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Share-based Incentive Compensation Plans
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Incentive Compensation Plans Share-based Incentive Compensation Plans
The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the "2013 Omnibus Plan"), the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan") and the Voya Financial, Inc. 2019 Omnibus Employee Incentive Plan (the "2019 Omnibus Plan") (together, the "Omnibus Plans"). As of June 30, 2020, common stock reserved and available for issuance under the 2013 Omnibus Plan, the 2014 Omnibus Plan and the 2019 Omnibus Plan was 347,663, 3,178,653 and 10,560,334 shares, respectively.

The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan ("Director Plan").
Compensation Cost

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and Director Plan for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Restricted Stock Unit (RSU) awards$9  $10  $27  $27  
Performance Stock Unit (PSU) awards7  8  25  25  
Stock options1  2  3  4  
Total share-based compensation expense17  20  55  56  
Income tax benefit4  19  23  20  
After-tax share-based compensation expense$13  $1  $32  $36  

Awards Outstanding

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the Director Plan for the period indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20201.9  $48.55  2.2  $48.85  
Adjustment for PSU performance factor—  —  0.4  42.27  
Granted0.7  62.82  0.7  61.86  
Vested(1.0) 47.52  (1.2) 42.38  
Forfeited—  *52.37  —  *53.18  
Outstanding as of June 30, 20201.6  $55.49  2.1  $55.47  
* Less than 0.1

The following table summarizes the number of options under the Omnibus Plans for the periods indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 20202.9  $41.93  
Granted—  —  
Exercised(0.1) 37.60  
Forfeited—  *50.03  
Outstanding as of June 30, 20202.8  $42.08  
Vested, exercisable, as of June 30, 20202.1  $40.41  
* Less than 0.1
In February 2019, the Company awarded contingent stock options under the 2014 Omnibus Plan with a per option grant date fair value of $13.78. These options are subject to vesting conditions based on the achievement of specified performance measures, and generally become exercisable one year following satisfaction of the relevant vesting condition. The options have a term of ten years from the grant date.