January 1, 2019
 
5,224,403

 
$
5.71

 
6,191,067

 
$
4.38

Awarded
 
4,639,119

 
3.02

 
1,623,399

 
3.61

Vested
 
(2,597,672
)
 
6.08

 
(621,759
)
 
3.81

Forfeited
 
(936,821
)
 
4.44

 
(2,338,355
)
 
3.39

Non-vested RSUs at December 31, 2019
 
6,329,029

 
$
3.89

 
4,854,352

 
$
3.56

(1)For awards granted prior to 2019, the number of PVRSUs 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. For awards granted during 2019, the number of PVRSUs shown equals the units that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown.