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Stock based compensation | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock based compensation | Stock based compensation FET share-based compensation plan In August 2010 , the Company created the 2010 Stock Incentive Plan (the " 2010 Plan") to allow for employees, directors and consultants of the Company and its subsidiaries to maintain stock ownership in the Company through the award of stock options, restricted stock, restricted stock units or any combination thereof. Under the terms of the 2010 Plan, a total of 18.5 million shares were authorized for awards. In May 2016, the Company created a new 2016 Stock Incentive Plan (the " 2016 Plan"). Under the terms of the 2016 Plan, the aggregate number of shares that may be issued may not exceed the number of shares reserved but not issued under the 2010 Plan as of May 17, 2016, the effective date of the 2016 plan, a total of 5.7 million shares. No further awards shall be made under the 2010 Plan after such date, and outstanding awards granted under the 2010 Plan shall continue to be outstanding. Approximately 5.6 million shares remained available under the 2016 Plan for future grants as of December 31, 2016. The total amount of share-based compensation expense recorded was approximately $20.5 million, $21.7 million and $18.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, the Company expects to record share-based compensation expense of approximately $30.1 million over the remaining term of the restricted stock and options of approximately two years. Future stock option grants will result in additional compensation expense. Stock options The exercise price of each option is based on the fair market value of the Company’s stock at the date of grant. Options generally have a ten-year life and vest annually in equal increments over three or four years. The Company’s policy for issuing stock upon a stock option exercise is to issue new shares. Compensation expense is generally recognized on a straight line basis over the vesting period. The following tables provide additional information related to the options:
2016 Activity | Number of shares (in thousands) |  | Weighted average exercise price |  | Remaining weighted average contractual life in years |  | Intrinsic value (in millions)
Beginning balance | 5,250.4 |  |  | $ | 12.94 |  |  | 5.7 |  | $ | 15.1 |
Granted | 818.6 |  |  | $ | 9.39 |  |  |  |  | — |
Exercised | (151.3 | ) |  | $ | 11.31 |  |  |  |  | — |
Forfeited/expired | (46.6 | ) |  | $ | 20.93 |  |  |  |  | — |
Total outstanding | 5,871.1 |  |  | $ | 12.42 |  |  | 5.3 |  | $ | 59.1 |
Options exercisable | 4,403.4 |  |  | $ | 11.74 |  |  | 4.2 |  | $ | 45.2 |
The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2016, 2015 and 2014 are as follows:
| 2016 |  | 2015 |  | 2014
Weighted average fair value | $3.85 |  | $6.36 |  | $8.47
Assumptions |  |  |  |  |
Expected life (in years) | 6.25 |  | 6.30 |  | 6.25
Volatility | 40% |  | 33% |  | 27%
Dividend yield | —% |  | —% |  | —%
Risk free interest rate | 1.40% |  | 1.81% |  | 1.96%
The intrinsic value of the options exercised was $1.3 million in 2016, $3.9 million in 2015 and $24.8 million 2014. The intrinsic value is the amount by which the fair value of the underlying share exceeds the exercise price of an option. Restricted stock Restricted stock generally vests over a three or four year period from the date of grant. Further information about the restricted stock follows (shares in thousands):
2016 Activity |
Nonvested at beginning of year | 204.2 |
Granted | 397.2 |
Vested | (174.1 | )
Forfeited | (9.5 | )
Nonvested at the end of year | 417.8 |
The weighted average grant date fair value of the restricted stock was $10.28, $18.87 and $31.71 per share during the years ended December 31, 2016, 2015, and 2014, respectively. The total fair value of shares vested was $3.9 million during 2016, $5.1 million during 2015 and $10.9 million during 2014. Restricted stock units Restricted stock units generally vest over a four year period from the date of grant. Further information about the restricted stock units follows (shares in thousands):
Restricted stock units |
2016 Activity |
Nonvested at beginning of year | 1,212.2 |
Granted | 1,075.8 |
Vested | (363.8 | )
Forfeited | (159.1 | )
Nonvested at the end of year | 1,765.1 |
The weighted average grant date fair value of the restricted stock units was $9.74, $18.06 and $27.81 per share during the years ended December 31, 2016, 2015, and 2014, respectively. The total fair value of units vested was $8.4 million, $6.7 million, and $3.0 million during 2016, 2015, and 2014 . Performance share awards During 2016, the Company granted 257,900 performance share awards with service-vesting and market-vesting conditions. These awards may settle between zero and two shares of the Company's common stock. The number of shares issued pursuant to the performance share awards will be determined based on the total shareholder return of the Company's common stock as compared to a group of peer companies, measured annually over a one year, two year, and three-year performance period.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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