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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity-Based Compensation |
Summary of RSUs | Restricted Stock Units — A summary of our RSUs is presented in the table below (units in thousands):
|  |  |  | Weighted Average
|  |  |  | Per Share
|  | Units |  | Fair Value
Unvested as of January 1, 2018 |  | 444 |  | $ | 61.20
Granted |  | 116 |  | $ | 85.52
Vested |  | (154) |  | $ | 55.03
Forfeited |  | (14) |  | $ | 69.19
Unvested as of December 31, 2018 |  | 392 |  | $ | 70.52
Summary of PSUs | A summary of our PSUs, at 100% of the targeted amount, is presented in the table below (units in thousands):
|  |  |  | Weighted Average
|  |  |  | Per Share
|  | Units |  | Fair Value
Unvested as of January 1, 2018 |  | 1,299 |  | $ | 84.78
Granted |  | 371 |  | $ | 98.45
Vested |  | (459) |  | $ | 82.22
Forfeited |  | (47) |  | $ | 87.59
Unvested as of December 31, 2018 |  | 1,164 |  | $ | 90.17
Summary of Stock Options | A summary of our stock options is presented in the table below (options in thousands):
|  |  |  | Weighted Average
|  |  |  | Per Share
|  | Options |  | Exercise Price
Outstanding as of January 1, 2018 |  | 4,885 |  | $ | 53.46
Granted |  | 779 |  | $ | 85.34
Exercised |  | (1,125) |  | $ | 50.64
Forfeited or expired |  | (98) |  | $ | 67.53
Outstanding as of December 31, 2018 (a) |  | 4,441 |  | $ | 59.46
Exercisable as of December 31, 2018 (b) |  | 2,269 |  | $ | 46.86
| (a) |  | Stock options outstanding as of December 31, 2018 have a weighted average remaining contractual term of 6.4 years and an aggregate intrinsic value of $131 million based on the market value of our common stock on December 31, 2018.
| (b) |  | Stock options exercisable as of December 31, 2018 have an aggregate intrinsic value of $96 million based on the market value of our common stock on December 31, 2018.
Summary of Exercisable Stock Options | Stock options exercisable as of December 31, 2018 were as follows (options in thousands):
|  |  |  | Weighted Average |  |
|  |  |  | Per Share |  | Weighted Average
Range of Exercise Prices |  | Options |  | Exercise Price |  | Remaining Years
$33.49-$50.00 |  | 1,288 |  | $ | 37.89 |  | 3.5
$50.01-$70.00 |  | 797 |  | $ | 55.20 |  | 6.5
$70.01-$85.34 |  | 184 |  | $ | 73.40 |  | 8.2
$33.49-$85.34 |  | 2,269 |  | $ | 46.86 |  | 4.9
Weighted Average Assumptions Used to Value Employee Stock Options Granted | The following table presents the weighted average assumptions used to value employee stock options granted during the years ended December 31 under the Black-Scholes valuation model:
|  | 2018 |  | 2017 |  | 2016
Expected option life |  | 4.3 | years |  | 3.5 | years |  | 4.7 | years
Expected volatility |  | 17.9 | % |  | 15.3 | % |  | 18.4 | %
Expected dividend yield |  | 2.2 | % |  | 2.3 | % |  | 2.9 | %
Risk-free interest rate |  | 2.6 | % |  | 1.7 | % |  | 1.3 | %

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