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STOCK COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

STOCK-BASED INCENTIVE PLANS

Summary of changes in cash and stock-settled Restricted Stock Units (RSUs)

		Cash-Settled					Stock-Settled
		RSUs (000’s)		Weighted- Average Grant Date Fair Value			RSUs (000’s)		Weighted- Average Grant- Date Fair Value
Unvested at January 1		4,548		$	7.37		2,773		$	7.84
Granted		7,497		$	4.20		—		$	—
Vested		(1,883)		$	7.23		(1,176)		$	7.67
Forfeited		(1,122)		$	5.12		(276)		$	7.99
Unvested at December 31		9,040		$	5.05		1,321		$	7.94

Summary of changes in cash and stock-settled Performance Stock Units (PSUs)

A summary of our unvested PSU awards as of December 31, 2015, and changes during the year ended December 31, 2015, is presented below:

		Cash-Settled					Stock-Settled
		PSUs (000’s)		Weighted- Average Grant Date Fair Value			PSUs (000’s)		Weighted- Average Grant- Date Fair Value
Unvested at January 1		—		$	—		3,890		$	7.65
Granted		2,864		$	4.20		—		$	—
Vested		—		$	—		(670)		$	7.03
Forfeited		(78)		$	4.20		—		$	—
Unvested at December 31		2,786		$	4.20		3,220		$	7.78

TSR Awards

STOCK-BASED INCENTIVE PLANS

Schedule of grant date assumptions used in the Monte Carlo valuation

		December 31, 2015			Grant Date
Risk-free interest rate		1.18%			1.06%
Dividend yield		—			0.95%
Volatility factor		50.50%			43.63%
Expected life (years)		2.5			2.9
Fair value of underlying CRC stock		$	2.33		$	4.20

Stock Options

STOCK-BASED INCENTIVE PLANS

Summary of stock option activity

The following table summarizes our option activity during the year ended December 31, 2015:

		Options (000’s)		Weighted- Average Exercise Price			Weighted- Average Grant-Date Fair Value			Aggregate Intrinsic Value
Beginning balance, January 1		8,481		$	8.11		$	1.98		$	—
Granted		3,208		$	4.20		$	1.50		$	—
Exercised		—		$	—		$	—		$	—
Forfeited		(174)		$	8.11		$	1.98		$	—
Expired or Canceled		—		$	—		$	—		$	—
Ending balance, December 31		11,515		$	7.02		$	1.85		$	—
Exercisable at December 31		2,918		$	7.98		$	1.96		$	—

Schedule of grant date assumptions used in the Black-Scholes valuation for stock options

		2015			2014
Exercise price per share		$	4.20		$	8.11
Expected life (in years)		4.5			4.5
Expected volatility		44.7%			35.4%
Risk-free interest rate		1.56%			1.40%
Dividend yield		0.95%			0.50%
Grant date fair value of stock option awards granted		$	1.50		$	1.98

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