Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Share-Based Compensation Expense

The following table summarizes the share-based compensation expense recognized for the Company’s equity and liability classified plans in the three and six months ended June 30, 2015 and 2014:



	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
	(In thousands)
Share-based compensation expense:
Stock options	$	2,381	$	2,065	$	7,057	$	6,605
RSUs	3,648		3,736		9,601		8,821
PSUs	1,608		—		3,775		—
Phantom shares	376		253		740		2,196
SARs	4,196		388		4,975		559
Total share-based compensation expense	$	12,209	$	6,442	$	26,148	$	18,181

Weighted Average Assumptions Used to Estimate Fair Value of Stock Award Grants Issued

The fair value of each option award is estimated on the date of grant using the Black-Scholes valuation model with the following assumptions:



	Six months ended June 30,
	2015	2014
Expected volatility	28% - 29%	28% - 29%
Expected dividend yield	0%	0%
Expected option term	6 years	6 years
Risk-free rate of return	1.45% to 1.79%	1.82% to 2.10%
Forfeiture rate	—%	—%

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2015:



	Number of options		Weighted average exercise price		Weighted average contractual life	Aggregate intrinsic value
Options outstanding at January 1, 2015	11,349,286		$	18.03
Granted	653,328		38.86
Forfeited, cancelled and expired ⁽¹⁾	(24,201	)	26.10
Exercised ⁽¹⁾	(1,605,392	)	21.54
Options outstanding at June 30, 2015	10,373,021		$	18.78	6.24	$	312,213,360
Options vested and expected to vest at June 30, 2015	10,373,021		$	18.78	6.24	$	312,213,360
Options exercisable at June 30, 2015	7,777,058		$	16.82	5.55	$	249,353,008

(1)

Pursuant to the terms of the 2012 SIP, options that are forfeited, cancelled or expired may be available for future grants; however shares delivered to or withheld by the Company for the payment of the exercise price of an option and/or minimum statutory tax withholding related to an exercise, and shares subject to an option that are not issued upon the net exercise of such option, are not added back to the pool of shares available for future awards.

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity during the six months ended June 30, 2015:



RSUs outstanding January 1, 2015	1,347,855
RSUs issued	323,165
Shares issued upon vesting of RSUs ⁽¹⁾	(547,840		)
RSUs cancelled or forfeited ⁽¹⁾	(15,022		)
RSUs outstanding at June 30, 2015	1,108,158
Weighted average grant date fair value per share	$	26.93


(1)	Pursuant to the terms of the 2012 SIP, RSUs that are cancelled or forfeited before they vest may be available for future grants; however shares delivered to or withheld by the Company for the payment of the employee's minimum statutory tax withholding related to an RSU vesting are not added back to the pool of shares available for future awards.

Schedule of PSU Activity

The following table summarizes PSU activity during the six months ended June 30, 2015:



PSUs outstanding January 1, 2015	—
PSUs issued	107,358
Shares issued upon vesting of PSUs ⁽¹⁾	—
PSUs cancelled or forfeited ⁽¹⁾	—
PSUs outstanding at June 30, 2015	107,358
Weighted average grant date fair value per share	$	38.96


(1)	Pursuant to the terms of the 2012 SIP, PSUs that are cancelled or forfeited before they vest may be available for future grants; however shares delivered to or withheld by the Company for the payment of the employee's minimum statutory tax withholding related to a PSU vesting are not added back to the pool of shares available for future awards.

Summary of Phantom Share Activity

The following table summarizes the phantom share activity during the six months ended June 30, 2015:



	Shares		Weighted-average grant date fair value per share
Outstanding at January 1, 2015	32,146		$	16.19
Granted	—		—
Converted/paid	(7,081	)	15.16
Forfeited	—		—
Outstanding at June 30, 2015	25,065		$	16.48

WhiteWave Stock Appreciation Rights Activity

The following table summarizes SAR activity during the six months ended June 30, 2015:



	Number of SARs		Weighted average exercise price		Weighted average contractual life	Aggregate intrinsic value
SARs outstanding at January 1, 2015	263,520		$	16.49
Granted	—		—
Forfeited and cancelled ⁽¹⁾	—		—
Exercised	(125,472	)	16.55
SARs outstanding at June 30, 2015	138,048		$	16.43	7.42	$	4,478,984
SARs vested and expected to vest at June 30, 2015	138,048		$	16.43	7.42	$	4,478,984
SARs exercisable at June 30, 2015	47,234		$	16.35	7.43	$	1,536,622


(1)	Pursuant to the terms of the 2012 SIP, SARs that are cancelled or forfeited may be available for future grants.