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Stock-based Compensation and Outstanding Awards (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Significant Assumptions Used to Calculate the Grant Date Fair Market Values of Options Granted For the stock options granted in 2020, 2019 and 2018, the fair value of each option award was estimated on the date of grant using the Black-Scholes framework that uses the assumptions noted in the table below.

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Valuation Assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility

 

 

43.7

%

 

 

43.7

%

 

 

44.2

%

Risk-free interest rate

 

 

1.4

%

 

 

2.5

%

 

 

2.7

%

Expected dividends (per share)

 

$

—

 

 

$

—

 

 

$

—

 

Expected term (in years)

 

4.5

 

 

4.5

 

 

4.5

 
Summary of Stock Option Activity

The following table summarizes award activity for stock options:

 

Stock Options

 

Shares

(in thousands)

 

 

Weighted-Average

Exercise

Price

 

 

Weighted-Average

Remaining

Contractual Term

(in years)

 

Aggregate

Intrinsic Value

(in millions)

 

Outstanding as of December 31, 2019

 

 

5,126

 

 

$

20.11

 

 

 

 

 

 

 

Granted

 

 

697

 

 

 

9.53

 

 

 

 

 

 

 

Forfeited and expired

 

 

(1,437

)

 

 

21.61

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding as of December 31, 2020

 

 

4,386

 

 

$

17.93

 

 

3.39

 

$

—

 

Exercisable at December 31, 2020

 

 

3,166

 

 

$

20.70

 

 

2.64

 

$

—

 
Summary of Status of Nonvested Shares of RSAs, RSUs and PSAs

The following table summarizes award activity for RSAs and RSUs:

RSAs / RSUs

 

Shares

(in thousands)

 

 

Weighted-Average

Grant-Date

Fair Value

 

Nonvested as of December 31, 2019

 

 

1,272

 

 

$

19.38

 

Granted

 

 

374

 

 

 

8.78

 

Vested (1)

 

 

(963

)

 

 

22.69

 

Forfeited

 

 

(49

)

 

 

11.88

 

Nonvested as of December 31, 2020

 

 

634

 

 

$

10.25

 

 

(1)

256 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

The following table summarizes award activity for performance stock awards:

PSAs

 

Shares

(in thousands)

 

 

Weighted-Average

Grant-Date

Fair Value

 

Nonvested as of December 31, 2019

 

 

213

 

 

$

15.67

 

Granted

 

 

195

 

 

 

12.12

 

Vested (1)

 

 

(52

)

 

 

20.64

 

Forfeited

 

 

(41

)

 

 

16.63

 

Nonvested as of December 31, 2020

 

 

315

 

 

$

12.53

 

(1) 15 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.