SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

Share Based Compensation [Abstract]

SHARE-BASED COMPENSATION

NOTE 13: SHARE-BASED COMPENSATION

Share-based compensation activity during quarter-to-date 2020 included the following:

SHARES IN THOUSANDS	GRANTED		VESTED
Restricted stock units (RSUs)		804		693
Performance share units (PSUs)		377		91

A total of 906 thousand shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises.

Restricted Stock Units

The weighted average fair value of the RSUs granted in 2020 was $30.03. The vesting provisions for RSUs granted in 2020 were consistent with prior year grants.

Performance Share Units

The weighted average grant date fair value of PSUs granted in 2020 was $33.16. The final number of shares granted in 2020 will range from 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. For prior year grants, company performance is measured against an industry peer group and the S&P 500. Beginning with PSUs granted in 2020, PSUs will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return.

Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2020

	PERFORMANCE SHARE UNITS
Performance period	2/13/2020 – 12/31/2022
Valuation date average stock price(1)	$30.03
Expected dividends	4.50%
Risk-free rate	1.45% - 1.62%
Expected volatility	20.02% – 22.40%

(1) Calculated as an average of the high and low prices on grant date.