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Share-Based Incentive Plan
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Incentive Plan
Share-Based Incentive Plan
The Company’s shareholders have approved the 2003 Long-Term Incentive Plan (as amended, the “2003 Plan”). Under the 2003 Plan, 55,300,000 ordinary shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, stock appreciation rights (“SAR”), restricted ordinary shares, restricted stock units, performance awards (“PSU”), other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the ordinary shares underlying the options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years. Since approval of the 2003 Plan, no further grants of stock options have been made under any other previous plan.
The following table summarizes stock option and SAR (together, “stock awards”) activity:
 
Number of Shares Under Stock Awards
 
Weighted Average Exercise Price per Share
Outstanding at December 31, 2016
7,699,441

 
$
33.38

Granted
804,146

 
44.26

Exercised
(436,277
)
 
20.62

Forfeited
(262,871
)
 
49.40

Outstanding at June 30, 2017
7,804,439

 
$
34.67

Vested and expected to vest at June 30, 2017
7,539,983

 
$
34.24

Exercisable at June 30, 2017
5,860,771

 
$
30.74


As of June 30, 2017, stock awards outstanding, stock awards vested and expected to vest, and stock awards exercisable had average remaining contractual terms of 5.8 years, 5.7 years and 4.8 years, respectively. Also, at June 30, 2017, stock awards outstanding, stock awards vested and expected to vest, and stock awards exercisable had aggregate intrinsic values of $69.1 million, $69.1 million and $68.9 million, respectively.
A summary of the status of the Company’s nonvested restricted ordinary shares and restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of June 30, 2017 and the changes during the six months ended June 30, 2017 are presented below:
 
Number of Restricted Stock Awards
 
Weighted Average Grant-Date Fair Value per Share
Nonvested at December 31, 2016
5,667,830

 
$
42.46

Granted
1,386,416

 
44.57

Released
(495,354
)
 
52.35

Forfeited
(250,536
)
 
45.80

Nonvested at June 30, 2017
6,308,356

 
$
42.02


As of June 30, 2017, the Company had $162.2 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which will be recognized over the remaining weighted average vesting period of 2.1 years. The total intrinsic value of stock awards exercised and restricted stock units released during the six months ended June 30, 2017 and 2016 was $30.3 million and $44.4 million, respectively.