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Share-Based Compensation Plans
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Plans [Text Block]
Share-Based Compensation Plans

The shareholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chief Executive Officer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer.

The following table presents stock options outstanding during 2016, 2015 and 2014 under these plans (in thousands, except for per share data):
 
 
Number
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
Options outstanding at December 31, 2013
 
1,135,105

 
$
49.09

 
$
19,564

Options awarded
 

 

 
 
Options exercised
 
(323,004
)
 
49.17

 
 
Options forfeited
 
(15,509
)
 
45.71

 
 
Options expired
 
(2,701
)
 
47.98

 
 
Options outstanding at December 31, 2014
 
793,891

 
49.05

 
8,725

Options awarded
 

 

 
 
Options exercised
 
(286,678
)
 
47.86

 
 
Options forfeited
 
(22,304
)
 
48.90

 
 
Options expired
 
(4,874
)
 
51.32

 
 
Options outstanding at December 31, 2015
 
480,035

 
49.75

 
4,821

Options awarded
 

 

 
 
Options exercised
 
(249,404
)
 
47.60

 
 
Options forfeited
 
(4,098
)
 
55.44

 
 
Options expired
 
(8,009
)
 
53.43

 
 
Options outstanding at December 31, 2016
 
218,524

 
$
51.95

 
$
6,793

Options vested at:
 
 
 
 
 
 
December 31, 2014
 
347,633

 
$
48.85

 
$
3,889

December 31, 2015
 
243,395

 
48.17
 
2,829

December 31, 2016
 
93,117

 
46.22
 
3,429



The following table summarizes information concerning currently outstanding and vested stock options:
 
 
Options Outstanding
 
Options Vested
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
 
 
 
Average
 
Weighted
 
 
 
Weighted
 
Average
 
 
 
 
Remaining
 
Average
 
 
 
Average
 
Remaining
Exercise
 
Number
 
Contractual
 
Exercise
 
Number
 
Exercise
 
Contractual
Prices
 
Outstanding
 
Life (years)
 
Price
 
Vested
 
Price
 
Life (years)
$36.65
 
36,722

 
1.45
 
$36.65
 
36,722

 
$36.65
 
1.45
48.30
 
14,208

 
2.32
 
48.30
 
6,906

 
48.30
 
1.57
48.46
 
21,138

 
0.81
 
48.46
 
21,138

 
48.46
 
0.81
54.33
 
3,628

 
0.03
 
54.33
 
3,628

 
54.33
 
0.03
55.74
 
51,570

 
4.28
 
55.74
 
5,008

 
55.74
 
2.03
55.94
 
48,800

 
3.08
 
55.94
 
12,260

 
55.94
 
1.72
58.76
 
42,458

 
3.62
 
58.76
 
7,455

 
58.76
 
1.70


The aggregate intrinsic value of options exercised was $6.2 million for 2016, $5.1 million for 2015 and $5.5 million for 2014
No options were granted in 2016, 2015 or 2014. Compensation expense recognized on stock options totaled $254 thousand for 2016, $362 thousand for 2015 and $826 thousand for 2014. Compensation cost of stock options granted that may be recognized as compensation expense in future years totaled $229 thousand at December 31, 2016

The following represents a summary of the non-vested stock awards as of December 31, 2016 (in thousands):
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested at January 1, 2014
 
647,989

 
 
   Granted
 
206,621

 
$64.96
   Vested
 
(140,820
)
 
$44.56
   Forfeited
 
(25,179
)
 
$56.26
Non-vested at December 31, 2014
 
688,611

 
 
   Granted
 
312,755

 
$57.66
   Vested
 
(114,045
)
 
$50.15
   Forfeited
 
(96,212
)
 
$58.33
Non-vested at December 31, 2015
 
791,109

 
 
   Granted
 
256,670

 
$55.35
   Vested
 
(213,941
)
 
$55.87
   Forfeited
 
(47,132
)
 
$57.86
Non-vested at December 31, 2016
 
786,706

 
 


Compensation expense recognized on non-vested shares totaled $10.2 million for 2016, $12.0 million for 2015 and $10.0 million for 2014. Unrecognized compensation cost of non-vested shares totaled $14.1 million at December 31, 2016. Subject to adjustment for forfeitures and changes in the fair value of 293,110 shares awarded under the Executive Incentive Plan, we expect to recognize compensation expense of $9.3 million in 2017, $4.7 million in 2018, and $89 thousand in 2019.

During January 2017, BOK Financial awarded 170,785 shares of non-vested stock with a fair value per award of $83.50. The aggregate compensation cost of these awards totaled approximately $14.3 million.