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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Schedule of Valuation Assumptions



 

 

 

 

 

Assumptions

2018

 

2017

 

2016

Risk-free interest rate

–  

 

 1.9% 

 

 1.4% 

Expected dividend yield

–  

 

–  

 

 –  

Expected volatility

–  

 

 50.5% 

 

 41.0% 

Expected term

–  

 

5 years

 

5 years



Summary of Equity-Classified Stock Option Activity





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2018

 

2017

 

2016



 

 

 

Weighted

 

 

 

Weighted

 

 

 

Weighted



 

 

 

Average

 

 

 

Average

 

 

 

Average



 

Number

 

Exercise

 

Number

 

Exercise

 

Number

 

Exercise



 

of Shares

 

Price

 

of Shares

 

Price

 

of Shares

 

Price



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Options outstanding at January 1

 

 6,020 

 

$

 19.43 

 

 5,416 

 

$

 23.46 

 

 5,623 

 

$

 24.57 

Granted (1)

 

–  

 

$

–  

 

 1,604 

 

$

 8.00 

 

 155 

 

$

 8.60 

Exercised

 

–  

 

$

–  

 

–  

 

$

–  

 

 (45)

 

$

 7.74 

Forfeited or expired

 

 (842)

 

$

 33.99 

 

 (1,000)

 

$

 22.93 

 

 (317)

 

$

 38.01 

Options outstanding at December 31

 

 5,178 

 

$

 17.06 

 

 6,020 

 

$

 19.43 

 

 5,416 

 

$

 23.46 



(1)

Shares granted in 2016 are considerably lower than historical norms.  In 2016, the Company changed the grant date of its annual stock option awards from December to the following February. The Company did not issue equity-classified stock options in 2018.
Summary of Stock Options Outstanding and Options Exercisable



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Options Outstanding

 

Options Exercisable



 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted



 

Options

 

Weighted

 

Average

 

Options

 

Weighted

 

Average



 

Outstanding at

 

Average

 

Remaining

 

Exercisable at

 

Average

 

Remaining

Range of

 

December 31,

 

Exercise

 

Contractual

 

December 31,

 

Exercise

 

Contractual

Exercise Prices

 

2018

 

Price

 

Life

 

2018

 

Price

 

Life



 

(in thousands)

 

 

 

 

(years)

 

(in thousands)

 

 

 

 

(years)

$5.22-$29.42

 

 3,517 

 

$

 8.68 

 

 4.4 

 

 2,605 

 

$

 8.96 

 

 4.1 

$30.59-$35.64

 

 1,135 

 

$

 32.26 

 

 2.1 

 

 1,135 

 

$

 32.26 

 

 2.1 

$36.69-$39.48

 

 436 

 

$

 38.97 

 

 1.9 

 

 436 

 

$

 38.97 

 

 1.9 

$40.15-$49.00

 

 90 

 

$

 46.55 

 

 2.4 

 

 90 

 

$

 46.55 

 

 2.4 



 

 5,178 

 

$

 17.06 

 

 3.6 

 

 4,266 

 

$

 19.02 

 

 3.3 



Summary of Equity-Classified Restricted Stock Activity





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2018

 

2017

 

2016



 

 

 

Weighted

 

 

 

Weighted

 

 

 

Weighted



 

Number of

 

Average Fair

 

Number of

 

Average Fair

 

Number of

 

Average Fair



 

Shares

 

Value

 

Shares

 

Value

 

Shares

 

Value



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Unvested shares at January 1

 

 6,254 

 

$

 8.85 

 

 3,321 

 

$

 11.85 

 

 7,222 

 

$

 13.24 

Granted

 

 350 

 

$

 4.72 

 

 5,055 

 

$

 8.38 

 

 81 

(2)

$

 8.56 

Vested

 

 (2,058)

(1)

$

 9.24 

 

 (1,380)

 

$

 13.28 

 

 (3,817)

(3)

$

 11.34 

Forfeited

 

 (1,829)

 

$

 9.01 

 

 (742)

 

$

 10.04 

 

 (165)

 

$

 12.05 

Unvested shares at December 31

 

 2,717 

 

$

 7.91 

 

 6,254 

 

$

 8.85 

 

 3,321 

 

$

 11.85 



(1)

Includes 1,287,636 shares forfeited as a result of the reduction in workforce for the year ended December 31, 2018.

(2)

Shares granted in 2016 were considerably lower than historical norms.  In 2016, the Company changed the grant date of its annual restricted stock awards from December to the following February.



(3)

Includes 2,059,626 shares and 151,575 shares related to reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.



Summary of Equity-Classified Performance Units Activity





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2018

 

2017

 

2016



 

 

 

Weighted

 

 

 

Weighted

 

 

 

Weighted



 

Number of

 

Average Fair

 

Number of

 

Average Fair

 

Number of

 

Average Fair



 

Units (1)

 

Value

 

Units (1)

 

Value

 

Units (1)

 

Value



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Unvested shares at January 1

 

 1,084 

 

$

 10.12 

 

 719 

 

$

 11.46 

 

 407 

 

$

 36.65 

Granted

 

–  

 

$

–  

 

 1,197 

 

$

 10.47 

 

 1,503 

 

$

 8.60 

Vested

 

 (290)

 

$

 10.47 

 

 (325)

 

$

 12.21 

 

 (889)

(3)

$

 12.78 

Forfeited

 

 (196)

(2)

$

 9.94 

 

 (507)

 

$

 9.53 

 

 (302)

(4)

$

 11.26 

Unvested shares at December 31

 

 598 

 

$

 10.01 

 

 1,084 

 

$

 10.12 

 

 719 

 

$

 11.46 



(1)

These amounts reflect the number of performance units granted in thousands.  The actual payout of shares may range from a minimum of zero shares to a maximum of two shares per unit contingent upon TSR.  The performance units have a three-year vesting term and the actual disbursement of shares, if any, is determined during the first quarter following the end of the three-year vesting period.



(2)

Includes 144,927 units related to the reduction in workforce for the year ended December 31, 2018.



(3)

Includes 22,918 units and 37,590 units related to the reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.



(4)

Includes 87,595 units and 195,834 units related to the reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.



Summary of Liability-Classified Restricted Stock Unit Activity







 

 

 

 

 



 

Number

 

Weighted Average



 

of Units

 

Fair Value



 

(in thousands)

 

 

 

Unvested shares at January 1, 2018

 

–  

 

$

–  

Granted

 

 12,216 

 

$

 3.69 

Vested

 

 (232)

 

$

 5.14 

Forfeited (1)

 

 (3,782)

 

$

 4.86 

Unvested units at December 31, 2018

 

 8,202 

 

$

 3.41 



(1)

Includes 2,766,610 units related to the reduction in workforce for the year ended December 31, 2018.



Summary of Liability-Classified Performance Unit Activity







 

 

 

 

 



 

Number

 

Weighted Average



 

of Shares

 

Fair Value



 

(in thousands)

 

 

 

Unvested shares at January 1, 2018

 

–  

 

$

–  

Granted

 

 3,200 

 

$

 3.70 

Vested

 

–  

 

$

–  

Forfeited (1)

 

 (397)

 

$

 4.55 

Unvested units at December 31, 2018

 

 2,803 

 

$

 3.41 

 

(1)

Includes 295,160 units related to the reduction in workforce for the year ended December 31, 2018.
Stock Options [Member]  
Schedule of Equity-Classified Stock-Based Compensation Costs





 

 

 

 

 

 

 

 

(in millions)

2018

 

2017

 

2016

Stock options – general and administrative expense (1)

$

 2 

 

$

 3 

 

$

 6 

Stock options – general and administrative expense capitalized

$

 –  

 

$

 1 

 

$

 1 



(1)

Includes less than $1 million related to the reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.
Restricted Stock [Member]  
Schedule of Equity-Classified Stock-Based Compensation Costs





 

 

 

 

 

 

 

 

(in millions)

2018

 

2017

 

2016

Restricted stock grants – general and administrative expense (1)

$

 9 

 

$

 16 

 

$

 33 

Restricted stock grants – general and administrative expense capitalized

$

 5 

 

$

 11 

 

$

 8 



(1)

Includes $16 million related to the reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.



Performance Units [Member]  
Schedule of Equity-Classified Stock-Based Compensation Costs





 

 

 

 

 

 

 

 

(in millions)

2018

 

2017

 

2016

Performance units – general and administrative expense (1)

$

 3 

 

$

 5 

 

$

 9 

Performance units – general and administrative expense capitalized

$

 1 

 

$

 2 

 

$

 1 



(1)

Includes less than $1 million related to reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.



Liability-Classified Restricted Stock Units [Member]  
Schedule of Liability-Classified Stock-Based Compensation Costs



 

 

 

(in millions)

 

2018

Restricted stock units – general and administrative expense

 

$

 4 

Restricted stock units – general and administrative expense capitalized

 

$

 3 



Liability-Classified Performance Units [Member]  
Schedule of Liability-Classified Stock-Based Compensation Costs



 

 

 

(in millions)

 

2018

Liability-classified performance units – general and administrative expense

 

$

 2 

Liability-classified performance units – general and administrative expense capitalized

 

$

–