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Stock-Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2017
Summary of Stock Options Issued Pursuant to Stock Incentive Plans

A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows:

 

     Number of
Shares
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term (Years)
     Aggregate
Intrinsic Value  of
In-the-Money
Options
 

Outstanding as of December 31, 2016

     6,791,375      $ 15.54        

Granted

     864,800        20.12        

Exercised

     (756,140      13.60        

Forfeited

     (207,559      18.46        

Expired

     (17,507      20.36        
  

 

 

    

 

 

       

Outstanding as of September 30, 2017

     6,674,969      $ 16.25        6.60      $ 43,563,796  
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable as of September 30, 2017

     3,938,286      $ 14.45        5.31      $ 32,792,014  
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Nonvested Restricted Share Awards and Changes During Period

A summary of nonvested restricted share awards (“RSAs”) as of September 30, 2017 and changes during the period are as follows:

 

Nonvested Restricted Share Awards

   Number of
Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2016

     172,108      $ 20.62  

Granted

     560,174        20.61  

Vested

     (120,869      20.72  

Forfeited

     (79,665      20.47  
  

 

 

    

 

 

 

Nonvested as of September 30, 2017

     531,748      $ 20.60  
  

 

 

    

 

 

 
Black-Scholes Option-Pricing Model [Member]  
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions

For options that do not vest based on the achievement of certain market conditions the grant date fair values were estimated on the date of grant using the Black-Scholes option-pricing model, a pricing model acceptable under U.S. GAAP, with the following weighted-average assumptions:

 

     Nine Months Ended
September 30, 2017
    Nine Months Ended
September 30, 2016
 

Expected life (years)

     5.6       5.9  

Interest rate

     1.9     1.2

Volatility

     29.4     29.7

Dividend yield

     —         —    
Monte Carlo Simulation [Member]  
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions

With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions:

 

     Nine Months Ended
September 30, 2016
 

Expected life (years)

     7.5  

Interest rate

     1.6

Volatility

     41.6

Dividend yield

     —    
LTIP Performance Shares [Member]  
Summary of Nonvested Performance Share Awards and Changes During Period

A summary of nonvested long-term incentive program performance share awards (“LTIP Performance Shares”) outstanding as of September 30, 2017 and changes during the period are as follows:

 

Nonvested LTIP Performance Shares

   Number of
Shares at
Expected
Attainment
     Weighted-
Average
Grant Date
Fair Value
 

Nonvested as of December 31, 2016

     1,738,056      $ 18.45  

Granted

     553,549        20.12  

Forfeited

     (150,241      18.77  
  

 

 

    

 

 

 

Nonvested as of September 30, 2017

     2,141,364      $ 18.86  
  

 

 

    

 

 

 
Total Shareholder Return [Member] | Monte Carlo Simulation [Member]  
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions

The grant date fair value of the TSRs was estimated using the following weighted-average assumptions:

 

     Nine Months Ended
September 30, 2017
 

Expected life (years)

     2.9  

Interest rate

     1.5

Volatility

     26.5

Dividend Yield

     —    
TSR Plan [Member]  
Summary of Nonvested Performance Share Awards and Changes During Period

A summary of nonvested TSRs outstanding as of September 30, 2017 and changes during the period are as follows:

 

Nonvested Total Shareholder Return Awards

   Number of
Shares at
Expected
Attainment
     Weighted-
Average
Grant Date
Fair Value
 

Nonvested as of December 31, 2016

     —        $ —    

Granted

     233,077        24.37  

Forfeited

     (8,624      24.37  
  

 

 

    

 

 

 

Nonvested as of September 30, 2017

     224,453      $ 24.37  
  

 

 

    

 

 

 
Performance-Based Restricted Share Awards [Member]  
Summary of Nonvested Performance Share Awards and Changes During Period

A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of September 30, 2017 and changes during the period are as follows:

 

Nonvested Performance-Based Restricted Share Awards

   Number of
Performance-Based
Restricted

Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2016

     683,667      $ 23.25  

Vested

     (484,835      22.82  

Forfeited

     (11,604      (23.84

Change in attainment for 2015 grants

     (13,592      23.25  
  

 

 

    

 

 

 

Nonvested as of September 30, 2017

     173,636      $ 24.41  
  

 

 

    

 

 

 
Retention RSAs [Member]  
Summary of Nonvested Restricted Share Awards and Changes During Period

A summary of nonvested Retention Restricted Share Awards (“Retention RSAs”) as of September 30, 2017 and changes during the period are as follows:

 

Nonvested Retention Restricted Share Awards

   Number of
Retention Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2016

     205,540      $ 17.89  

Vested

     (205,540      17.89  
  

 

 

    

 

 

 

Nonvested as of September 30, 2017

     —        $ —    
  

 

 

    

 

 

 
Restricted share awards (RSAs) [Member] | PAY.ON [Member]  
Summary of Nonvested Restricted Share Awards and Changes During Period

A summary of nonvested PAY.ON RSAs as of September 30, 2017 and changes during the period are as follows:

 

Nonvested PAY.ON RSAs

   Number of
PAY.ON RSAs
     Grant Date
Fair Value
 

Nonvested at December 31, 2016

     238,376      $ 23.60  

Forfeited

     (119,188      23.60  

Vested

     (59,594      23.60  
  

 

 

    

 

 

 

Nonvested at September 30, 2017

     59,594      $ 23.60