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Capital Stock and Long-term Retention Plan (Tables) | 12 Months Ended
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Dec. 31, 2017
Capital Stock and Long-term Retention Plan |
Schedule of shares of capital stock and CPOs | At December 31, 2017, shares of capital stock and CPOs consisted of (in millions):
|  | Authorized and Issued (1) |  | Repurchased by the Company (2) |  | Held by a Company’s Trust (3) |  | Outstanding |
Series “A” Shares |  | 123,273.9 |  | (135.3 | ) | (6,350.9 | ) | 116,787.7 |
Series “B” Shares |  | 58,982.9 |  | (119.1 | ) | (4,928.0 | ) | 53,935.8 |
Series “D” Shares |  | 90,086.5 |  | (189.6 | ) | (4,090.1 | ) | 85,806.8 |
Series “L” Shares |  | 90,086.5 |  | (189.6 | ) | (4,090.1 | ) | 85,806.8 |
Total |  | 362,429.8 |  | (633.6 | ) | (19,459.1 | ) | 342,337.1 |
Shares in the form of CPOs |  | 301,145.5 |  | (633.6 | ) | (13,672.7 | ) | 286,839.2 |
Shares not in the form of CPOs |  | 61,284.3 |  | — |  | (5,786.4 | ) | 55,497.9 |
Total |  | 362,429.8 |  | (633.6 | ) | (19,459.1 | ) | 342,337.1 |
CPOs |  | 2,573.9 |  | (5.4 | ) | (116.9 | ) | 2,451.6 |
| (1) |  | As of December 31, 2017, the authorized and issued capital stock amounted to Ps.4,978,126 (nominal Ps.2,494,410).
| (2) |  | In 2017, the Company repurchased 633.6 million shares, in the form of 5.4 million CPOs, in the amount of Ps.383,808 in connection with a share repurchased program that was approved by the Company’s stockholders.
| (3) |  | In connection with the Company’s Long-Term Retention Plan described below.
Schedule of reconciliation of the number of shares and CPOs outstanding | A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2017 and 2016, is presented as follows (in millions):
|  | Series “A” Shares |  | Series “B” Shares |  | Series “D” Shares |  | Series “L” Shares |  | Shares Outstanding |  | CPOs Outstanding |
As of January 1, 2016 |  | 115,409.0 |  | 53,340.3 |  | 84,859.5 |  | 84,859.5 |  | 338,468.3 |  | 2,424.6 |
Acquired (1) |  | (325.9 | ) | (286.8 | ) | (456.2 | ) | (456.2 | ) | (1,525.1 | ) | (13.1 | )
Released (1) |  | 1,200.2 |  | 747.3 |  | 1,188.8 |  | 1,188.8 |  | 4,325.1 |  | 34.0 |
As of December 31, 2016 |  | 116,283.3 |  | 53,800.8 |  | 85,592.1 |  | 85,592.1 |  | 341,268.3 |  | 2,445.5 |
Acquired (2) |  | (135.3 | ) | (119.1 | ) | (189.6 | ) | (189.6 | ) | (633.6 | ) | (5.4 | )
Acquired (1) |  | (698.1 | ) | (614.4 | ) | (977.4 | ) | (977.4 | ) | (3,267.3 | ) | (27.9 | )
Released (1) |  | 1,337.8 |  | 868.5 |  | 1,381.7 |  | 1,381.7 |  | 4,969.7 |  | 39.4 |
As of December 31, 2017 |  | 116,787.7 |  | 53,935.8 |  | 85,806.8 |  | 85,806.8 |  | 342,337.1 |  | 2,451.6 |
| (1) |  | By a Company’s trust in connection with the Company’s Long-Term Retention Plan described below.
| (2) |  | In connection with a share repurchase program.
Schedule of arrangements and weighted-average assumptions |
|  | Long-Term Retention Plan |
Arrangements: |  |  |  |  |  |  |  |  |  |  |
Year of grant |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |
Number of CPOs or CPOs equivalent granted |  | 39,000 |  | 39,000 |  | 39,000 |  | 39,000 |  | 37,000 |
Contractual life |  | 3 years |  | 3 years |  | 3 years |  | 3 years |  | 3 years |
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Dividend yield |  | 0.54% |  | 0.39% |  | 0.33% |  | 0.38% |  | 0.38% |
Expected volatility (1) |  | 24% |  | 19.07% |  | 26.92% |  | 27.60% |  | 24.58% |
Risk-free interest rate |  | 4.79% |  | 4.68% |  | 4.61% |  | 4.83% |  | 7.04% |
Expected average life of awards |  | 3.00 years |  | 3.00 years |  | 3.00 years |  | 3.00 years |  | 2.96 years |
| (1) |  | Volatility was determined by reference to historically observed prices of the Company’s CPOs.
Summary of the stock awards for employees | A summary of the stock conditionally sold to employees as of December 31, is presented below (in Mexican pesos and thousands of CPOs):
|  | 2017 |  | 2016 |
|  | CPOs or CPOs Equivalent |  | Weighted- Average Exercise Price |  | CPOs or CPOs Equivalent |  | Weighted- Average Exercise Price |
Long-Term Retention Plan: |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | 146,293 |  | 75.85 |  | 144,250 |  | 66.60 |
Conditionally sold |  | 37,000 |  | 85.70 |  | 39,000 |  | 85.10 |
Paid by employees |  | (21,962 | ) | 44.89 |  | (32,855 | ) | 36.84 |
Forfeited |  | (3,416 | ) | 86.40 |  | (4,102 | ) | 83.16 |
Outstanding at end of year |  | 157,915 |  | 79.75 |  | 146,293 |  | 75.85 |
To be paid by employees at end of year |  | 54,274 |  | 66.75 |  | 33,693 |  | 46.28 |

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