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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense recognized by the Companies in the years ended December 31, 2017, 2016 and 2015:
  
Con Edison
 
CECONY
(Millions of Dollars)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Performance-based restricted stock
$53
 
$42
 
$27
 
$45
 
$36
 
$23
Time-based restricted stock
2
 
2
 
1
 
2
 
2
 
1
Non-employee director deferred stock compensation
2
 
2
 
2
 
2
 
2
 
2
Stock purchase plan
6
 
4
 
4
 
6
 
4
 
3
Total
$63
 
$50
 
$34
 
$55
 
$44
 
$29
Income tax benefit
$25
 
$20
 
$14
 
$22
 
$18
 
$12
Assumptions Used to Calculate Fair Value of Awards
The assumptions used to calculate the fair value of the awards were as follows:
 
2017
 
2016
 
2015
Risk-free interest rate (a)
1.76% - 1.89%
 
0.85% - 1.20%
 
0.64% - 3.28%
Expected term (b)
3 years
 
3 years
 
3 years
Expected share price volatility (c)
11.01% - 14.70%
 
17.72% - 18.22%
 
15.82%
(a)
The risk-free rate is based on the U.S. Treasury zero-coupon yield curve.
(b)
The expected term of the Performance RSUs equals the vesting period. The Companies do not expect significant forfeitures to occur.
(c)
Based on historical experience.
Summary of Changes in Status of Performance RSUs
A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2017 is as follows:
 
Con Edison
CECONY
 
 
Weighted Average Grant Date Fair Value (a)
 
Weighted Average Grant Date Fair Value (a)
 
Units
TSR
Portion (b)
Non-TSR
Portion (c)
Units
TSR
Portion (b)
Non-TSR
Portion (c)
Non-vested at December 31, 2016
1,087,137
$55.45
$63.03
848,342
$54.92
$63.00
Granted
368,150
73.13
74.54
277,318
72.78
74.72
Vested
(375,684)
25.36
53.66
(293,842)
25.32
53.66
Forfeited
(50,671)
76.29
72.23
(46,226)
76.41
72.31
Transferred (d)
—
—
—
(1,426)
53.01
72.52
Non-vested at December 31, 2017
1,028,932
$71.74
$70.11
784,166
$71.06
$70.08
(a)
The TSR and non-TSR Portions each account for 50 percent of the awards’ value.
(b)
Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting.
(c)
Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting.
(d)
Represents allocation to another Con Edison subsidiary of a portion of the Performance RSUs that had been awarded to a CECONY officer who transferred to the other subsidiary.
Summary of Changes in Status of Time-Based Awards
A summary of changes in the status of time-based awards during the year ended December 31, 2017 is as follows:
 
Con Edison
 
CECONY
 
Units
 
Weighted Average Grant Date
Fair Value
 
Units
 
Weighted Average Grant Date
Fair Value
Non-vested at December 31, 2016
65,980
 
$64.04
 
62,580
 
$64.03
Granted
23,000
 
77.66
 
21,800
 
77.66
Vested
(21,359)
 
53.77
 
(20,359)
 
53.77
Forfeited
(2,751)
 
71.62
 
(2,601)
 
71.93
Non-vested at December 31, 2017
64,870
 
$71.93
 
61,420
 
$71.93