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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Expense Relating to RSUs and Summary of Changes in Incentive Units
Compensation expense 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 on the Consolidated Statements of Operations are presented in the following table (in thousands):
 
For the years ended December 31,
 
2016
 
2015
 
2014
Stock award compensation expense (1)
$
19,451

 
$
81,496

 
$
55,402

Income tax benefit
7,391

 
30,968

 
21,053


(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.
The following is a summary of the changes in the incentive units for the year ended December 31, 2016 (units in thousands):
 
Vested
Incentive units at December 31, 2015
30

Issued

Vested
(11
)
Exercised
(3
)
Canceled

Incentive units at December 31, 2016
16

Summary of Restricted Awards Activity
The following table summarizes restricted awards activity for the year ended December 31, 2016 (awards in thousands):
 
 
Restricted Stock Units
 
 
Number of
Units
 
Weighted-
Average
Grant date
Fair Value
Outstanding at December 31, 2015
 
6,737

 
$
11.29

Granted
 
3,296

 
10.86

Vested
 
(4,111
)
 
10.99

Forfeited
 
(359
)
 
11.32

Outstanding at December 31, 2016
 
5,563

 
$
11.25

Schedule of Stock Option Valuation Assumptions
The weighted average assumptions used for stock options granted in 2016 were as follows:
 
2016
Dividend yield
%
Expected volatility
25.0
%
Risk-free interest rate
0.7
%
Expected life (in years)
3.5

Compensation Expense Relating to Stock Options and SARs
Compensation expense 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 on the Consolidated Statements of Operations are as follows (in thousands):
 
For the years ended December 31,
 
2016
 
2015
 
2014
Stock option and SAR compensation expense
$
746

 
$
2,999

 
$
3,807

Income tax benefit
284

 
1,140

 
1,447

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, 2016 (awards in thousands):
 
 
Number of Stock Awards
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Life (years)
Outstanding at December 31, 2015 (1)
 
4,371

 
$
17.36

 
 
 
 
Granted
 
2,059

 
23.35

 
 
 
 
Exercised
 
(43
)
 
8.24

 
 
 
 
Forfeited or expired
 
(89
)
 
49.64

 
 
 
 
Outstanding at December 31, 2016 (1)
 
6,298

 
$
18.88

 
$
6,224

 
2.33
Exercisable at December 31, 2016
 
4,906

 
$
17.66

 
$
6,224

 
1.80
Available for future grants at December 31, 2016 (2)
 
13,221

 
 
 
 
 
 

(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 12/31/16
 
Weighted-
Average
Remaining
Contractual
Life
 
Weighted-
Average
Exercise
Price
 
Number
Exercisable
at 12/31/16
 
Weighted-
Average
Exercise
Price
$8.24 - $8.25
 
697

 
0.96
 
$
8.24

 
697

 
$
8.24

$11.65 - $11.65
 
1,700

 
1.51
 
11.65

 
1,700

 
11.65

$14.45 - $14.45
 
58

 
1.73
 
14.45

 

 

$22.50 - $22.50
 
1,700

 
1.51
 
22.50

 
1,700

 
22.50

$23.35 - $53.91
 
2,143

 
4.08
 
25.20

 
809

 
28.25

 
 
6,298

 
2.33
 
$
18.84

 
4,906

 
$
17.66

Schedule of Compensation Expense (Benefit)
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 years ended December 31,
 
2016
 
2015
 
2014
Incentive units
$
262


$
168

 
$
(269
)