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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Plans, Amounts Recognized | Amounts recognized in the financial statements with respect to share-based plans are shown in the following table:
(Thousands of dollars) | 2019 |  | 2018 |  | 2017
Compensation charged against income (loss) before income tax benefit | $ | 50,170 |  |  | 34,467 |  |  | 40,365 |
Related income tax benefit recognized in income | 7,389 |  |  | 4,383 |  |  | 5,017 |
Fair Value of Option Award Estimated on Date of Grant using Black-Scholes Pricing Model |
﻿ | 2019 |  | 2018 |  | 2017
Fair value per option grant | N/A |  | N/A |  | $7.96
Assumptions |  |  |  |  |
Dividend yield | N/A |  | N/A |  | 3.60%
Expected volatility | N/A |  | N/A |  | 41.00%
Risk-free interest rate | N/A |  | N/A |  | 1.97%
Expected life | N/A |  | N/A |  | 5.30 years
Changes in Stock Options Outstanding | Changes in stock options outstanding during the last three years are presented in the following table.
﻿ | Number of Shares |  | Average Exercise Price
Outstanding at December 31, 2016 | 5,757,435 |  |  | $ | 48.46 |
Granted at FMV | 603,000 |  |  | 28.51 |
Exercised | — |  |  | — |
Forfeited | (1,459,166 | ) |  | 49.34 |
Outstanding at December 31, 2017 | 4,901,269 |  |  | 45.74 |
Granted at FMV | — |  |  | — |
Exercised | (72,000 | ) |  | 17.57 |
Forfeited | (834,674 | ) |  | 53.36 |
Outstanding at December 31, 2018 | 3,994,595 |  |  | 44.66 |
Granted at FMV | — |  |  | — |
Exercised | (57,500 | ) |  | 17.57 |
Forfeited | (1,016,685 | ) |  | 48.29 |
Outstanding at December 31, 2019 | 2,920,410 |  |  | 43.93 |
Exercisable at December 31, 2016 | 3,830,535 |  |  | $ | 53.80 |
Exercisable at December 31, 2017 | 3,197,269 |  |  | 54.22 |
Exercisable at December 31, 2018 | 3,182,345 |  |  | 49.10 |
Exercisable at December 31, 2019 | 2,694,410 |  |  | 43.51 |
Additional Information about Stock Options Outstanding | Additional information about stock options outstanding at December 31, 2019 is shown below.
﻿ |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices per Option |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value
$17.00 to $30.99 |  | 1,033,000 |  |  | 3.5 |  | $ | 5,365,535 |  |  | 807,000 |  |  | 3.4 |  | $ | 5,365,535 |
$31.00 to $50.99 |  | 730,000 |  |  | 2.1 |  | — |  |  | 730,000 |  |  | 2.1 |  | — |
$51.00 to $65.00 |  | 1,157,410 |  |  | 0.5 |  | — |  |  | 1,157,410 |  |  | 0.5 |  | — |
﻿ |  | 2,920,410 |  |  | 2.0 |  | $ | 5,365,535 |  |  | 2,694,410 |  |  | 1.8 |  | $ | 5,365,535 |
Changes in Performance-Based RSU Outstanding | Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units) | 2019 |  | 2018 |  | 2017
Outstanding at beginning of year | 1,660,417 |  |  | 1,187,921 |  |  | 992,573 |
Granted | 957,600 |  |  | 905,500 |  |  | 560,000 |
Vested and issued | (331,917 | ) |  | (311,866 | ) |  | (272,725 | )
Forfeited | (156,367 | ) |  | (121,138 | ) |  | (91,927 | )
Outstanding at end of year | 2,129,733 |  |  | 1,660,417 |  |  | 1,187,921 |
Assumptions used in Valuation of Performance Awards Granted | The assumptions used in the valuation of the performance awards granted in 2019, 2018 and 2017 are presented in the following table.
﻿ | 2019 |  | 2018 |  | 2017
Fair value per share at grant date | $28.09 |  | $22.99 - $30.56 |  | $24.10 – $28.28
Assumptions |  |  |  |  |
Expected volatility | 46.00% |  | 48.00% |  | 47.00%
Risk-free interest rate | 2.50% |  | 2.30% |  | 1.46%
Stock beta | 1.037 |  | 1.103 |  | 1.058
Expected life | 3.0 years |  | 3.0 years |  | 3.0 years
Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding | Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units) | 2019 |  | 2018 |  | 2017
Outstanding at beginning of year | 1,538,854 |  |  | 1,035,980 |  |  | 923,282 |
Granted | 409,692 |  |  | 823,803 |  |  | 419,720 |
Vested and issued | (275,738 | ) |  | (233,456 | ) |  | (217,633 | )
Forfeited | (137,728 | ) |  | (87,473 | ) |  | (89,389 | )
Outstanding at end of year | 1,535,080 |  |  | 1,538,854 |  |  | 1,035,980 |

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