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Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2018
Share-based Compensation [Abstract] |
Stock compensation plans | Stock compensation plans We maintain a stock award plan for both employees and non-employee directors. The plan provides for the grant of a variety of equity awards, including options (generally non-qualified options), restricted shares, restricted share units ("RSUs"), and performance shares to key employees (as determined by the Compensation and Management Development Committee of the Board of Directors) for periods not to exceed ten years. Non-employee directors are awarded an annual distribution of common shares. Options granted to employees generally vest incrementally over four years and are generally exercisable for ten years from the vest date. Shares issued upon the exercise of a stock option are from newly issued shares. RSUs represent the right to receive an equal number of common shares and are converted into common shares upon distribution. Restricted shares and RSUs generally cliff vest after three years. Both restricted share and RSU holders receive cash dividends during the vesting period. Performance shares vest upon attainment of the stated performance targets and minimum service requirements and are converted into common shares upon distribution. As of December 31, 2018, there were 24.4 million shares that remained available for grant under the plan. Our stock compensation expense for the three years ended December 31, 2018, is presented below ($000's omitted):
| 2018 |  | 2017 |  | 2016
Stock options | $ | — |  |  | $ | — |  |  | $ | — |
Restricted shares (including RSUs and performance shares) | 20,145 |  |  | 24,207 |  |  | 18,626 |
Long-term incentive plans | 8,145 |  |  | 9,476 |  |  | 3,602 |
| $ | 28,290 |  |  | $ | 33,683 |  |  | $ | 22,228 |
Stock options A summary of stock option activity for the three years ended December 31, 2018, is presented below (000’s omitted, except per share data):
| 2018 |  | 2017 |  | 2016
| Shares |  | Weighted- Average Per Share Exercise Price |  | Shares |  | Weighted- Average Per Share Exercise Price |  | Shares |  | Weighted- Average Per Share Exercise Price
Outstanding, beginning of year | 1,168 |  |  | $ | 11 |  |  | 3,623 |  |  | $ | 12 |  |  | 6,040 |  |  | $ | 19 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised | (605 | ) |  | 11 |  |  | (2,353 | ) |  | 12 |  |  | (498 | ) |  | 12 |
Forfeited | — |  |  | — |  |  | (102 | ) |  | 28 |  |  | (1,919 | ) |  | 34 |
Outstanding, end of year | 563 |  |  | $ | 12 |  |  | 1,168 |  |  | $ | 11 |  |  | 3,623 |  |  | $ | 12 |
Options exercisable at year end | 563 |  |  | $ | 12 |  |  | 1,168 |  |  | $ | 11 |  |  | 3,623 |  |  | $ | 12 |
Weighted-average per share fair value of options granted during the year | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |
The following table summarizes information about our options outstanding at December 31, 2018:
| Options Outstanding |  | Options Exercisable
| Number Outstanding (000's omitted) |  | Weighted- Average Remaining Contract Life (in years) |  | Weighted- Average Per Share Exercise Price |  | Number Exercisable (000's omitted) |  | Weighted- Average Per Share Exercise Price
$0.01 to $10.00 | 71 |  |  | 2.1 |  | $ | 8 |  |  | 71 |  |  | $ | 8 |
$10.01 to $20.00 | 492 |  |  | 0.8 |  | 12 |  |  | 492 |  |  | 12 |
| 563 |  |  | 1.2 |  | $ | 12 |  |  | 563 |  |  | $ | 12 |
We did not issue any stock options during 2018, 2017, or 2016. As a result, there is no unrecognized compensation cost related to stock option awards at December 31, 2018. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The aggregate intrinsic value of stock options that were exercised during 2018, 2017, and 2016 was $11.7 million, $31.1 million, and $4.5 million, respectively. As of December 31, 2018, options outstanding, all of which were exercisable, had an intrinsic value of $8.1 million. Restricted shares (including RSUs and performance shares) A summary of restricted share activity, including RSUs and performance shares, for the three years ended December 31, 2018, is presented below (000’s omitted, except per share data):
| 2018 |  | 2017 |  | 2016
| Shares |  | Weighted- Average Per Share Grant Date Fair Value |  | Shares |  | Weighted- Average Per Share Grant Date Fair Value |  | Shares |  | Weighted- Average Per Share Grant Date Fair Value
Outstanding, beginning of year | 3,271 |  |  | $ | 19 |  |  | 2,974 |  |  | $ | 19 |  |  | 2,576 |  |  | $ | 18 |
Granted | 833 |  |  | 31 |  |  | 1,251 |  |  | 21 |  |  | 1,853 |  |  | 17 |
Distributed | (786 | ) |  | 22 |  |  | (775 | ) |  | 19 |  |  | (546 | ) |  | 20 |
Forfeited | (244 | ) |  | 22 |  |  | (179 | ) |  | 19 |  |  | (909 | ) |  | 12 |
Outstanding, end of year | 3,074 |  |  | $ | 23 |  |  | 3,271 |  |  | $ | 19 |  |  | 2,974 |  |  | $ | 19 |
Vested, end of year | 129 |  |  | $ | 21 |  |  | 152 |  |  | $ | 17 |  |  | 123 |  |  | $ | 15 |
During 2018, 2017, and 2016, the total fair value of shares vested during the year was $17.1 million, $15.0 million, and $11.0 million, respectively. Unamortized compensation cost related to restricted share awards was $19.0 million at December 31, 2018. These costs will be expensed over a weighted-average period of approximately 2 years. Additionally, there were 129,115 RSUs outstanding at December 31, 2018, that had vested but had not yet been paid out because the payout date had been deferred by the holders. Long-term incentive plans We maintain long-term incentive plans for senior management and other employees that provide awards based on the achievement of stated performance targets over three-year periods. Awards are stated in dollars but are settled in common shares based on the stock price at the end of the performance period. If the share price falls below a floor of $5.00 per share at the end of the performance period or we do not have a sufficient number of shares available under our stock incentive plans at the time of settlement, then a portion of each award will be paid in cash. We adjust the liabilities and recognize the expense associated with the awards based on the probability of achieving the stated performance targets at each reporting period. Liabilities for these awards totaled $17.0 million and $14.0 million at December 31, 2018 and 2017, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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