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Share-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of assumptions used to calculate fair value of each stock option award estimated on the date of grant using the Black-Scholes valuation model


	Year ended December 31,
	2017		2016
Dividend yield	2.4	%	5.6	%
Expected volatility	56.9	%	57.9	%
Risk-free interest rate	2.0	%	1.4	%
Expected life of stock options granted during the period	5.9 years		5.9 years


	Year ended December 31,
	2017		2016
Dividend yield	—		—
Expected volatility	39.6	%	39.2	%
Risk-free interest rate	1.9	%	1.8	%
Expected life of stock options granted during the period	5.5 years		4.7 years

The assumptions noted below represent the weighted average of assumptions utilized for stock options granted during 2019, 2018 and 2017 under the LTIP.


	Year ended December 31,
	2019		2018		2017
Dividend yield	—		—		—
Expected volatility	41.8	%	38.8	%	41.0	%
Risk-free interest rate	2.6	%	2.8	%	2.0	%
Expected life of stock options granted during the period	6.0 years		6.0 years		6.0 years

Schedule of stock option awards granted in 2017 represent the new awards granted under the LTIP

The table below presents the changes in stock option awards for our ordinary shares from December 31, 2018 through December 31, 2019.


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in millions)
Outstanding at December 31, 2018	1,003	$	16.10
Granted	980	5.75
Exercised	—	—
Forfeited	(57)	15.46
Expired	(95)	11.30
Outstanding at December 31, 2019	1,831	10.83		8.5	$	—
Exercisable at December 31, 2019	554	13.91		7.8	—

Schedule of changes in nonvested awards for our ordinary shares

The table below presents the changes in nonvested awards for our ordinary shares from December 31, 2018 through December 31, 2019.


	Shares	Weighted Average Grant-Date Fair Value
	(in thousands)
Nonvested at December 31, 2018	448	$	18.71
Granted	968	6.48
Vested⁽¹⁾	(216)	16.15
Forfeited	(27)	16.03
Nonvested at December 31, 2019	1,173	9.16

(1)As of December 31, 2019, a total of 158,129 restricted stock units were vested but not yet issued. These shares have not been reflected as vested shares in the table because, in accordance with the restricted stock unit agreements, these shares are not issued for vested restricted stock until termination of employment.