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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Restricted Stock Unit Grants

The following table provides information about our RSU grants for the last three fiscal years:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Number of shares granted

 

 

500,925

 

 

 

378,069

 

 

 

534,329

 

Weighted average grant date fair value per share

 

$

33.07

 

 

$

42.63

 

 

$

29.23

 

Fair value of shares vested (in millions)

 

$

10

 

 

$

13

 

 

$

11

 
Schedule of Restricted Stock Units Activity

The following table summarizes the activity of our RSUs during the year ended December 31, 2019:

 

 

 

Number of

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding, beginning of period

 

 

743,382

 

 

$

34.31

 

Granted

 

 

500,925

 

 

 

33.07

 

Vested

 

 

(323,638

)

 

 

31.76

 

Forfeited

 

 

(95,078

)

 

 

35.15

 

Outstanding, end of period

 

 

825,591

 

 

 

34.46

 
Schedule of Stock Option Grants

The following table provides information about our option grants for the last three fiscal years:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Number of options granted

 

 

544,209

 

 

 

312,141

 

 

 

669,658

 

Weighted average exercise price per share

 

$

33.32

 

 

$

46.48

 

 

$

28.30

 

Weighted average grant date fair value per share

 

$

12.29

 

 

$

14.78

 

 

$

8.66

 

 
Schedule of Stock Option Valuation Assumptions

The grant date fair value of each of these options was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Expected volatility(1)

 

 

33.1

%

 

 

26.6

%

 

 

26.3

%

Dividend yield(2)

 

 

—

%

 

 

—

%

 

 

—

%

Risk-free rate(3)

 

 

2.6

%

 

 

2.7

%

 

 

2.3

%

Expected term (in years)(4)

 

 

6.0

 

 

 

6.0

 

 

 

6.0

 

 

(1)

Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of its share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.

(2)

At the date of grant we had no plans to pay dividends during the expected term of these options.

(3)

Based on the yields of U.S. Department of Treasury instruments with similar expected lives.

(4)

Estimated using the average of the vesting periods and the contractual term of the options.

Schedule of Stock Options Activity

As of December 31, 2019, we had 617,419 Options outstanding that were exercisable. The following table summarizes the activity of our options during the year ended December 31, 2019:

 

 

 

Number

of Shares

 

 

Weighted

Average

Exercise Price

Per Share

 

Outstanding, beginning of period

 

 

1,106,672

 

 

$

31.14

 

Granted

 

 

544,209

 

 

 

33.32

 

Exercised

 

 

(23,486

)

 

 

26.03

 

Forfeited, canceled or expired

 

 

(86,313

)

 

 

36.79

 

Outstanding, end of period

 

 

1,541,082

 

 

 

31.67

 

Exercisable, end of period

 

 

617,419

 

 

 

27.61

 

 
Schedule of Performance Stock Units Activity

The following table summarizes the activity of our Performance RSUs during the year ended December 31, 2019:

 

 

 

Adjusted EBITDA(1)

 

 

Contract Sales

 

 

 

Number of

Shares

 

 

Weighted

Average

Grant

Date Fair

Value per

Share

 

 

Number of

Shares

 

 

Weighted

Average

Grant

Date Fair

Value per

Share

 

Outstanding, beginning of period

 

 

57,301

 

 

$

42.46

 

 

 

24,552

 

 

$

42.46

 

Granted

 

 

93,566

 

 

 

33.32

 

 

 

40,094

 

 

 

33.32

 

Vested

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited, canceled or expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding, end of period

 

 

150,867

 

 

 

36.79

 

 

 

64,646

 

 

 

36.79

 

 

(1)

Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction.

Performance Shares | Adjusted EBITDA  
Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on our Adjusted EBITDA metric described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K, further adjusted by sales of VOIs under construction for the last three fiscal years:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Number of shares granted

 

 

93,566

 

 

 

64,809

 

 

 

—

 

Weighted average grant date fair value per share

 

$

33.32

 

 

$

42.94

 

 

$

—

 
Performance Shares | Contract Sales  
Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on contract sales as defined in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K for the last three fiscal years:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Number of shares granted

 

 

40,094

 

 

 

27,769

 

 

 

—

 

Weighted average grant date fair value per share

 

$

33.32

 

 

$

42.94

 

 

$

—