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Stock-Based Compensation Plans and Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Summary of Fair Values for Stock-based Awards Granted Using Black-Scholes Option Pricing Model

The fair values for option awards granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

For the Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Weighted-average fair value of grants

 

$

1.61

 

 

$

2.35

 

 

$

2.43

 

Risk-free interest rate (range) – Based upon the U.S. Treasury Strip

   with a maturity date that approximates the expected term of the award

 

1.1%–1.5%

 

 

1.4%–1.6%

 

 

1.2%–1.4%

 

Dividend yield (range) – Forecasted dividend yield based on the

   expected life

 

4.5%–5.2%

 

 

4.1%–4.3%

 

 

4.5%–4.6%

 

Expected life (range) – Derived by referring to actual exercise experience

 

4–5 years

 

 

4–5 years

 

 

4–5 years

 

Expected volatility (range) – Derived by using a 50/50 blend of implied

   and historical changes in the Company's historical stock prices over a

   time frame consistent with the expected life of the award

 

20.6%–22.5%

 

 

21.5%–23.4%

 

 

24.7%–28.5%

 

 
Summary of Stock Option Activity

The following table reflects the stock option activity described above:

 

 

 

 

 

Weighted-

 

 

Weighted-

Average

 

 

Aggregate

 

 

Number of Options

(Thousands)

 

 

Average

Exercise

Price

 

 

Remaining

Contractual Term

(Years)

 

 

Intrinsic

Value

(Thousands)

 

Balance December 31, 2013

 

2,661

 

 

$

24.77

 

 

 

 

 

 

 

 

 

Granted

 

774

 

 

 

16.61

 

 

 

 

 

 

 

 

 

Exercised

 

(154

)

 

 

10.02

 

 

 

 

 

 

 

 

 

Forfeited

 

(320

)

 

 

33.40

 

 

 

 

 

 

 

 

 

Balance December 31, 2014

 

2,961

 

 

 

22.48

 

 

 

 

 

 

 

 

 

Granted

 

557

 

 

 

19.26

 

 

 

 

 

 

 

 

 

Exercised

 

(234

)

 

 

12.85

 

 

 

 

 

 

 

 

 

Forfeited

 

(472

)

 

 

36.51

 

 

 

 

 

 

 

 

 

Balance December 31, 2015

 

2,812

 

 

 

20.29

 

 

 

 

 

 

 

 

 

Granted

 

633

 

 

 

16.74

 

 

 

 

 

 

 

 

 

Exercised

 

(855

)

 

 

11.62

 

 

 

 

 

 

 

 

 

Forfeited

 

(784

)

 

 

29.46

 

 

 

 

 

 

 

 

 

Balance December 31, 2016

 

1,806

 

 

$

19.16

 

 

 

6.1

 

 

$

1,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

1,038

 

 

$

20.49

 

 

 

4.5

 

 

$

1,608

 

2015

 

1,760

 

 

 

21.69

 

 

 

4.2

 

 

 

6,764

 

2014

 

1,922

 

 

 

25.75

 

 

 

4.0

 

 

 

9,077

 

 
Summary of Characteristics of Options Outstanding

The following table summarizes the characteristics of the options outstanding at December 31, 2016:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of

Exercise Prices

 

Outstanding

at 12/31/16

(Thousands)

 

 

Weighted-Average Remaining

Contractual Life

(Years)

 

 

Weighted-Average

Exercise Price

 

 

Exercisable at 12/31/16

(Thousands)

 

 

Weighted-Average

Exercise Price

 

$0.00–$12.00

 

 

175

 

 

 

2.4

 

 

$

7.49

 

 

 

175

 

 

$

7.49

 

$12.01–$16.00

 

 

177

 

 

 

4.7

 

 

 

13.88

 

 

 

177

 

 

 

13.88

 

$16.01–$21.00

 

 

1,261

 

 

 

7.6

 

 

 

17.36

 

 

 

493

 

 

 

17.35

 

$21.01–$66.75

 

 

193

 

 

 

0.8

 

 

 

46.38

 

 

 

193

 

 

 

46.38

 

 

 

 

1,806

 

 

 

6.1

 

 

$

19.16

 

 

 

1,038

 

 

$

20.49

 

 
Activities for Unvested Stock Option Awards

The following table reflects the activity for unvested stock option awards for the year ended December 31, 2016:

 

 

Options

(Thousands)

 

 

Weighted-Average

Grant Date

Fair Value

 

Unvested at December 31, 2015

 

1,052

 

 

$

2.64

 

Granted

 

633

 

 

 

1.61

 

Vested

 

(460

)

 

 

2.93

 

Forfeited

 

(457

)

 

 

2.06

 

Unvested at December 31, 2016

 

768

 

 

$

1.97

 

 
Summary of Activity of Employee Stock Option Exercises

The following table summarizes the activity of employee stock option exercises that are primarily settled with newly issued common shares or with treasury shares, if available (in millions):  

 

 

For the Year Ended December 31,

 

 

2016

 

 

2015

 

 

2014

 

Cash received for exercise price

$

9.9

 

 

$

2.5

 

 

$

1.5

 

Intrinsic value

 

6.0

 

 

 

1.2

 

 

 

1.1

 

 
VSEP grants [Member]  
Activities for Unvested Restricted Stock Awards

The following table reflects the activity for the unvested awards pursuant to all restricted stock grants and grants pursuant to the 2013 VSEP plans for the year ended December 31, 2016:

 

 

Awards

(Thousands)

 

 

Weighted-Average

Grant Date

Fair Value

 

Unvested at December 31, 2015

 

742

 

 

$

17.03

 

Granted

 

462

 

 

 

16.31

 

Vested

 

(459

)

 

 

16.35

 

Forfeited

 

(286

)

 

 

17.40

 

Unvested at December 31, 2016

 

459

 

 

$

16.74

 

 
2016 VSEP [Member]  
Summary of Fair Value of Value Sharing Equity Program Grants

The fair value of the 2016 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

 

 

Range

 

Risk-free interest rate

 

0.8%

 

Weighted-average dividend yield

 

5.0%

 

Expected life

3 years

 

Expected volatility

17%–19%