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Equity-Based Awards (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Weighted Average Assumptions Used to estimate Fair Value of Stock Options Granted

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,
	2019			2018			2017
Exercise price	$	21.37		$	22.89		$	21.33
Average risk-free interest rate	2.40		%	2.72		%	2.10		%
Expected life (in years)	6.11			6.11			6.11
Implied volatility	26.32		%	23.17		%	22.02		%
Dividend yield	2.62		%	2.46		%	2.64		%

Share-based Payments Activities

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
	Quantity	Exercise Price		Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands) ⁽¹⁾
Outstanding at December 31, 2018	4,197,243	$	20.80	7.6	$	9,257
Granted	1,288,430	21.37
Exercised	(492,061)	15.14
Cancelled	(515,246)	21.87
Outstanding at December 31, 2019	4,478,366	$	21.46	7.4	$	8,000
Vested and exercisable at December 31, 2019	2,201,768	$	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.

Restricted Stock Activities

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, 2018	5,612,887	$	23.11
Granted	3,426,800	21.49
Vested	(1,948,707)	24.06
Cancelled	(725,400)	21.76
Unvested at December 31, 2019	6,365,580	$	22.06

Performance Stock Activities

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, 2018	1,718,770	$	22.60
Granted	1,210,331	21.36
Vested	(508,168)	22.69
Cancelled	(331,428)	22.25
Unvested at December 31, 2019	2,089,505	$	21.99