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Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

During the three months ended March 31, 2020, the Company awarded 1.2 million performance-based restricted stock units (RSUs), which had an aggregate grant date fair value of $27 million and entitle the recipients to shares of the Company’s common stock primarily at the end of a three-year vesting period. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions.

During the three months ended March 31, 2020, the Company also awarded 0.6 million time-based RSUs with an aggregate grant date fair value of $11 million. These time-based RSUs entitle recipients to shares of the Company’s common stock and primarily vest in equal installments over a three-year period.

During the three months ended March 31, 2020, the Company also awarded 1.0 million time-based stock options with an aggregate grant date fair value of $6 million. These stock options entitle recipients to shares of the Company’s common stock and primarily vest in equal installments over a three-year period.

The weighted average assumptions used to determine the fair value of stock options granted for the three months ended March 31, 2020, is as follows:


Risk-free interest rates	1.4		%
Expected volatility	41.3		%
Expected dividend yield	3.9		%
Expected life (in years)	6.2
Exercise price	$	20.02
Intrinsic value	$	—

Dividends per share were $0.23, for both the three months ended March 31, 2020 and 2019.