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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Components of Stock-Based Compensation Expense

The following table summarizes the expenses and associated income tax benefits recognized (in millions):

	Years Ended December 31,
	2017				2016				2015
Compensation expense	$	10.1			$	5.5			$	2.7
Income tax benefit	(2.5		)		(2.1		)		(1.1		)
Total	$	7.6			$	3.4			$	1.6

Summary of Weighted Average Assumptions used in Black Scholes Option Pricing Model

The weighted average assumptions used in the Black-Scholes option pricing model are as follows:

	Years Ended December 31,
	2017		2016		2015
Expected volatility	N/A		50%		39.0%
Expected dividend yield	N/A		—%		—%
Expected term (years)	N/A		4.8		5.0
Risk-free interest rate	N/A		1.09%		1.22%

Summary of Stock Option Activity

A summary of option activity under the Omnibus Plan is presented below.

	Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in millions of dollars) (a)
Outstanding at December 31, 2016	529,675			$	37.90
Granted	—			—
Exercised	(18,940	)		37.50
Forfeited or expired	(70,093	)		41.91
Outstanding at December 31, 2017	440,642			$	37.25
Vested and Unvested Expected to Vest at December 31, 2017	292,051			$	36.31			5.3		7.7
Exercisable at December 31, 2017	127,891			$	39.91			4.6		3.0

(a) Market price per share on December 29, 2017, the last trading day of the year, was $62.61. The intrinsic value is zero for options with exercise prices above market value.

Stock Options by Exercise Price Range

Stock options as of December 31, 2017:

	Options Outstanding										Options Exercisable
Range of Exercise Prices	Number Outstanding			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)			Number Outstanding			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (Years)
$20.00-30.00	6,383			$	27.58			1.3			6,383			$	27.58			1.3
30.01-40.00	360,895			33.19				5.6			85,957			33.19				5.6
40.01-50.00	5,997			42.59				4.8			3,360			43.14				3.9
50.01-60.00	50,428			55.86				2.5			23,407			56.12				2.5
60.01-70.00	—			—				—			—			—				—
70.01-80.00	16,939			70.14				2.1			8,784			70.14				2.1
	440,642			$	37.25						127,891			$	39.91

Additional Information Pertaining to Option Activity

Additional information pertaining to stock option activity under the Omnibus Plan is as follows (in millions):

	Year Ended December 31,
	2017				2016				2015
Aggregate intrinsic value of stock options exercised (a)	$	0.3			$	0.1			$	—
Cash received from the exercise of stock options (b)	0.7				0.4				—
Tax benefit realized on exercise of stock options	0.1				—				—

(a) The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option.

(b) In addition to the cash received in the table above, cash received from exercise of stock options by Hertz Holdings employees prior to the Spin-Off for 2016 and 2015 was $9.6 million and $5.1 million, respectively, as reflected in the accompanying consolidated statements of cash flows.

Summary of PSU Activity

A summary of the PSU activity under the Omnibus Plan is presented below.

	Units			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2016	144,964			$	36.02
Granted	122,428			47.88
Vested	—			—
Forfeited	(20,215	)		38.79
Nonvested at December 31, 2017	247,177			$	41.67

Summary of RSU Activity

A summary of the RSU activity under the Omnibus Plan is presented below.

	Units			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2016	297,898			$	32.63
Granted	194,598			45.61
Vested	(42,920	)		37.44
Forfeited	(46,399	)		37.39
Nonvested at December 31, 2017	403,177			$	38.33

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