Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

We maintain long-term incentive plans for management, other personnel, and key service providers. The plans allow for granting stock-based compensation awards, based on CEC common stock (NASDAQ symbol “CZR”), including time-based and performance-based stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based stock units (“MSUs”), restricted stock awards, stock grants, or a combination of awards. Forfeitures are recognized in the period in which they occur.

Composition of Stock-Based Compensation Expense

	Three Months Ended March 31,
(In millions)	2020		2019
Corporate expense	$	6	$	16
Property, general, administrative, and other	4		5
Total stock-based compensation expense	$	10	$	21

Outstanding at End of Period

	March 31, 2020			December 31, 2019
	Quantity	Wtd-Avg ⁽¹⁾		Quantity	Wtd-Avg ⁽¹⁾
Stock options ⁽²⁾	1,730,807	$	8.74	2,147,750	$	14.67
Restricted stock units ⁽³⁾	6,973,066	11.09		8,332,150	10.77
Performance stock units ⁽⁴⁾	1,176,989	6.76		1,453,663	13.60
Market-based stock units ⁽⁵⁾	410,078	12.63		434,921	12.63

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⁽¹⁾	Represents weighted-average exercise price for stock options, weighted-average grant date fair value for RSUs, the price of CEC common stock as of the balance sheet date until a grant date is achieved for PSUs and the fair value of the MSUs determined using the Monte-Carlo simulation model.


⁽²⁾	During the three months ended March 31, 2020, there were no grants of stock options and 139 thousand stock options were exercised.


⁽³⁾	During the three months ended March 31, 2020, there were no grants of RSUs and 1.3 million RSUs vested under the 2017 Performance Incentive Plan (“PIP”).


⁽⁴⁾	During the three months ended March 31, 2020, there were no grants of PSUs and 258 thousand PSUs vested under the 2017 PIP.

⁽⁵⁾

During the three months ended March 31, 2020, there were no grants of MSUs and 22 thousand MSUs vested under the 2017 PIP.