The MVW Equity Plan is maintained for the benefit of our officers, directors and employees. Under the MVW Equity Plan, we are authorized to award: (1) RSUs of our common stock, (2) SARs relating to our common stock, and (3) stock options to purchase our common stock. A total of 1.8 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of December 31, 2020, approximately 1.7 million shares were available for grants under the MVW Equity Plan.

The following table details our share-based compensation expense related to award grants to our officers, directors, and employees:


($ in millions)	2020		2019		2018
Service-based RSUs	$	22	$	17	$	12
Performance-based RSUs	9		7		7
ILG Acquisition Converted RSUs	2		10		13
	33		34		32
SARs	4		3		3
Stock options	—		—		—
	$	37	$	37	$	35


($ in millions)	At Year-End 2020(1)		At Year-End 2019
Service-based RSUs	$	27	$	17
Performance-based RSUs	6		10
ILG Acquisition Converted RSUs	—		3
	33		30
SARs	1		1
Stock options	—		—
	$	34	$	31

(1)As of December 31, 2020, the weighted average remaining term for RSU grants outstanding at year-end 2020 was one to two years and we expect that deferred compensation expense will be recognized over a weighted average period of one to three years.

We have issued RSUs that vest over time, which we refer to as service-based RSUs, and RSUs that vest based on performance with respect to established criteria, which we refer to as performance-based RSUs.


	2020
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2019	648,575	$	85.87	489,322	$	101.35	1,137,897	$	92.53
Granted	348,890	$	98.51	177,208	$	90.82	526,098	$	95.92
Distributed	(192,337)	$	94.80	(65,863)	$	93.41	(258,200)	$	94.44
Forfeited	(21,639)	$	98.02	(50,496)	$	94.32	(72,135)	$	95.43
Outstanding at year-end 2020	783,489	$	88.98	550,171	$	99.56	1,333,660	$	93.34

The weighted average grant-date fair value per RSU granted in 2019 and 2018 was $92.53 and $120.04, respectively. The fair value of the RSUs which vested in 2020 was $30 million, and included $6 million related to RSUs converted from ILG equity-based RSUs to MVW equity-based RSUs in the ILG Acquisition. The fair value of the RSUs which vested in 2019 was $34 million, and included $15 million related to RSUs converted in the ILG Acquisition. The fair value of the RSUs which vested in 2018 was $48 million, and included $24 million related to RSUs converted in the ILG Acquisition.


	2020
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2019	696,147	$	68.18
Granted	116,434	$	96.82
Exercised	(184,118)	$	29.85
Forfeited or expired	(6,361)	$	97.95
Outstanding at year-end 2020(1)(2)	622,102	$	84.58

(1)As of December 31, 2020, outstanding SARs had a total intrinsic value of $33 million and a weighted average remaining term of 6 years.

(2)As of December 31, 2020, 381,067 SARs with a weighted average exercise price of $72.57, an aggregate intrinsic value of $25 million and a weighted average remaining contractual term of 5 years were exercisable.

The weighted average grant-date fair value per SAR granted in 2020, 2019, and 2018 was $29.63, $28.89, and $44.75, respectively. The intrinsic value of SARs which vested in 2020, 2019, and 2018, was $4 million, $4 million, and less than $1 million, respectively. The aggregate intrinsic value of SARs which were exercised in 2020, 2019, and 2018 was $19 million, $11 million, and $2 million, respectively.

We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility from our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.


	2020	2019	2018
Expected volatility	38.81%	31.10%	30.78%
Dividend yield	2.13%	1.76%	1.11%
Risk-free rate	0.96%	2.59%	2.68%
Expected term (in years)	6.25	6.25	6.25

We may grant non-qualified stock options to employees and non-employee directors at exercise prices or strike prices equal to the market price of our common stock on the date of grant.

There were no outstanding or exercisable stock options held by our employees at year-end 2020 or 2019, and no stock options were granted to our employees in 2020, 2019, or 2018. At December 31, 2020, approximately 700 stock options were outstanding and exercisable with a weighted average exercise price per option of $23.46 and a weighted average remaining life of less than one year.

During 2015, the Board of Directors adopted, and our shareholders subsequently approved, the Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan (the “ESPP”), which became effective during 2015. A total of 500,000 shares of common stock may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95% of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period.