|IHS MARKIT LTD. filed this Form 10-K on 01/18/2019|
immediately preceding calendar year and (y) such number of common shares determined by our Board of Directors. As of November 30, 2018, 20.0 million shares were available for future grant under the 2014 Equity Plan.
Total unrecognized compensation expense related to all nonvested awards was $222.9 million as of November 30, 2018, with a weighted-average recognition period of approximately 1.6 years.
Restricted Stock Units (“RSUs”) and Restricted Stock Awards (“RSAs”). RSUs and RSAs typically vest from one to three years and are generally subject to either cliff vesting or graded vesting. RSUs and RSAs do not have nonforfeitable rights to dividends or dividend equivalents. The fair value of RSUs and RSAs is typically based on the fair value of our common shares on the date of grant. We amortize the value of these awards to expense over the vesting period on a straight-line basis. For performance-based RSUs, an evaluation is made each quarter about the likelihood that the performance criteria will be met. As the number of performance-based RSUs expected to vest increases or decreases, compensation expense is also adjusted up or down to reflect the number expected to vest and the cumulative vesting period met to date.
The following table summarizes RSU/RSA activity for the year ended November 30, 2018:
The total fair value of RSUs that vested during the year ended November 30, 2018 was $259.5 million.
Stock Options. In connection with the Merger, we assumed options outstanding under the legacy Markit plans. Stock options under the 2014 Equity Plan generally vest over one to three years, and expire 7 years from the date of grant. At the Merger date, we revalued all of the outstanding stock options using a Monte Carlo simulation model with assumptions about anticipated employee exercise behavior, expected stock price volatility, and the risk-free interest rate. The following table summarizes stock option awards assumed in conjunction with the Merger and subsequent activity through November 30, 2018, as well as stock options that are vested and expected to vest and stock options exercisable as of November 30, 2018:
The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on November 30, 2018 and the exercise price, multiplied by the number of in-the-money stock options as of that date. This represents the value that would have been received by stock option holders if they had all exercised their stock options on November 30, 2018. In future periods, this amount will change depending on fluctuations in our share price. The total intrinsic value of stock options exercised during the year ended November 30, 2018 was approximately $248.2 million.
Stock-based compensation expense for the years ended November 30, 2018, 2017, and 2016, respectively, was as follows (in millions):