Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.10.0.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards from June 1, 2018 through June 30, 2018 consisted of the following:
 
RSUs
 
Options
 
Number of
RSUs
 
Weighted
Average
Grant Price
 
Number
of
Options
 
Weighted
Average
Grant Price
Balance as of May 31, 2018
—

 
$
—

 
—

 
$
—

Granted(a)
0.5

 
61.40

 
0.5

 
61.40

Vested/exercised
—

 
—

 
—

 
—

Balance as of June 30, 2018
0.5

(b) 
$
61.40

 
0.5

(c) 
$
61.40


(a)
Represents awards granted by the Company on June 1, 2018.
(b)
Approximately 0.5 million RSUs as of June 30, 2018 are expected to vest over time and have an aggregate unrecognized compensation expense of $29 million, which is expected to be recognized over a weighted average period of 3.9 years.
(c)
Approximately 0.5 million options outstanding as of June 30, 2018 are expected to vest over time and have an aggregate unrecognized compensation expense of $6 million, which is expected to be recognized over a weighted average period of 3.9 years.
The activity related to RSU and PSUs granted by Wyndham Worldwide to Wyndham Hotels employees for the six months ended June 30, 2018 consisted of the following:
 
RSUs
 
PSUs
 
Number of
RSUs
 
Weighted
Average
Grant Price (b)
 
Number
of
PSUs
 
Weighted
Average
Grant Price
Balance as of December 31, 2017
0.3

 
$
60.80

 
0.1

 
$
60.80

Granted(a)
0.1

 
64.46

 
—

 
—

Transferred from former Parent (c)
0.2

 
61.65

 
—

 
—

Vested/exercised
(0.1
)
 
60.80

 
(0.1
)
 
60.80

Balance as of June 30, 2018
0.5

(d) 
$
61.61

 
—

 
$
—

 
(a)
Represents awards granted by Wyndham Worldwide on March 1, 2018.
(b)
Weighted average grant prices were adjusted to reflect changes resulting from the modification and separation from Wyndham Worldwide.
(c)
Represents awards related to employees that transferred from Wyndham Worldwide upon separation.
(d)
Approximately 0.5 million outstanding RSUs as of June 30, 2018 are expected to vest over time and have an aggregate unrecognized compensation expense of $21 million which is expected to be recognized over a weighted average period of 0.8 years.
Schedule of Valuation Assumptions
 
2018
Grant date strike price
 
$61.40
Expected volatility
 
22.72
Expected life
 
4.25 years
Risk-free interest rate
 
1.63
Projected dividend yield
 
2.73%