Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of the aggregate share-based compensation expense that is included in our other operating and SG&A expenses is set forth below: Year ended December 31, 2016 2015 2014 in millions Liberty Global: Performance-based incentive awards (a) $ 162.7 $ 157.1 $ 129.9 Other share-based incentive awards 114.9 149.6 99.7 Total Liberty Global (b) 277.6 306.7 229.6 Telenet share-based incentive awards (c) 12.2 9.2 14.6 Other 7.1 2.3 13.0 Total $ 296.9 $ 318.2 $ 257.2 Included in: Other operating expense: Liberty Global Group $ 3.3 $ 3.1 $ 4.8 LiLAC Group 1.4 0.3 2.8 Total other operating expense 4.7 3.4 7.6 SG&A expense: Liberty Global Group 278.2 312.7 240.8 LiLAC Group 14.0 2.1 8.8 Total SG&A expense 292.2 314.8 249.6 Total $ 296.9 $ 318.2 $ 257.2 _______________ (a) Includes share-based compensation expense related to (i) Liberty Global PSU s, including amounts resulting from the 2016 PSU s, as described and defined below, (ii) a challenge performance award plan for certain executive officers and key employees (the Challenge Performance Awards ) and (iii) PGUs to our Chief Executive Officer, as described below. The Challenge Performance Awards include PSAR s and PSU s. (b) In connection with the LiLAC Transaction , our compensation committee approved modifications to our outstanding share-based incentive awards (the 2015 Award Modifications ) in accordance with the underlying share-based incentive plans. The objective of our compensation committee was to ensure a relatively unchanged intrinsic value of outstanding equity awards before and after the bonus issuance of the LiLAC Shares . The mechanism to modify outstanding share-based incentive awards, as approved by our compensation committee, utilized the volume-weighted average price of the respective shares for the five days prior to and the five days following the bonus issuance ( Modification VWAP s ). In order to determine if any incremental share-based compensation expense should be recorded as a result of the 2015 Award Modifications , we were required to measure the changes in the fair values of the then outstanding share-based incentive awards using market prices immediately before and immediately after the 2015 Award Modifications . Due to declines in the share prices of our Class A and Class C Liberty Global Shares following the bonus issuance, the exercise prices of options, SAR s and PSAR s determined using the Modification VWAP s were lower than the exercise prices that would have resulted if the market prices immediately before and after the 2015 Award Modifications had been used. Accordingly, the Black-Scholes fair values of our options, SAR s and PSAR s increased as a result of the 2015 Award Modifications , resulting in incremental share-based compensation of $99.3 million , including $16.1 million and $69.3 million recognized during 2016 and 2015, respectively, and $13.9 million that will be recognized in future periods through 2019 as the related awards vest. (c) Represents the share-based compensation expense associated with Telenet ’s share-based incentive awards, which, at December 31, 2016 , included (i) warrants and employee stock options ( 2,473,404 awards outstanding at a weighted average exercise price of €43.70 ( $46.09 )), (ii) performance-based specific stock option plans for the Chief Executive Officer ( 745,000 awards outstanding at a weighted average exercise price of €40.60 ( $42.82 )), (iii) performance-based share awards ( 173,640 awards outstanding) and (iv) performance-based specific stock option plans for employees ( 18,750 awards outstanding at a weighted average exercise price of €48.83 ( $51.50 )). As of December 31, 2016 , $450.4 million of total unrecognized compensation cost related to our Liberty Global share-based compensation awards is expected to be recognized as an expense by our company in the future over a weighted-average period of approximately 2.5 years . The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares: Year ended December 31, 2016 2015 2014 Assumptions used to estimate fair value of options, SARs and PSARs granted: Risk-free interest rate 0.88 - 1.49% 0.96 - 1.89% 0.81 - 1.77% Expected life 3.2 - 5.5 years 3.0 - 5.5 years 3.1 - 5.1 years Expected volatility 27.4 - 42.9% 23.1 - 30.1% 25.1 - 28.7% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 10.40 $ 14.73 $ 11.40 SARs $ 8.60 $ 10.76 $ 8.93 PSARs $ — $ — $ 8.15 RSUs $ 36.67 $ 51.85 $ 40.68 PSUs $ 33.97 $ 51.57 $ 40.42 PGUs $ — $ — $ 44.04 Total intrinsic value of awards exercised (in millions): Options $ 16.9 $ 106.8 $ 126.6 SARs $ 42.2 $ 51.7 $ 48.7 PSARs $ 0.7 $ 0.2 $ 0.4 Cash received from exercise of options (in millions) $ 17.4 $ 40.5 $ 54.8 Income tax benefit related to share-based compensation (in millions) $ 55.2 $ 67.4 $ 54.6 Share Incentive Plans — Liberty Global Ordinary Shares Incentive Plans As of December 31, 2016 , we are authorized to grant incentive awards under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan. Generally, we may grant non-qualified share options, SAR s, restricted shares, RSU s, cash awards, performance awards or any combination of the foregoing under either of these incentive plans (collectively, awards). Ordinary shares issuable pursuant to awards made under these incentive plans will be made available from either authorized but unissued shares or shares that have been issued but reacquired by our company. Awards may be granted at or above fair value in any class of ordinary shares. The maximum number of Liberty Global ordinary shares with respect to which awards may be issued under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan is 105 million (of which no more than 50.25 million shares may consist of Class B ordinary shares) and 10.5 million , respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. As of December 31, 2016 , the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan had 64,795,919 and 9,789,929 ordinary shares available for grant, respectively. Awards (other than performance-based awards) under the Liberty Global 2014 Incentive Plan generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. Awards (other than RSU s) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire seven years after the grant date. RSU s vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares. Awards under the VM Incentive Plan issued prior to the June 7, 2013 acquisition of Virgin Media have a 10 -year term and become fully exercisable within five years of continued employment. Awards (other than performance-based awards) issued under the Liberty Global 2005 Incentive Plan and issued under the VM Incentive Plan after June 7, 2013 generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. All awards issued under the Liberty Global 2005 Director Incentive Plan were fully vested as of December 31, 2016, and other than RSUs, expire 7 to 10 years after the grant date. RSU s vest on the date of the first annual general meeting of shareholders following the grant date. No further awards will be granted under the Liberty Global 2005 Incentive Plan , the Liberty Global 2005 Director Incentive Plan or the VM Incentive Plan . Performance Awards The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. Liberty Global PSU s Equity awards are granted to executive officers and key employees based on a target annual equity value for each executive and key employee, of which approximately two-thirds would be delivered in the form of PSU s and approximately one-third in the form of an annual award of SAR s. Each currently-outstanding PSU represents the right to receive one Liberty Global or LiLAC Class A or Class C ordinary share, as applicable, subject to performance and vesting. Although PSU s are generally granted on an annual basis, no PSU s will be granted in 2017 to recipients of the 2016 PSUs , as defined and described below. In March 2015, our compensation committee approved the grant of PSU s to executive officers and key employees (the 2015 PSU s ). The performance plan for the 2015 PSU s covered a two-year period ending December 31, 2016 and included a performance target based on the achievement of a specified compound annual growth rate ( CAGR ) in a consolidated Adjusted OIBDA metric (as defined in note 18 ). The performance target was adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability ( Adjusted OIBDA CAGR ), and the participant’s annual performance ratings during the two -year performance period. A performance range of 75% to 125% of the target Adjusted OIBDA CAGR will result in award recipients earning 50% to 150% of their respective PSU s, subject to reduction or forfeiture based on individual performance. The percentage of the 2015 PSU s that has been earned by participants has not been finalized. The 2015 PSU s will vest 50% on each of April 1 and October 1 of 2017. In February 2016, our compensation committee approved the grant of PSU s to executive officers and key employees (the 2016 PSUs ) pursuant to a performance plan that is based on the achievement of a specified Adjusted OIBDA CAGR during the three -year period ended December 31, 2018. The 2016 PSUs require delivery of a compound annual growth rate of our consolidated Adjusted OIBDA CAGR of 6.0% during the three -year performance period, with over- and under-performance payout opportunities should the Adjusted OIBDA CAGR exceed or fail to meet the target, as applicable. The performance payout may be adjusted at the compensation committee’s discretion for events that may affect comparability, such as changes in foreign currency exchange rates and accounting principles or policies. A performance range of 75% to 167.5% of the target Adjusted OIBDA CAGR will generally result in award recipients earning 75% to 300% of their target 2016 PSUs , subject to reduction or forfeiture based on individual performance. The earned 2016 PSUs will vest 50% on each of April 1, 2019 and October 1, 2019. Liberty Global Performance Grant Award Effective April 30, 2014, our compensation committee authorized the grant of PGUs to our Chief Executive Officer, comprising a total of one million PGUs with respect to Class A Old Liberty Global Shares and one million PGUs with respect to Class B Old Liberty Global Shares . The PGUs , which were subject to a performance condition that was achieved in 2014, vest in three equal annual installments, the first of which occurred on March 15, 2015. Our Chief Executive Officer also received 41,589 PGUs with respect to each Class A and Class B LiLAC Shares as a result of the LiLAC Distribution in 2016 and 33,333 PGUs with respect to each Class A and Class B LiLAC Shares as a result of the LiLAC Transaction in 2015. Each of these additional distributions vest over the same period as the May 1, 2014 award grant described above. Liberty Global Challenge Performance Awards Effective June 24, 2013, our compensation committee approved the Challenge Performance Awards , which consisted solely of PSAR s for our senior executive officers and a combination of PSAR s and PSU s for our other executive officers and key employees. Each PSU represented the right to receive one Liberty Global or LiLAC Class A or Class C ordinary share, as applicable. The performance criteria for the Challenge Performance Awards was based on the participant’s performance and achievement of individual goals in each of the years 2013, 2014 and 2015. As a result of satisfying performance conditions, 100% of the then outstanding Challenge Performance Awards vested and became fully exercisable on June 24, 2016. The PSAR s have a term of seven years and base prices equal to the respective market closing prices of the applicable class on the grant date. LiLAC Distribution In connection with the LiLAC Distribution , our compensation committee approved modifications to our outstanding share-based incentive awards (the 2016 Award Modification ) in accordance with the underlying share-based incentive plans. The objective of our compensation committee was to ensure a relatively unchanged intrinsic value of outstanding equity awards before and after the LiLAC Distribution . The mechanism to modify outstanding share-based incentive awards, as approved by our compensation committee, utilized an analysis of the prices of the respective shares before and after the share issuance. Based upon this approach, we determined the incremental value associated with the 2016 Award Modification was immaterial. As a result, we did not recognize any incremental share-based compensation expense associated with the 2016 Award Modification . The impact of the LiLAC Distribution is separately presented in the below tables. Share-based Award Activity — Liberty Global Ordinary Shares The following tables summarize the share-based award activity during 2016 with respect to awards issued by Liberty Global : Liberty Global Shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 873,333 $ 22.85 Granted 79,899 $ 36.06 Forfeited (9,328 ) $ 34.59 Exercised (207,034 ) $ 20.99 Outstanding at June 30, 2016 736,870 $ 24.66 Impact of the LiLAC Distribution 39,000 $ (3.49 ) Outstanding at July 1, 2016 775,870 $ 21.17 Forfeited (5,597 ) $ 16.65 Exercised (62,980 ) $ 17.55 Outstanding at December 31, 2016 707,293 $ 21.53 4.0 $ 7.5 Exercisable at December 31, 2016 491,061 $ 17.93 3.2 $ 6.6 Liberty Global Shares — continued: Options — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 2,738,536 $ 23.98 Granted 159,798 $ 35.15 Forfeited (51,787 ) $ 35.07 Exercised (541,147 ) $ 19.40 Outstanding at June 30, 2016 2,305,400 $ 25.58 Impact of the LiLAC Distribution 166,139 $ (3.43 ) Outstanding at July 1, 2016 2,471,539 $ 22.15 Granted 499,552 $ 26.43 Forfeited (65,243 ) $ 28.24 Exercised (151,368 ) $ 16.73 Outstanding at December 31, 2016 2,754,480 $ 23.08 3.5 $ 21.5 Exercisable at December 31, 2016 1,285,751 $ 16.50 3.1 $ 17.7 SARs — Class A ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 7,693,152 $ 34.89 Granted 2,641,914 $ 37.73 Forfeited (123,302 ) $ 43.48 Exercised (336,732 ) $ 11.64 Outstanding at June 30, 2016 9,875,032 $ 36.34 Impact of the LiLAC Distribution 616,160 $ (4.62 ) Outstanding at July 1, 2016 10,491,192 $ 31.72 Granted 144,740 $ 32.12 Forfeited (199,840 ) $ 37.27 Exercised (131,027 ) $ 19.66 Outstanding at December 31, 2016 10,305,065 $ 31.77 4.5 $ 26.6 Exercisable at December 31, 2016 5,284,047 $ 28.26 3.3 $ 26.4 Liberty Global Shares — continued: SARs — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 18,685,347 $ 31.70 Granted 5,283,828 $ 36.60 Forfeited (256,622 ) $ 41.60 Exercised (995,103 ) $ 11.66 Outstanding at June 30, 2016 22,717,450 $ 33.61 Impact of the LiLAC Distribution 1,412,585 $ (4.42 ) Outstanding at July 1, 2016 24,130,035 $ 29.19 Granted 289,480 $ 31.22 Forfeited (409,379 ) $ 35.63 Exercised (451,744 ) $ 18.12 Outstanding at December 31, 2016 23,558,392 $ 29.32 4.2 $ 79.7 Exercisable at December 31, 2016 13,327,427 $ 25.68 3.1 $ 79.0 PSARs — Class A ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 2,889,457 $ 31.93 Forfeited (657 ) $ 31.87 Outstanding at June 30, 2016 2,888,800 $ 31.93 Impact of the LiLAC Distribution 16,559 $ (4.17 ) Outstanding at July 1, 2016 2,905,359 $ 27.76 Exercised (27,846 ) $ 27.71 Outstanding at December 31, 2016 (a) 2,877,513 $ 27.76 3.4 $ 8.2 Exercisable at December 31, 2016 2,877,513 $ 27.76 3.4 $ 8.2 Liberty Global Shares — continued: PSARs — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 8,629,481 $ 30.52 Forfeited (1,961 ) $ 30.46 Outstanding at June 30, 2016 8,627,520 $ 30.52 Impact of the LiLAC Distribution 51,613 $ (4.12 ) Outstanding at July 1, 2016 8,679,133 $ 26.40 Exercised (97,761 ) $ 26.27 Outstanding at December 31, 2016 (a) 8,581,372 $ 26.40 3.4 $ 28.5 Exercisable at December 31, 2016 8,581,372 $ 26.40 3.4 $ 28.5 RSUs — Class A ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 564,976 $ 44.06 Granted 268,427 $ 37.72 Forfeited (23,233 ) $ 46.22 Released from restrictions (101,374 ) $ 41.30 Outstanding at June 30, 2016 708,796 $ 41.98 Impact of the LiLAC Distribution 101,140 $ (5.73 ) Outstanding at July 1, 2016 809,936 $ 36.25 Granted 39,198 $ 32.11 Forfeited (49,529 ) $ 37.83 Released from restrictions (130,545 ) $ 35.00 Outstanding at December 31, 2016 669,060 $ 36.13 3.0 Liberty Global Shares — continued: RSUs — Class C ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 1,194,182 $ 41.64 Granted 536,854 $ 36.59 Forfeited (50,385 ) $ 44.29 Released from restrictions (236,244 ) $ 38.06 Outstanding at June 30, 2016 1,444,407 $ 40.26 Impact of the LiLAC Distribution 215,866 $ (5.38 ) Outstanding at July 1, 2016 1,660,273 $ 34.88 Granted 78,396 $ 31.21 Forfeited (102,806 ) $ 36.22 Released from restrictions (285,730 ) $ 35.01 Outstanding at December 31, 2016 1,350,133 $ 34.54 3.0 PSUs and PGUs — Class A ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 1,690,200 $ 42.61 Granted 2,075,660 $ 34.70 Performance adjustment (b) 17,499 $ 39.33 Forfeited (16,719 ) $ 45.12 Released from restrictions (696,341 ) $ 39.51 Outstanding at June 30, 2016 3,070,299 $ 37.93 Impact of the LiLAC Distribution 97,105 $ (4.47 ) Outstanding at July 1, 2016 3,167,404 $ 33.46 Granted 96,604 $ 32.10 Forfeited (28,538 ) $ 34.01 Released from restrictions (254,883 ) $ 34.78 Outstanding at December 31, 2016 2,980,587 $ 33.30 2.2 Liberty Global Shares — continued: PGUs — Class B ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 666,667 $ 42.43 Released from restriction (333,333 ) $ 42.43 Outstanding at June 30, 2016 333,334 $ 42.43 Impact of the LiLAC Distribution — $ (4.71 ) Outstanding at July 1, 2016 333,334 $ 37.72 Outstanding at December 31, 2016 333,334 $ 37.72 0.2 PSUs — Class C ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 2,158,351 $ 41.30 Granted 4,151,320 $ 33.63 Performance adjustment (b) 35,000 $ 38.08 Forfeited (33,508 ) $ 43.47 Released from restrictions (837,276 ) $ 35.58 Outstanding at June 30, 2016 5,473,887 $ 36.32 Impact of the LiLAC Distribution 204,111 $ (4.30 ) Outstanding at July 1, 2016 5,677,998 $ 32.02 Granted 193,208 $ 31.15 Forfeited (57,370 ) $ 33.15 Released from restrictions (511,385 ) $ 34.04 Outstanding at December 31, 2016 5,302,451 $ 31.78 2.4 _______________ (a) The performance criteria was achieved during 2016 and, as a result, all then outstanding awards became fully exercisable. (b) Represents the increase in PSU s associated with the first quarter 2016 determination that 103.6% of the PSU s that were granted in 2014 (the 2014 PSU s ) had been earned. As of December 31, 2016 , all of the earned 2014 PSU s have been released from restriction. LiLAC Shares Options — Class A ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 21,233 $ 24.29 Granted 3,995 $ 37.16 Forfeited (238 ) $ 43.84 Exercised (1,312 ) $ 9.56 Outstanding at June 30, 2016 23,678 $ 27.08 Impact of the LiLAC Distribution 59,140 $ 1.71 Outstanding at July 1, 2016 82,818 $ 28.79 Outstanding at December 31, 2016 82,818 $ 28.79 3.6 $ 0.3 Exercisable at December 31, 2016 57,331 $ 23.13 2.7 $ 0.3 Options — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 57,742 $ 22.42 Granted 7,990 $ 38.67 Forfeited (474 ) $ 43.91 Exercised (4,439 ) $ 9.86 Outstanding at June 30, 2016 60,819 $ 25.30 Impact of the LiLAC Distribution 151,783 $ 1.27 Outstanding at July 1, 2016 212,602 $ 26.57 Outstanding at December 31, 2016 212,602 $ 26.57 3.3 $ 0.8 Exercisable at December 31, 2016 161,637 $ 21.78 2.6 $ 0.8 LiLAC Shares — continued: SARs — Class A ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 233,192 $ 31.07 Granted 71,990 $ 37.53 Forfeited (1,963 ) $ 39.57 Exercised (6,852 ) $ 7.84 Outstanding at June 30, 2016 296,367 $ 33.12 Impact of the LiLAC Distribution 719,933 $ 2.36 Outstanding at July 1, 2016 1,016,300 $ 35.48 Granted 502,892 $ 34.76 Forfeited (30,893 ) $ 35.44 Exercised (1,898 ) $ 12.78 Outstanding at December 31, 2016 1,486,401 $ 35.27 5.0 $ 0.7 Exercisable at December 31, 2016 571,960 $ 31.03 3.1 $ 0.7 SARs — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 579,273 $ 29.73 Granted 143,980 $ 40.61 Forfeited (4,173 ) $ 39.81 Exercised (19,413 ) $ 8.01 Outstanding at June 30, 2016 699,667 $ 32.51 Impact of the LiLAC Distribution 1,709,612 $ 1.53 Outstanding at July 1, 2016 2,409,279 $ 34.04 Granted 1,005,784 $ 35.14 Forfeited (61,972 ) $ 35.86 Exercised (49,705 ) $ 13.49 Outstanding at December 31, 2016 3,303,386 $ 34.65 4.7 $ 1.4 Exercisable at December 31, 2016 1,456,876 $ 29.94 2.9 $ 1.4 LiLAC Shares — continued: PSARs — Class A ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 140,127 $ 30.08 Forfeited (33 ) $ 30.02 Outstanding at June 30, 2016 140,094 $ 30.08 Impact of the LiLAC Distribution 346,640 $ 2.38 Outstanding at July 1, 2016 486,734 $ 32.46 Outstanding at December 31, 2016 (a) 486,734 $ 32.46 3.5 $ — Exercisable at December 31, 2016 486,734 $ 32.46 3.5 $ — PSARs — Class C ordinary shares Number of Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2016 418,492 $ 30.30 Forfeited (99 ) $ 30.23 Outstanding at June 30, 2016 418,393 $ 30.30 Impact of the LiLAC Distribution 1,035,238 $ 2.01 Outstanding at July 1, 2016 1,453,631 $ 32.31 Outstanding at December 31, 2016 (a) 1,453,631 $ 32.31 3.5 $ — Exercisable at December 31, 2016 1,453,631 $ 32.31 3.5 $ — RSUs — Class A ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 1,713 $ 45.12 Granted 52,349 $ 40.79 Released from restrictions (301 ) $ 48.09 Outstanding at June 30, 2016 53,761 $ 40.89 Impact of the LiLAC Distribution 3,365 $ 0.01 Outstanding at July 1, 2016 57,126 $ 40.90 Granted 128,550 $ 34.81 Forfeited (15,356 ) $ 38.05 Released from restrictions (10,939 ) $ 41.28 Outstanding at December 31, 2016 159,381 $ 36.24 3.0 LiLAC Shares — continued: RSUs — Class C ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 3,428 $ 43.97 Granted 128,186 $ 42.79 Released from restrictions (606 ) $ 44.03 Outstanding at June 30, 2016 131,008 $ 42.82 Impact of the LiLAC Distribution 6,938 $ (0.18 ) Outstanding at July 1, 2016 137,946 $ 42.64 Granted 257,135 $ 35.20 Forfeited (34,375 ) $ 39.64 Released from restrictions (26,067 ) $ 42.67 Outstanding at December 31, 2016 334,639 $ 37.23 3.0 PSUs and PGUs — Class A ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 86,303 $ 42.56 Granted 72,848 $ 35.46 Performance adjustment (b) 870 $ 39.33 Forfeited (755 ) $ 46.11 Released from restrictions (34,413 ) $ 39.57 Outstanding at June 30, 2016 124,853 $ 39.20 Impact of the LiLAC Distribution 316,800 $ (3.51 ) Outstanding at July 1, 2016 441,653 $ 35.69 Granted 7,108 $ 30.67 Forfeited (1,890 ) $ 34.85 Released from restrictions (55,893 ) $ 35.94 Outstanding at December 31, 2016 390,978 $ 35.57 2.0 PGUs — Class B ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 33,333 $ 42.43 Released from restriction (16,666 ) $ 42.43 Outstanding at June 30, 2016 16,667 $ 42.43 Impact of the LiLAC Distribution 41,589 $ (3.36 ) Outstanding at July 1, 2016 58,256 $ 39.07 Outstanding at December 31, 2016 58,256 $ 39.07 0.2 LiLAC Shares — continued: PSUs — Class C ordinary shares Number of Weighted Weighted in years Outstanding at January 1, 2016 111,215 $ 41.36 Granted 145,696 $ 37.70 Performance adjustment (b) 1,741 $ 38.08 Forfeited (1,518 ) $ 44.44 Released from restrictions (40,692 ) $ 35.69 Outstanding at June 30, 2016 216,442 $ 39.91 Impact of the LiLAC Distribution 563,081 $ (5.17 ) Outstanding at July 1, 2016 779,523 $ 34.74 Granted 14,216 $ 30.82 Forfeited (3,782 ) $ 34.53 Released from restrictions (124,406 ) $ 34.12 Outstanding at December 31, 2016 665,551 $ 34.77 2.3 _______________ (a) All outstanding awards became fully exercisable during 2016 as the performance criteria was achieved during the year. (b) Represents the increase in PSU s associated with the first quarter 2016 determination that 103.6% of the 2014 PSU s had been earned. As of December 31, 2016 , all of the earned 2014 PSU |