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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Expense Relating to RSUs and Summary of Changes in Incentive Units
The following is a summary of the changes in the incentive units for the year ended December 31, 2015 (units in thousands):
 
Vested
Incentive units at December 31, 2014
38

Issued

Vested

Exercised
(8
)
Canceled

Incentive units at December 31, 2015
30

Compensation expense from continuing operations relating to RSUs, which is primarily recorded in Employee compensation and benefits, and the corresponding income tax benefit, which is recorded in Income tax expense (benefit) on the Consolidated Statements of Operations are presented in the following table (in thousands):
 
For the year ended December 31,
 
2015
 
2014
 
2013
Stock award compensation expense (1)
$
81,496

 
$
55,402

 
$
33,067

Income tax benefit
30,968

 
21,053

 
11,573


(1)  
Included in the year ended December 31, 2015 is $28.8 million of accelerated stock compensation expense related to the Outstanding Annual RSUs as a result of implementing the Continued Vesting Amendment.
Summary of Restricted Awards Activity
The following table summarizes restricted awards activity for the year ended December 31, 2015 (awards in thousands):
 
 
Restricted Stock Units
 
 
Number of
Units
 
Weighted-
Average
Grant date
Fair Value
Outstanding at December 31, 2014
 
9,147

 
$
10.77

Granted
 
2,660

 
12.21

Vested
 
(4,293
)
 
10.73

Forfeited
 
(777
)
 
11.33

Outstanding at December 31, 2015
 
6,737

 
$
11.29

Stock Options, Valuation Assumptions
The weighted average assumptions used for stock options granted in 2013 were as follows:
 
2013
Dividend yield
%
Expected volatility
35.0
%
Risk-free interest rate
1.0
%
Expected life (in years)
3.5

Compensation Expense Relating to Stock Options and SARs
Compensation expense from continuing operations relating to stock options and SARs, all of which was recorded in Employee compensation and benefits, as well as the corresponding income tax benefit, which is recorded in Income tax expense (benefit) on the Consolidated Statements of Operations are as follows (in thousands):
 
For the year ended December 31,
 
2015
 
2014
 
2013
Stock option and SAR compensation expense
$
2,999

 
$
3,807

 
$
1,813

Income tax benefit
1,140

 
1,447

 
635

Summary of Stock Option, SAR Activity and Stock Options Exercisable
The following table summarizes stock option and SAR activity and stock options exercisable for the year ended December 31, 2015 (awards in thousands):
 
 
Number of Stock Awards
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Life (years)
Outstanding at December 31, 2014 (1)
 
4,691

 
$
17.41

 
 
 
 
Granted at market value
 

 

 
 
 
 
Exercised
 
(151
)
 
8.24

 
 
 
 
Forfeited or expired
 
(169
)
 
26.99

 
 
 
 
Outstanding at December 31, 2015 (1)
 
4,371

 
$
17.36

 
$
4,353

 
2.48
Exercisable at December 31, 2015
 
2,992

 
$
18.21

 
$
2,902

 
2.46
Available for future grants at December 31, 2015 (2)
 
16,347

 
 
 
 
 
 

(1)
Includes 1.7 million SARs.
(2)
Represents shares available for grant of options, SARs, RSUs and other awards under the Amended 2015 Plan.
Options and SARs Outstanding and Exercisable by Exercise Price Range
 
 
Options and SARs Outstanding
 
Options and SARs Exercisable
Range of Exercise Prices
 
Outstanding
at 12/31/15
 
Weighted-
Average
Remaining
Contractual
Life
 
Weighted-
Average
Exercise
Price
 
Number
Exercisable
at 12/31/15
 
Weighted-
Average
Exercise
Price
$8.24 - $8.25
 
740

 
2.61
 
$
8.24

 
493

 
$
8.24

$11.65 - $11.65
 
1,700

 
2.51
 
11.65

 
1,133

 
11.65

$22.50 - $22.50
 
1,700

 
2.51
 
22.50

 
1,133

 
22.50

$30.72 - $51.84
 
133

 
2.14
 
48.36

 
133

 
48.36

$52.98 - $52.98
 
25

 
0.88
 
52.98

 
25

 
52.98

$53.91 - $53.91
 
74

 
1.08
 
53.91

 
74

 
53.91

 
 
4,371

 
2.48
 
$
17.36

 
2,992

 
$
18.21

Schedule of Compensation Expense (Benefit)
Compensation expense related to the Class B and Class E, all of which are recorded within Employee compensation and benefits on the Consolidated Statements of Operations are as follows (in thousands):
 
For the year ended December 31,
 
2015
 
2014
 
2013
Class B and E units
$

 
$

 
$
19,860

Compensation expense (benefit) related to the Incentive units which are recorded within Employee compensation and benefits on the Consolidated Statements of Operations are as follows (in thousands):
 
For the year ended December 31,
 
2015
 
2014
 
2013
Incentive units
$
168


$
(269
)
 
2,446