The following table summarizes the Value Appreciation Rights activity:
| (shares in thousands) | VARs | Weighted- Average Grant-Date Fair Value |
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|
Outstanding rights, January 1, 2011 |
11,569 | $ | 13.11 | |||||
|
Exercised |
(3,303 | ) | 14.87 | |||||
|
Cancelled/Forfeited |
(52 | ) | 14.74 | |||||
|
|
|
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|
Outstanding rights, December 31, 2011 |
8,214 | 12.39 | ||||||
|
Exercised |
(3,427 | ) | 10.30 | |||||
|
Cancelled/Forfeited |
(21 | ) | 11.10 | |||||
|
|
|
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|
Outstanding rights, December 31, 2012 |
4,766 | 13.89 | ||||||
|
Exercised |
(1,916 | ) | 13.89 | |||||
|
Cancelled/Forfeited |
(3 | ) | 13.89 | |||||
|
|
|
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|
Outstanding rights, December 31, 2013 |
2,847 | 13.89 | ||||||
|
|
|
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