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Stock Options and Other Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
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, 2016

 

2,621

 

$

23.64

 

 

 

 

 

 

Granted

 

1,098

 

 

15.10

 

 

 

 

 

 

Exercised

 

(504)

 

 

10.13

 

 

 

 

 

 

Forfeited or expired

 

(119)

 

 

21.24

 

 

 

 

 

 

Options outstanding at  December 31, 2016

 

3,096

 

 

22.91

 

4.2

 

$

3

 

Options vested or expected to vest at  December 31, 2016

 

3,096

 

$

22.91

 

2.3

 

$

3

 

Options exercisable at  December 31, 2016

 

1,342

 

$

27.71

 

4.2

 

$

 —

 

 

Additional information related to stock options

 

 

 

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

 

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

 

$

4.98

 

$

7.79

 

$

13.17

 

Aggregate intrinsic value of options exercised

 

$

2

 

$

 —

 

$

3

 

Aggregate cash received from options exercised

 

$

5

 

$

1

 

$

5

 

 

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

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

 

Expected life of options (years)

 

5.20

 

5.00

 

5.00

 

Expected stock price volatility

 

32.8

%  

34.5

%  

43.0

%  

Risk-free interest rate

 

1.5

%  

1.7

%  

1.6

%  

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, 2016

 

672

 

$

23.66

 

Granted

 

389

 

 

15.70

 

Vested

 

(215)

 

 

25.88

 

Forfeited

 

(10)

 

 

21.11

 

Nonvested at December 31, 2016

 

836

 

 

19.42

 

Awards granted during 2015

 

 

 

$

22.69

 

Awards granted during 2014

 

 

 

$

33.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

 

Total fair value of shares vested

 

$

6

 

$

4

 

$

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, 2016

 

933

 

$

26.80

 

Granted

 

726

 

 

15.10

 

Vested

 

(158)

 

 

26.10

 

Forfeited/Cancelled

 

(146)

 

 

25.41

 

Nonvested at December 31, 2016

 

1,355

 

 

20.76

 

Awards granted during 2015

 

 

 

$

23.63

 

Awards granted during 2014

 

 

 

$

33.41