Equity (Tables)

12 Months Ended

Dec. 31, 2014

Share repurchases for each of the three years ended December 31 are as follows:


	Total Number				Average
Year Ended	of Shares				Price Paid
December 31,	Purchased		Total Cost⁽¹⁾		per Share⁽¹⁾
2014		6,769,891	$	154,145	$	22.77
2013		190,187		7,653		40.24
2012		302,150		10,516		34.80

(1)	The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.

Summary of Stock Options Granted

A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below:


	2014					2013					2012
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
	Underlying			Exercise		Underlying			Exercise		Underlying			Exercise
	Options			Price		Options			Price		Options			Price
Outstanding at beginning of year		1,808,987		$	33.13		2,027,089		$	32.44		2,498,662		$	29.22
Granted		—			—		—			—		358,772			36.04
Exercised ⁽¹⁾		(131,706	)		20.08		(212,017	)		26.66		(645,731	)		20.97
Forfeited		(57,871	)		30.18		(6,085	)		31.35		(184,614	)		35.92
Spin-off adjustment		339,223			N/A		—			—		—			—

Outstanding at end of year ⁽²⁾		1,958,633			28.43		1,808,987			33.13		2,027,089			32.44

Exercisable at end of year⁽²⁾		1,846,465		$	28.35		1,510,929		$	32.47		1,453,945		$	30.70

(1)	The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million.

(2)	The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0.

Additional Information about Stock Options Outstanding

The following table summarizes additional information about stock options outstanding at December 31, 2014:


	Options Outstanding						Options Exercisable
	Number of		Weighted		Weighted				Weighted
	Shares		Average		Average				Average
	Underlying		Remaining		Exercise		Number		Exercise
	Options		Life (Years)		Price		Exercisable		Price
$20.49 to $21.99		513,103		2.25	$	21.24		513,103	$	21.24
$22.00 to $29.74		312,531		2.71		27.13		294,553		27.24
$29.75 to $35.73		1,132,999		5.37		32.04		1,038,809		32.17

Total		1,958,633		4.13	$	28.43		1,846,465	$	28.35

Valuation Assumptions for Stock Options Granted

Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows:


	2012
Weighted average fair value per option granted	$	13.41
Valuation assumptions:
Expected option term (years)		6
Expected volatility		43.0	%
Historical dividend yield		1.4	%
Risk-free interest rate		1.1	%

Summary of Status of Non-Vested Stock Options

A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below:


	Shares			Weighted-Average
	Under Outstanding			Grant-Date
	Options			Fair Value
Non-Vested Options at January 1, 2014		298,058		$	13.13
Vested		(204,877	)		13.16
Spin-off adjustment		18,987			N/A

Non-Vested Options at December 31, 2014		112,168		$	13.05

Assumptions used to Value Performance-Vested Restricted Stock Awards

The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows:


	2014			2013			2012
Valuation assumptions:
Expected volatility		33.0	%		34.8	%		41.4	%
Expected dividend yield		4.7	%		1.3	%		1.5	%
Risk-free interest rate		0.7	%		0.4	%		0.3	%

Summary of Restricted Share Awards

A summary of the RSU awards for each of the years in the period ended December 31 is as follows:


	2014		2013		2012
TVRSU
Units awarded (maximum available)		1,617,534		1,033,009		932,274
Weighted-average share price at award date	$	31.56	$	41.32	$	36.53
Weighted-average vesting period (years)		3.0		3.0		3.0
PVRSU
Units awarded (maximum available)		740,364		565,650		481,206
Weighted-average share price at award date	$	31.66	$	41.42	$	36.90
Three-year performance period ended December 31		2016		2015		2014
Weighted-average award-date fair value	$	19.66	$	24.97	$	20.05

Summary of Status of Non-Vested Restricted Shares

A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below:


				Weighted					Weighted
				Average					Average
	TVRSU’s			Award-Date		PVRSU’s			Award-Date
	Outstanding			Fair Value		Outstanding⁽¹⁾			Fair Value
Non-vested RSU’s at January 1, 2014		1,652,360		$	39.40		1,397,137		$	21.06
Awarded		1,617,534			31.56		740,364			19.66
Vested		(749,935	)		38.76		(180,975	)		16.77
Forfeited		(149,006	)		35.50		(253,882	)		17.66
Surrendered in connection with Spin-off		(816,627	)		34.22		(89,612	)		20.95
Spin-off adjustment		326,853			N/A		329,937			N/A

Non-vested RSU’s at December 31, 2014		1,881,179		$	34.66		1,942,969		$	21.44

(1)	The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown.