Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of calculated fair value of options granted and major assumptions used

The calculated fair value of options granted and major assumptions used in the model at the date of grant are listed below:



	Stock Option Assumptions
	Year Ended December 31,
	2015			2014			2013
Weighted-average grant date fair value of awards granted during the period	$	6.82		$	10.11		$	15.16
Risk-free interest rate range	1.38% - 1.38%			1.31% - 1.34%			0.97% - 1.84%
Weighted-average risk-free interest rate	1.4		%	1.3		%	1.0		%
Expected price volatility range	36.8% - 36.8%			36.1% - 37.3%			51.5% - 58.5%
Weighted-average expected price volatility	36.8		%	37.1		%	58.3		%
Expected dividend yield	0.37		%	0.25		%	0.27		%
Expected term in years at the date of grant	4.5			4.5			5.5

Summary of stock option transactions under the terms of LTSIP

Stock option transactions under the terms of the LTSIP are summarized below:



	Options Outstanding		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
			(per share)		(in years)	(in millions)
Outstanding at December 31, 2014	1,996,215		$	28.60
Granted	425,877		21.69
Exercised	(15,000	)	19.37
Forfeited	(2,817	)	31.31
Canceled	(203,499	)	21.87
Outstanding at December 31, 2015	2,200,776		$	27.94	3.19	$	—
Options Exercisable at December 31, 2015	1,522,326		$	29.17	2.10	$	—
Unvested Options at December 31, 2015	678,450		$	25.20	5.63	$	—

Restricted Shares and Performance Share Units Activity

Restricted Shares

Restricted share grants typically vest in equal installments over a three-year period from the grant date. The grant date fair value is determined based on the closing bid price of the Company's common stock on the grant date. The total fair value of restricted stock that vested during the years ended December 31, 2015, 2014 and 2013, was $22.7 million, $26.8 million and $19.8 million, respectively. The Company realized an income tax benefit of $3.2 million for the year ended December 31, 2015, and income tax expense of $0.5 million and $0.1 million for the years ended December 31, 2014, and 2013, respectively. Restricted stock increased the Company's APIC pool by $3.5 million as of December 31, 2015. The weighted-average grant date fair value of restricted stock granted was $20.92 per share, $31.40 per share and $30.06 per share for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, $20.3 million of unrecognized compensation cost related to restricted shares granted under the LTSIP, which is included within "Additional paid-in capital" on the Consolidated Balance Sheet, is expected to be recognized over a weighted-average vesting period of 2.04 years.

Transactions involving restricted shares under the terms of the LTSIP are summarized below:



	Restricted Shares Outstanding		Weighted- Average Grant Date Fair Value
			(per share)
Unvested balance at December 31, 2014	1,426,453		$	31.02
Granted	1,509,384		20.92
Vested	(748,157	)	30.33
Forfeited	(179,470	)	25.45
Unvested balance at December 31, 2015	2,008,210		$	24.18

Performance Share Units

The performance share units' cash payouts are dependent upon the Company's total shareholder return compared to a group of its peers over a three-year period. The awards are denominated in share units and have historically been delivered in cash. Beginning with awards granted in 2015, the Company has the option to settle earned awards in cash or shares of common stock under the Company's LTSIP; however, as of December 31, 2015, the Company expects to settle all awards in cash. The weighted-average grant date fair values of the performance share units granted during the years ended December 31, 2015, 2014 and 2013, were $21.69, $31.57, and $30.12 per share, respectively. As of December 31, 2015, $4.5 million of unrecognized compensation cost, which represents the unvested portion of the fair market value of performance shares granted, is expected to be recognized over a weighted-average vesting period of 1.75 years.

Transactions involving performance share units under the terms of the CIP are summarized below:



	Performance Share Units Outstanding		Weighted- Average Grant Date Fair Value
			(per share)
Unvested balance at December 31, 2014	552,209		$	30.85
Granted	234,085		21.69
Vested and paid out	(131,665	)	30.77
Canceled ⁽¹⁾	(14,612	)	30.77
Forfeited	(9,231	)	29.19
Unvested balance at December 31, 2015	630,786		$	27.50