Stock-Based Employee Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Black-Scholes Option-Pricing Model Weighted Average Assumptions

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:



	Year Ended December 31,
	2014		2013		2012
LVSC 2004 Plan:
Weighted average volatility	56.5	%	94.8	%	95.2	%
Expected term (in years)	6.0		5.5		5.5
Risk-free rate	1.7	%	1.3	%	1.1	%
Expected dividends	4.6	%	2.5	%	1.9	%
SCL Equity Plan:
Weighted average volatility	65.1	%	67.7	%	70.0	%
Expected term (in years)	6.3		6.3		6.2
Risk-free rate	1.3	%	0.7	%	0.5	%
Expected dividends	3.0	%	3.1	%	4.0	%

Summary of Stock Option Activity for Company's Equity Award Plans

A summary of the stock option activity for the Company’s equity award plans for the year ended December 31, 2014, is presented below:



	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
LVSC 2004 Plan:
Outstanding as of January 1, 2014	6,907,191		$	49.18
Granted	2,359,455		56.74
Exercised	(1,955,108	)	23.00
Forfeited	(347,369	)	65.95
Outstanding as of December 31, 2014	6,964,169		$	58.25	5.88	$	51,865,574
Exercisable as of December 31, 2014	3,975,245		$	59.89	3.21	$	44,022,494
SCL Equity Plan:
Outstanding as of January 1, 2014	17,607,046		$	3.49
Exercised	(112,875	)	2.07
Forfeited	(244,700	)	7.02
Outstanding as of February 14, 2014	17,249,471		3.45
Outstanding as of February 15, 2014⁽¹⁾	17,249,471		3.35
Granted	11,660,500		7.43
Exercised	(4,394,825	)	2.36
Forfeited	(1,265,450	)	4.83
Outstanding as of December 31, 2014	23,249,696		$	5.50	8.28	$	17,316,424
Exercisable as of December 31, 2014	5,139,498		$	2.90	6.67	$	10,692,221

__________


(1)	As a result of SCL declaring a special dividend on January 24, 2014, the exercise price of all SCL stock options outstanding on February 14, 2014, was reduced by $0.10 per share. This adjustment was the result of an antidilution provision in the SCL Equity Plan and did not result in any additional compensation expense.

Summary of Unvested Restricted Stock Units

A summary of the unvested restricted stock and stock units under the Company’s equity award plans for the year ended December 31, 2014, is presented below:



	Shares		Weighted Average Grant Date Fair Value
LVSC 2004 Plan:
Unvested restricted stock as of January 1, 2014	912,713		$	45.94
Granted	31,137		75.46
Vested	(426,370	)	42.00
Forfeited	(8,675	)	40.34
Unvested restricted stock as of December 31, 2014	508,805		$	51.15
Unvested restricted stock units as of January 1, 2014	387,707		$	38.47
Granted	9,984		68.30
Vested	(29,541	)	49.40
Forfeited	(209,000	)	25.02
Unvested restricted stock units as of December 31, 2014	159,150		$	55.98
SCL Equity Plan:
Unvested restricted stock units as of January 1, 2014	2,608,400		$	6.64
Granted	362,800		6.81
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of December 31, 2014	2,971,200		$	6.66

Stock-Based Compensation Activity, Summary

The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2014 (in thousands, except weighted average grant date fair values):



	Year Ended December 31,
	2014		2013		2012
Compensation expense:
Stock options	$	24,964	$	32,549	$	35,777
Restricted stock and stock units	23,094		20,828		29,651
	$	48,058	$	53,377	$	65,428
Income tax benefit recognized in the consolidated statements of operations	$	6,743	$	—	$	—
Compensation cost capitalized as part of property and equipment	$	1,437	$	941	$	938
LVSC 2004 Plan:
Stock options granted	2,359		288		537
Weighted average grant date fair value	$	20.25	$	35.76	$	36.17
Restricted stock granted	31		47		517
Weighted average grant date fair value	$	75.46	$	54.72	$	52.97
Restricted stock units granted	10		123		333
Weighted average grant date fair value	$	68.30	$	58.82	$	25.98
Stock options exercised:
Intrinsic value	$	105,386	$	129,149	$	84,761
Cash received	$	44,973	$	50,223	$	34,668
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—
SCL Equity Plan:
Stock options granted	11,661		4,537		7,762
Weighted average grant date fair value	$	3.40	$	2.63	$	1.65
Restricted stock units granted	363		2,608		—
Weighted average grant date fair value	$	6.81	$	6.64	$	—
Stock options exercised:
Intrinsic value	$	19,282	$	25,786	$	12,261
Cash received	$	10,677	$	19,373	$	11,572
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—

Stock-Based Compensation Activity, Arrangements by Share-based Payment Award

The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2014 (in thousands, except weighted average grant date fair values):



	Year Ended December 31,
	2014		2013		2012
Compensation expense:
Stock options	$	24,964	$	32,549	$	35,777
Restricted stock and stock units	23,094		20,828		29,651
	$	48,058	$	53,377	$	65,428
Income tax benefit recognized in the consolidated statements of operations	$	6,743	$	—	$	—
Compensation cost capitalized as part of property and equipment	$	1,437	$	941	$	938
LVSC 2004 Plan:
Stock options granted	2,359		288		537
Weighted average grant date fair value	$	20.25	$	35.76	$	36.17
Restricted stock granted	31		47		517
Weighted average grant date fair value	$	75.46	$	54.72	$	52.97
Restricted stock units granted	10		123		333
Weighted average grant date fair value	$	68.30	$	58.82	$	25.98
Stock options exercised:
Intrinsic value	$	105,386	$	129,149	$	84,761
Cash received	$	44,973	$	50,223	$	34,668
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—
SCL Equity Plan:
Stock options granted	11,661		4,537		7,762
Weighted average grant date fair value	$	3.40	$	2.63	$	1.65
Restricted stock units granted	363		2,608		—
Weighted average grant date fair value	$	6.81	$	6.64	$	—
Stock options exercised:
Intrinsic value	$	19,282	$	25,786	$	12,261
Cash received	$	10,677	$	19,373	$	11,572
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—

Stock-Based Compensation Activity, Allocation of Period Costs

The stock-based compensation activity for the 2004 Plan and SCL Equity Plan is as follows for the three years ended December 31, 2014 (in thousands, except weighted average grant date fair values):



	Year Ended December 31,
	2014		2013		2012
Compensation expense:
Stock options	$	24,964	$	32,549	$	35,777
Restricted stock and stock units	23,094		20,828		29,651
	$	48,058	$	53,377	$	65,428
Income tax benefit recognized in the consolidated statements of operations	$	6,743	$	—	$	—
Compensation cost capitalized as part of property and equipment	$	1,437	$	941	$	938
LVSC 2004 Plan:
Stock options granted	2,359		288		537
Weighted average grant date fair value	$	20.25	$	35.76	$	36.17
Restricted stock granted	31		47		517
Weighted average grant date fair value	$	75.46	$	54.72	$	52.97
Restricted stock units granted	10		123		333
Weighted average grant date fair value	$	68.30	$	58.82	$	25.98
Stock options exercised:
Intrinsic value	$	105,386	$	129,149	$	84,761
Cash received	$	44,973	$	50,223	$	34,668
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—
SCL Equity Plan:
Stock options granted	11,661		4,537		7,762
Weighted average grant date fair value	$	3.40	$	2.63	$	1.65
Restricted stock units granted	363		2,608		—
Weighted average grant date fair value	$	6.81	$	6.64	$	—
Stock options exercised:
Intrinsic value	$	19,282	$	25,786	$	12,261
Cash received	$	10,677	$	19,373	$	11,572
Tax benefit realized for tax deductions from stock-based compensation	$	—	$	—	$	—

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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