Shareholders' Equity

Preferred Stock

The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2017:



Preferred Stock Issue	Issuance Date	Earliest Redemption Date	Liquidation Amount		Carrying Amount		Dividend Rate
(Dollars in millions)	Issuance Date	Earliest Redemption Date	Liquidation Amount		Carrying Amount		Dividend Rate
Series D	5/1/2012	5/1/2017	$	575	$	559	5.850	%
Series E	7/31/2012	8/1/2017	1,150		1,120		5.625
Series F	10/31/2012	11/1/2017	450		437		5.200
Series G	5/1/2013	6/1/2018	500		487		5.200
Series H	3/9/2016	6/1/2021	465		450		5.625
Total			$	3,140	$	3,053

Dividends on the preferred stock, if declared, accrue and are payable quarterly, in arrears. For each issuance, BB&T issued depositary shares, each of which represents a fractional ownership interest in a share of the Company’s preferred stock. The preferred stock has no stated maturity and redemption is solely at the option of the Company in whole, but not in part, upon the occurrence of a regulatory capital treatment event, as defined. In addition, the preferred stock may be redeemed in whole or in part, on any dividend payment date after five years from the date of issuance. Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB. The preferred stock is not subject to any sinking fund or other obligations of the Company.

Equity-Based Compensation Plans

At December 31, 2017, options, restricted shares, RSUs, and PSUs were outstanding from equity-based compensation plans that have been approved by shareholders and plans assumed from acquired entities. Those plans are intended to assist the Company in recruiting and retaining employees, directors and independent contractors and to associate the interests of eligible participants with those of BB&T and its shareholders.

The majority of outstanding awards and awards available to be issued relate to plans that allow for accelerated vesting of awards for holders who retire and have met all retirement eligibility requirements or in connection with certain other events. Until vested, certain of these awards are subject to forfeiture under specified circumstances.

The following table provides a summary of the equity-based compensation plans:



	December 31, 2017
Shares available for future grants (in thousands)	19,408
Vesting period, minimum	1.0	years
Vesting period, maximum	5.0
Option term	10.0

The fair value of RSUs and PSUs is based on the common stock price on the grant date less the present value of expected dividends that will be foregone during the vesting period. Substantially all awards are granted in February of each year. Grants to non-executive employees primarily consist of RSUs.

A summary of selected data related to equity-based compensation costs follows:



	As of / For the Year Ended December 31,
(Dollars in millions)	2017		2016		2015
Equity-based compensation expense	$	132	$	115	$	106
Income tax benefit from equity-based compensation expense	34		43		40
Intrinsic value of options exercised, and RSUs and PSUs that vested during the year	261		159		170
Grant date fair value of equity-based awards that vested during the year	116		98		115
Unrecognized compensation cost related to equity-based awards	132		109		103
Weighted-average life over which compensation cost is expected to be recognized (years)	2.4		2.3		2.2

The following table presents the activity during 2017 related to awards of RSUs, PSUs and restricted shares:



(Shares/units in thousands)	Shares/Units		Wtd. Avg. Grant Date Fair Value
Nonvested at January 1, 2017	13,516		$	29.39
Granted	3,924		42.88
Vested	(4,142	)	27.75
Forfeited	(350	)	33.29
Nonvested at December 31, 2017	12,948		33.90
Expected to vest at December 31, 2017	11,946		33.90

Share Repurchase Plan Activity

During 2017, the Company repurchased $1.6 billion of common stock, which represented 35.5 million shares, through a combination of open market and accelerated share repurchases. During 2016, the Company repurchased $320 million of common stock, which represented 8.4 million shares, through open market purchases. In addition, the Company commenced a $200 million accelerated share repurchase program, which resulted in the retirement of 3.4 million shares during the fourth quarter of 2016 and concluded in January 2017 with approximately 910,000 additional shares being retired. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At December 31, 2017, BB&T had remaining authorization to repurchase up to $640 million of common stock under the Board approved repurchase plan.