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Stock-Based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2019
Summary of Stock Option Activity
A summary of stock option activity is as follows:
 
Stock Options
 
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, 2018
 
 
4,864,836
 
 
$
17.76
 
 
 
 
 
 
 
 
 
Exercised
 
 
(313,282
)
 
 
15.50
 
 
 
 
 
 
 
 
 
Forfeited
 
 
(3,496
)
 
 
17.89
 
 
 
 
 
 
 
 
 
Outstanding as of March 31, 2019
 
 
4,548,058
 
 
$
17.91
 
 
 
6.02
 
 
$
68,018,687
 
Exercisable as of March 31, 2019
 
 
3,946,163
 
 
$
17.58
 
 
 
5.80
 
 
$
60,350,648
 
Summary of Nonvested Restricted Share Awards
A summary of nonvested restricted share awards (“RSAs”) is as follows:
 
Nonvested Restricted Share Awards
 
Number of

Shares
 
 
Weighted-
Average
Grant Date
Fair Value
 
Nonvested as of December 31, 2018
 
 
213,337
 
 
$
20.21
 
Vested
 
 
(98,769
)
 
 
20.12
 
Forfeited
 
 
(3,975
)
 
 
20.12
 
Nonvested as of March 31, 2019
 
 
110,593
 
 
$
20.29
 
Black-Scholes Option-Pricing Model [Member]  
Summary of Grant Date Fair Value Weighted-Average Assumptions
The fair value of options granted during the three months ended March 31, 2018, were estimated on the date of grant using the Black-Scholes option-pricing model, acceptable under ASC 718,
Compensation – Stock Compensation
(“ASC 718”), with the following weighted-average assumptions:
 
 
 
Three Months Ended
 
 
 
March 31, 2018
 
Expected life (years)
 
 
5.6
 
Risk-free interest rate
 
 
2.7
%
Expected volatility
 
 
26.4
%
Expected dividend yield
 
 
 
LTIP Performance Shares [Member]  
Summary of Nonvested Performance Award Activity
A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) is as follows:
 
Nonvested LTIP Performance Shares
 
Number of

Shares at

Expected

Attainment
 
 
Weighted-
Average 
Grant
Date Fair
Value
 
Nonvested as of December 31, 2018
 
 
540,697
 
 
$
19.83
 
Forfeited
 
 
(1,036
)
 
 
20.12
 
Nonvested as of March 31, 2019
 
 
539,661
 
 
$
19.83
 
Total Shareholder Return Awards (TSRs) [Member]  
Summary of Nonvested Performance Award Activity
A summary of nonvested total shareholder return awards (“TSRs”) is as follows:
 
Nonvested Total Shareholder Return Awards
 
Number of

Shares
 
 
Weighted-
Average
Grant Date
Fair Value
 
Nonvested as of December 31, 2018
 
 
718,931
 
 
$
29.25
 
Granted
 
 
436,674
 
 
 
47.90
 
Forfeited
 
 
(5,457
)
 
 
31.31
 
Nonvested as of March 31, 2019
 
 
1,150,148
 
 
$
36.32
 
Total Shareholder Return Awards (TSRs) [Member] | Monte Carlo Simulation Model [Member]  
Summary of Grant Date Fair Value Weighted-Average Assumptions
The fair value of TSRs granted during the three months ended March 31, 2019 and 2018, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, using the following weighted-average assumptions:
 
 
 
Three Months Ended
March 31,
 
 
 
2019
 
 
2018
 
Expected life (years)
 
 
2.8
 
 
 
2.9
 
Risk-free interest rate
 
 
2.5
 
 
2.4
%
Expected volatility
 
 
29.3
 
 
28.0
%
Expected dividend yield
 
 
 
 
 
 
Restricted Share Units (RSUs) [Member]  
Summary of Nonvested Restricted Share Unit Activity
A summary of nonvested restricted share unit awards (“RSUs”) is as follows:
 
 
Nonvested Restricted Share Units
 
Number of

Shares
 
 
Weighted-
Average
Grant Date
Fair Value
 
Nonvested as of December 31, 2018
 
 
651,045
 
 
$
23.82
 
Granted
 
 
550,091
 
 
 
33.07
 
Vested
 
 
(173,547
)
 
 
23.36
 
Forfeited
 
 
(8,346
)
 
 
23.36
 
Nonvested as of March 31, 2019
 
 
1,019,243
 
 
$
28.90