NOTE 12: STOCK-BASED COMPENSATION

On May 5, 2016, the 2016 Incentive Compensation Plan (the “Incentive Compensation Plan”) and the Stock Compensation Plan for Non-Employee Directors (the “Directors Plan” and, together with the Incentive Compensation Plan, the “2016 Equity Plans”) were approved by the Company’s shareholders for the purpose of granting stock awards to officers, employees and Board members of the Company and its subsidiaries, as further described in Note 16 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2017. There are 5,100,000 shares of Class A Common Stock authorized for issuance under the Incentive Compensation Plan and 200,000 shares of Class A Common Stock authorized for issuance under the Directors Plan, of which 2,545,525 shares and 168,382 shares, respectively, were available for grant as of March 31, 2018.

Stock-based compensation for the three months ended March 31, 2018 and March 31, 2017 totaled $5 million and $15 million, respectively. There was no stock-based compensation expense recorded for the three months ended March 31, 2018 attributable to discontinued operations. Stock-based compensation expense attributable to discontinued operations for the three months ended March 31, 2017 totaled $2 million.

A summary of activity and weighted average exercise prices related to the NSOs is reflected in the table below.



	Three Months Ended March 31, 2018
	Shares		Weighted Avg. Exercise Price
Outstanding, beginning of period	2,846,926		$	39.00
Granted	201,580		42.85
Exercised	(20,643	)	28.14
Forfeited	(3,409	)	31.98
Cancelled	(439,189	)	54.94
Outstanding, end of period	2,585,265		$	36.69
Vested and exercisable, end of period	1,241,595		$	40.90

A summary of activity and weighted average fair values related to the RSUs is reflected in the table below.



	Three Months Ended March 31, 2018
	Shares		Weighted Avg. Fair Value
Outstanding, beginning of period	1,104,792		$	32.62
Granted	431,775		41.92
Dividend equivalent units granted	7,257		40.70
Vested	(337,275	)	34.76
Dividend equivalent units vested	(16,553	)	35.99
Forfeited	(5,715	)	30.57
Dividend equivalent units forfeited	(205	)	37.39
Outstanding and nonvested, end of period	1,184,076		$	35.40

A summary of activity and weighted average fair values related to the restricted stock awards is as follows:

A summary of activity and weighted average fair values related to the PSUs and Supplemental PSUs is reflected in the table below.



	Three Months Ended March 31, 2018
	Shares		Weighted Avg. Fair Value
Outstanding, beginning of period	252,815		$	22.53
Granted (1)	54,059		42.40
Dividend equivalent units granted	1,026		40.71
Vested	(36,920	)	38.67
Dividend equivalent units vested	(2,680	)	35.20
Forfeited	(139,628	)	13.25
Dividend equivalent units forfeited	(231	)	35.24
Outstanding and nonvested, end of period	128,441		$	36.58


(1)	Represents shares of PSUs for which performance targets have been established and which are deemed granted under U.S. GAAP.

As of March 31, 2018, the Company had not yet recognized compensation cost on nonvested awards as follows (dollars in thousands):



	Unrecognized Compensation Cost		Weighted Average Remaining Recognition Period
Nonvested awards	$	51,045	2.7

Three Months Ended
March 31, 2018

Weighted Avg.
Fair Value

Outstanding, beginning of period

Outstanding and nonvested, end of period