Equity Compensation Plans

At December 31, 2015 and December 31, 2014, 1,665,032 and 2,225,245 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $24 million at December 31, 2015, as shown in the following table.

Table 17.1 – Activities of Equity Compensation Costs by Award Type



	Year Ended December 31, 2015
(In Thousands)	Restricted Stock			Deferred Stock Units			Performance Stock Units			Employee Stock Purchase Plan			Total
Unrecognized compensation cost at beginning of period	$	1,091		$	12,304		$	6,874		$	—		$	20,269
Equity grants	2,781			9,425			3,375			236			15,817
Equity grant forfeitures	(387		)	(170		)	—			—			(557		)
Equity compensation expense	(1,092		)	(7,167		)	(3,426		)	(236		)	(11,921		)
Unrecognized Compensation Cost at End of Period	$	2,393		$	14,392		$	6,823		$	—		$	23,608

At December 31, 2015, the weighted average amortization period remaining for all of our equity awards was less than two years.

Restricted Stock

The following table summarizes the activities related to restricted stock for the years ended December 31, 2015, 2014, and 2013.

Table 17.2 – Restricted Stock Activities



	Years Ended December 31,
	2015				2014				2013
	Shares		Weighted Average Grant Date Fair Market Value		Shares		Weighted Average Grant Date Fair Market Value		Shares		Weighted Average Grant Date Fair Market Value
Outstanding at beginning of period	109,464		$	15.97	166,941		$	15.01	190,088		$	13.12
Granted	141,069		19.03		2,574		19.42		52,103		18.71
Vested	(42,675	)	14.87		(44,209	)	13.44		(48,615	)	12.63
Forfeited	(20,678	)	18.74		(15,842	)	13.45		(26,635	)	13.14
Outstanding at End of Period	187,180		$	18.22	109,464		$	15.97	166,941		$	15.01

The expenses recorded for restricted stock awards were $1 million for the year ended December 31, 2015, and less than $1 million for both the years ended December 31, 2014, and 2013. As of December 31, 2015, there was $2 million of unrecognized compensation cost related to unvested restricted stock. This cost will be recognized over a weighted average period of less than two years. Restrictions on shares of restricted stock outstanding lapse through 2019.

Deferred Stock Units (“DSUs”)

The following table summarizes the activities related to DSUs for the years ended December 31, 2015, 2014, and 2013.

Table 17.3 – Deferred Stock Units Activities



	Years Ended December 31,
	2015				2014				2013
	Units		Weighted Average Grant Date Fair Market Value		Units		Weighted Average Grant Date Fair Market Value		Units		Weighted Average Grant Date Fair Market Value
Outstanding at beginning of period	2,168,824		$	16.20	2,266,473		$	15.41	2,361,285		$	14.46
Granted	583,958		16.11		350,769		19.62		552,250		19.31
Distributions	(335,461	)	14.20		(440,548	)	14.82		(558,008	)	15.51
Forfeitures	(10,167	)	16.60		(7,870	)	19.06		(89,054	)	11.18
Balance at End of Period ⁽¹⁾	2,407,154		$	16.45	2,168,824		$	16.20	2,266,473		$	15.41


(1)	PSU activity, including the number of PSUs outstanding, granted, distributed, and forfeited is not included in this table. Vested PSUs become vested DSUs prior to distribution, but are excluded from the table above and are described below under the heading "Performance Stock Units."

We generally grant DSUs annually, as part of our compensation process. In addition, DSUs are granted from time-to-time in connection with hiring and promotions and in lieu of the payment in cash of a portion of annual bonus earned. At December 31, 2015, 2014, and 2013, the number of outstanding DSUs that were unvested was 1,043,606, 880,962, and 1,003,053, respectively. The weighted average grant-date fair value of these unvested DSUs was $17.22, $17.20, and $15.55, at December 31, 2015, 2014, and 2013, respectively. Unvested DSUs at December 31, 2015 will vest through 2019.

Expenses related to DSUs were $7 million, $6 million, and $6 million for the years ended December 31, 2015, 2014, and 2013, respectively. At December 31, 2015, there was $14 million of unrecognized compensation cost related to unvested DSUs. This cost will be recognized over a weighted average period of less than two years. At December 31, 2015, 2014, and 2013, the number of outstanding DSUs that had vested was 1,363,548, 1,287,862, and 1,263,420, respectively.

Performance Stock Units (“PSUs”)

At December 31, 2015 and December 31, 2014, the target number of PSUs that were unvested was 849,021 and 761,051, respectively. PSUs do not vest until the third anniversary of their grant date, with the level of vesting at that time contingent on total stockholder return (defined as the change in our common stock price, adjusted to reflect the reinvestment of all dividends declared and/or paid on our common stock, relative to the per share price of our common stock on the date of the PSU grant) over the three-year vesting period (“Three-Year TSR”). The number of underlying shares of our common stock that will vest in future years will vary between 0% (if Three-Year TSR is negative) and 200% (if Three-Year TSR is greater than or equal to 125%) of the target number of PSUs originally granted, adjusted upward (if vesting is greater than 0%) to reflect the value of dividends paid during the three-year vesting period.

During 2015, 2014, and 2013, 356,762, 268,510, and 223,749 target number of PSUs were granted, respectively, with per unit grant date fair values of $9.46, $14.99, and $14.19, respectively. During the years ended December 31, 2015 and 2014, there were no target number of PSUs forfeited due to employee departures. During the year ended December 31, 2013, there were 75,362 target number of PSUs forfeited due to employee departures.

The grant date fair values of PSUs were determined through Monte-Carlo simulations using the following assumptions: our common stock closing price at the grant date, the average closing price of our common stock price for the 40 trading days prior to the grant date and the range of performance-based vesting based on total stockholder return over three years from the grant date. For the 2015 PSU grant, an implied volatility assumption of 26% (based on historical volatility), a risk free rate of 1.35% (the three-year Treasury rate on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs), were used. For the 2014 PSU grant, an implied volatility assumption of 24%, a risk free rate of 1.06%, and a 0% dividend yield were used. For the 2013 PSU grant, an implied volatility assumption of 27%, a risk free rate of 0.62%, and a 0% dividend yield were used.

Expenses related to PSUs were $3 million for each of the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, there was $7 million of unrecognized compensation cost related to unvested PSUs.

With respect to the PSUs granted in 2011, the three-year performance period ended during the fourth quarter of 2014, resulting in the vesting of 701,440 shares of our underlying common stock. With respect to the PSUs granted in 2012, the three-year performance period ended during the fourth quarter of 2015, resulting in the vesting of 57,049 shares of our underlying common stock. The distribution of these underlying shares of common stock occurred in May 2015 and December 2015, respectively, in accordance with the terms of the PSUs and our Executive Deferred Compensation Plan.

Employee Stock Purchase Plan ("ESPP")

The ESPP allows a maximum of 450,000 shares of common stock to be purchased in aggregate for all employees. As of December 31, 2015, 310,040 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at December 31, 2015.

The following table summarizes the activities related to the ESPP for the years ended December 31, 2015, 2014, and 2013.

Table 17.4 – Employee Stock Purchase Plan Activities



	Years Ended December 31,
(In Thousands)	2015			2014			2013
Balance at beginning of period	$	3		$	3		$	3
Employee purchases	475			494			518
Cost of common stock issued	(460		)	(494		)	(518		)
Balance at End of Period	$	18		$	3		$	3

Executive Deferred Compensation Plan

The following table summarizes the cash account activities related to the EDCP for the years ended December 31, 2015, 2014, and 2013.

Table 17.5 – EDCP Cash Accounts Activities



	Years Ended December 31,
(In Thousands)	2015			2014			2013
Balance at beginning of period	$	2,049		$	1,882		$	1,516
New deferrals	600			575			656
Accrued interest	61			70			58
Withdrawals	(615		)	(478		)	(348		)
Balance at End of Period	$	2,095		$	2,049		$	1,882