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Equity-Based Awards (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted Average Assumptions Used to estimate Fair Value of Stock Options Granted
The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Exercise price
$
22.64

 
$
16.82

 
$
11.91

Average risk-free interest rate
1.75
%
 
1.96
%
 
1.53
%
Expected life (in years)
6.11

 
6.11

 
6.11

Implied volatility
27.29
%
 
33.28
%
 
30.75
%
Dividend yield
1.60
%
 
2.14
%
 

Share-based Payments Activities
The following table summarizes the stock option award activities under our outstanding equity based compensation plans and agreements for the year ended December 31, 2015.
 
 
 
Weighted-Average
 
 
 
Quantity
 
Exercise Price
 
Remaining
Contractual
Term (years)
 
Aggregate
Intrinsic Value
(in thousands) (1)
Outstanding at December 31, 2014(2)
18,906,474

 
$
7.53

 
5.1
 
$
240,947

Granted
1,107,952

 
22.64

 
 
 
 

Exercised
(9,893,143
)
 
5.45

 
 
 
 

Cancelled
(155,751
)
 
12.26

 
 
 
 

Outstanding at December 31, 2015(2)
9,965,532

 
$
11.19

 
6.4
 
$
167,279

Vested and exercisable at December 31, 2015
6,242,589

 
$
8.04

 
5.2
 
$
124,425

______________________
(1)
Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options awards and the closing price of our common stock of $27.97 on December 31, 2015.
(2)
Includes performance-based stock options granted in 2008 under the Sovereign MEIP. The vesting of these performance-based stock options was contingent upon a liquidity event which occurred in the first quarter of 2015. As a result of the liquidity event, we recognized expense of $3 million during the year ended December 31, 2015.
Restricted Stock Activities
The following table summarizes the activities for our RSUs for the year ended December 31, 2015.  
 
Quantity
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2014
1,730,862

 
$
16.58

Granted
730,982

 
24.57

Vested
(443,666
)
 
16.51

Cancelled
(120,227
)
 
18.02

Unvested at December 31, 2015
1,897,951

 
$
19.58

Performance Stock Activities
The following table summarizes the activities for our PSUs for the year ended December 31, 2015.  
 
Quantity
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2014
1,696,907

 
$
13.65

Granted
985,645

 
22.15

Vested
(508,417
)
 
13.34

Cancelled
(54,219
)
 
15.94

Unvested at December 31, 2015
2,119,916

 
$
17.63