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Share-Based Incentive Plan
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [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 and 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 stock options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years.
The following table summarizes stock option and SAR (together, “stock awards”) activity:
Number of Shares Under Stock AwardsWeighted Average Exercise Price per Share
Outstanding at December 31, 20196,347,709 $36.97 
Granted814,351 17.37 
Exercised(27,615)21.13 
Forfeited(337,285)25.37 
Outstanding at September 30, 20206,797,160 $35.26 
Vested and expected to vest at September 30, 20206,589,725 $35.57 
Exercisable at September 30, 20205,159,754 $38.75 
As of September 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 5.3 years, 5.2 years and 4.2 years, respectively. Also, at September 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had no aggregate intrinsic values.
A summary of the status of the Company’s nonvested restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of September 30, 2020 and the changes during the nine months ended September 30, 2020 are presented below:
Number of Restricted Stock AwardsWeighted Average Grant-Date Fair Value per Share
Nonvested at December 31, 20194,105,689 $34.42 
Granted2,978,412 17.46 
Released(1,104,737)36.57 
Forfeited(306,108)39.50 
Nonvested at September 30, 20205,673,256 $24.83 
As of September 30, 2020, the Company had $78.9 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which we expect to recognize over the remaining weighted average vesting period of 1.5 years. The total intrinsic value of stock awards exercised and restricted stock units released during the nine months ended September 30, 2020 and 2019 was $19.1 million and $37.9 million, respectively.