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Equity-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity Related to Restricted Stock and RSUs

The following table summarizes activity related to restricted stock and RSUs for the nine months ended September 30, 2018 and 2017.

 

 

Restricted Stock & RSUs

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

 

Unvested Balance at January 1,

 

 

9,357,999

 

 

$

 

30.15

 

 

 

8,504,190

 

 

$

 

26.70

 

 

Granted

 

 

3,221,367

 

 

 

 

54.39

 

 

 

3,140,934

 

 

 

 

37.07

 

 

Forfeited

 

 

(121,397

)

 

 

 

38.46

 

 

 

(75,433

)

 

 

 

30.74

 

 

Vested

 

 

(3,174,379

)

 

 

 

30.66

 

 

 

(2,118,588

)

 

 

 

26.96

 

 

Unvested Balance at September 30,

 

 

9,283,590

 

 

$

 

37.29

 

 

 

9,451,103

 

 

$

 

29.87

 

 

 

Schedule of Assumptions Used to Estimate the Fair Value of Stock Option Using the Black-Scholes Valuation model

The Company estimated the fair value of stock option awards at grant using the Black-Scholes valuation model with the following assumptions:

 

 

 

Assumptions

 

 

Expected life (in years)

 

 

 

6

 

 

Weighted-average risk free interest rate

 

 

 

1.91

%

 

Expected volatility

 

 

 

35

%

 

Dividend yield

 

 

 

2.72

%

 

Weighted-average fair value at grant date

 

$

 

6.70

 

 

 

Summary of Activity Related to Stock Options

The following table summarizes activity related to stock options for the nine months ended September 30, 2018 and 2017.

 

 

Stock Options Outstanding

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

Number

 

 

Exercise Price

 

 

Number

 

 

Exercise Price

 

 

 

 

Outstanding

 

 

Per Share

 

 

Outstanding

 

 

Per Share

 

 

Outstanding at January 1,

 

 

2,436,232

 

 

$

 

17.95

 

 

 

2,822,728

 

 

$

 

17.95

 

 

Grants

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercises

 

 

(348,280

)

 

 

 

17.95

 

 

 

(256,270

)

 

 

 

17.95

 

 

Forfeitures or expirations

 

 

(64,785

)

 

 

 

17.95

 

 

 

(81,019

)

 

 

 

17.95

 

 

Outstanding at September 30,

 

 

2,023,167

 

 

$

 

17.95

 

 

 

2,485,439

 

 

$

 

17.95