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Equity-Based Awards
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Equity-Based Awards
13. Equity-Based Awards
As of December 31, 2019, our outstanding equity-based compensation plans and agreements include the Sovereign Holdings, Inc. Management Equity Incentive Plan (“Sovereign MEIP”), the Sovereign Holdings, Inc. 2012 Management Equity Incentive Plan (“Sovereign 2012 MEIP”), the Sabre Corporation 2014 Omnibus Incentive Compensation Plan (the “2014 Omnibus Plan”), the Sabre Corporation 2016 Omnibus Incentive Compensation Plan (the “2016 Omnibus Plan”), the Sabre Corporation 2019 Omnibus Incentive Compensation Plan ("the 2019 Omnibus Plan"), and the 2019 Director Equity Compensation Plan ("2019 Director Plan"). Our 2019 Omnibus Plan serves as a successor to the 2016 Omnibus Plan, the 2014 Omnibus Plan, the Sovereign MEIP and Sovereign 2012 MEIP and provides for the issuance of stock options, restricted shares, restricted stock units (“RSUs”), performance-based RSU awards (“PSUs”), cash incentive compensation and other stock-based awards. Our 2019 Director Plan provides for the issuance of RSUs, Deferred Stock Units ("DSUs"), and stock options to non-employee Directors. Outstanding awards under the 2016 Omnibus Plan, the 2014 Omnibus Plan, the Sovereign MEIP and Sovereign 2012 MEIP continue to be subject to the terms and conditions of their respective plan.
We initially reserved 12,500,000 shares of our common stock for issuance under our 2019 Omnibus Plan and 500,000 shares of our common stock for issuance under our 2019 Director Plan. We added 6,720,911 shares that were reserved but not issued under the Sovereign MEIP, Sovereign 2012 MEIP, 2014 Omnibus, and 2016 Omnibus Plans to the 2019 Omnibus Plan reserves, for a total of 19,220,911 authorized shares of common stock for issuance. Time-based options granted under the 2019, 2016, and 2014 Omnibus Plans generally vest over a four year period with 25% vesting at the end of year one and the remaining vesting quarterly thereafter. RSUs generally vest over a four year period with 25% vesting annually. PSUs generally vest over a four year period with 25% vesting annually dependent upon the achievement of certain company-based performance measures. Each reporting period, we assess the probability of achieving the performance measure and, if there is an adjustment, record the cumulative effect of the adjustment in the current reporting period. Options granted are exercisable for up to 10 years. Stock-based compensation expense totaled $67 million, $57 million and $45 million for the years ended December 31, 2019, 2018 and 2017, respectively.
The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
 Year Ended December 31,
 201920182017
Exercise price$21.37  $22.89  $21.33  
Average risk-free interest rate2.40 %2.72 %2.10 %
Expected life (in years)6.116.116.11
Implied volatility26.32 %23.17 %22.02 %
Dividend yield2.62 %2.46 %2.64 %

The following table summarizes the stock option award activities under our outstanding equity based compensation plans and agreements for the year ended December 31, 2019:
  Weighted-Average 
 QuantityExercise Price
Remaining
Contractual
Term (years)
Aggregate
Intrinsic Value
(in thousands) (1)
Outstanding at December 31, 20184,197,243  $20.80  7.6$9,257  
Granted1,288,430  21.37    
Exercised(492,061) 15.14    
Cancelled(515,246) 21.87    
Outstanding at December 31, 20194,478,366  $21.46  7.4$8,000  
Vested and exercisable at December 31, 20192,201,768  $21.05  6.1$5,832  
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(1)Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options awards and the closing price of our common stock of $22.44 on December 31, 2019.
For the years ended December 31, 2019, 2018 and 2017, the total intrinsic value of stock options exercised totaled $4 million, $6 million and $19 million, respectively. The weighted-average fair values of options granted were $4.55, $4.58, and $3.67 during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, $9 million in unrecognized compensation expense associated with stock options will be recognized over a weighted-average period of 2.7 years.
The following table summarizes the activities for our RSUs for the year ended December 31, 2019:
Quantity
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 20185,612,887  $23.11  
Granted3,426,800  21.49  
Vested(1,948,707) 24.06  
Cancelled(725,400) 21.76  
Unvested at December 31, 20196,365,580  $22.06  
The total fair value of RSUs vested, as of their respective vesting dates, was $47 million, $30 million, and $23 million during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, approximately $101 million in unrecognized compensation expense associated with RSUs will be recognized over a weighted average period of 2.6 years.
The following table summarizes the activities for our PSUs for the year ended December 31, 2019:
Quantity
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 20181,718,770  $22.60  
Granted1,210,331  21.36  
Vested(508,168) 22.69  
Cancelled(331,428) 22.25  
Unvested at December 31, 20192,089,505  $21.99  
The total fair value of PSUs vested, as of their respective vesting dates, was $11 million, $9 million and $14 million during the years ended December 31, 2019, 2018 and 2017, respectively. The recognition of compensation expense associated with PSUs is contingent upon the achievement of annual company-based performance measures. As of December 31, 2019, unrecognized compensation expense associated with PSUs totaled $14 million, $12 million and $6 million for the annual measurement periods ending December 31, 2020, 2021 and 2022, respectively.