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Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Assumption used with Black Scholes Option Valuations Models We value the TSR awards using the economic theory that is the basis for all valuation models, including Binominal, Black-Scholes, exotic options formulas, and Monte Carlo valuations, with the following assumptions:

 

 

NAREIT Lodging & Resorts Index

 

 

2020 Award Grants

 

 

2019 Award Grants

 

Grant date stock price

$

10.06

 

 

$

17.97

 

Volatility

 

33.1

%

 

 

23.7

%

Beta

 

0.618

 

 

 

1.029

 

Risk-free rate - three year award

 

0.19

%

 

 

2.43

%

 
Schedule Payout for TSR Awards

The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30th and 75th percentiles.

 

TSR Percentile Ranking

 

Payout (% of Maximum)

 

At or above 75th percentile

 

 

100

%

50th percentile

 

 

50

 

30th percentile

 

 

25

 

Below 30th percentile

 

 

0

 
Summary of Status of Senior Executive Plans The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2020:

 

 

 

Year ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

 

 

(in millions)

 

 

(per share)

 

 

(in millions)

 

 

(per share)

 

 

(in millions)

 

 

(per share)

 

Balance, at beginning of year

 

 

1.2

 

 

$

13

 

 

 

0.9

 

 

$

14

 

 

 

0.7

 

 

$

14

 

Granted

 

 

2.0

 

 

 

10

 

 

 

1.3

 

 

 

14

 

 

 

1.1

 

 

 

16

 

Vested (1)

 

 

(1.1

)

 

 

15

 

 

 

(0.7

)

 

 

19

 

 

 

(0.7

)

 

 

17

 

Forfeited/expired

 

 

(0.5

)

 

 

15

 

 

 

(0.3

)

 

 

19

 

 

 

(0.2

)

 

 

17

 

Balance, at end of year

 

 

1.6

 

 

 

10

 

 

 

1.2

 

 

 

13

 

 

 

0.9

 

 

 

14

 

Issued in calendar year (1)

 

 

0.4

 

 

 

19

 

 

 

0.4

 

 

 

17

 

 

 

0.3

 

 

 

20

 

___________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2020 include shares vested at December 31, 2019, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $5.4 million and $4.8 million for 2020, 2019 and 2018, respectively.