The activity related to the Company’s incentive equity awards for the three months ended March 31, 2020 consisted of the following:
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RSUs |
|
PSUs |
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Number of
RSUs |
|
Weighted
Average
Grant Price |
|
Number
of
PSUs |
|
Weighted
Average
Grant Price |
Balance as of December 31, 2019 |
0.8 |
|
|
$ |
55.75 |
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|
0.1 |
|
|
$ |
52.44 |
|
Granted (a)
|
0.5 |
|
|
53.40 |
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|
0.1 |
|
|
53.40 |
|
Vested |
(0.1 |
) |
|
53.14 |
|
|
— |
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|
— |
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Canceled |
(0.1 |
) |
|
56.02 |
|
|
— |
|
|
— |
|
Balance as of March 31, 2020 |
1.1 |
|
(b) |
$ |
55.02 |
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|
0.2 |
|
(c) |
$ |
52.94 |
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(a) |
Represents awards granted by the Company in February 2020. |
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(b) |
RSUs outstanding as of March 31, 2020 are expected to vest over time and have an aggregate unrecognized compensation expense of $53 million, which is expected to be recognized over a weighted average period of 3.2 years.
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(c) |
PSUs outstanding as of March 31, 2020 are expected to vest over time and have an aggregate unrecognized compensation expense of $10 million, which may be recognized over a weighted average period of 2.4 years.
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The activity related to stock options granted by the Company for the three months ended March 31, 2020 consisted of the following:
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Number of Options |
|
Weighted Average Exercise Price |
|
Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value (in millions) |
Outstanding as of December 31, 2019 |
0.9 |
|
|
$ |
56.96 |
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|
|
|
Granted |
0.6 |
|
|
53.40 |
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|
|
|
Exercised |
— |
|
|
— |
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|
|
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Canceled |
— |
|
|
— |
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|
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Expired |
— |
|
|
— |
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|
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Outstanding as of March 31, 2020 |
1.5 |
|
|
$ |
55.51 |
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|
6.3 |
|
$ |
— |
|
Unvested as of March 31, 2020 |
1.2 |
|
(a) |
$ |
55.13 |
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|
6.2 |
|
$ |
— |
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Exercisable as of March 31, 2020 |
0.3 |
|
|
$ |
57.15 |
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|
6.4 |
|
$ |
— |
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______________________
(a)
Unvested options as of March 31, 2020 are expected to vest over time and have an aggregate unrecognized compensation expense of $11 million, which is expected to be recognized over a weighted average period of 3.2 years.
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