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Stock Options and Other Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Stock Options and Other Stock Based Compensation  
Summary of option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Weighted

    

 

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

 

Average

 

Remaining

 

 

 

 

 

 

Number of

 

Exercise

 

Contractual

 

Aggregate

 

 

 

Shares

 

Price

 

Term

 

Intrinsic

 

 

 

(thousands)

 

(per share)

 

(years)

 

Value

 

Options outstanding at January 1, 2015

 

2,421

 

$

26.83

 

 

 

 

 

 

Granted

 

688

 

 

23.61

 

 

 

 

 

 

Exercised

 

(56)

 

 

13.04

 

 

 

 

 

 

Forfeited or expired

 

(432)

 

 

42.84

 

 

 

 

 

 

Options outstanding at  December 31, 2015

 

2,621

 

 

23.64

 

3.3

 

$

4

 

Options vested or expected to vest at  December 31, 2015

 

2,566

 

$

23.60

 

3.2

 

$

4

 

Options exercisable at  December 31, 2015

 

1,563

 

$

22.16

 

1.8

 

$

4

 

 

Additional information related to stock options

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Weighted average grant-date fair value of options granted (per share)

 

$

7.79

 

$

13.17

 

$

12.39

 

Aggregate intrinsic value of options exercised

 

$

 —

 

$

3

 

$

16

 

Aggregate cash received from options exercised

 

$

1

 

$

5

 

$

24

 

 

Schedule of weighted average assumptions used to estimate the fair value of each option grant on the date of grant using the Black-Scholes option pricing model

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Expected life of options (years)

 

5.00

 

5.00

 

5.00

 

Expected stock price volatility

 

34.5

%  

43.0

%  

55.3

%  

Risk-free interest rate

 

1.7

%  

1.6

%  

0.9

%  

Expected dividend yield

 

0.0

%  

0.0

%  

0.0

%  

 

Restricted shares and restricted share units activity

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

Number of

 

Average

 

 

 

Restricted

 

Grant-Date

 

 

 

Shares

 

Fair Value

 

 

 

(thousands)

 

(per share)

 

Nonvested at January 1, 2015

 

487

 

$

27.25

 

Granted

 

550

 

 

22.69

 

Vested

 

(177)

 

 

29.12

 

Forfeited

 

(188)

 

 

25.17

 

Nonvested at December 31, 2015

 

672

 

 

23.60

 

Awards granted during 2014

 

 

 

$

33.36

 

Awards granted during 2013

 

 

 

$

26.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Total fair value of shares vested

 

$

4

 

$

5

 

$

5

 

 

Performance vested restricted share unit activity

 

 

 

 

 

 

 

 

    

Number of Performance

    

Weighted Average

 

 

 

Vested Restricted Shares

 

Grant-Date Fair Value

 

 

 

Units (thousands)

 

(per unit)

 

Nonvested at January 1, 2015

 

903

 

$

26.94

 

Granted

 

454

 

 

23.63

 

Vested

 

(331)

 

 

22.60

 

Forfeited/Cancelled

 

(93)

 

 

27.52

 

Nonvested at December 31, 2015

 

933

 

 

26.81

 

Awards granted during 2014

 

 

 

$

33.41

 

Awards granted during 2013

 

 

 

$

26.10