Equity market volatility ticked higher in December, ending 2015 at a level close to where it started the year. Implied volatility as measured by the CBOE SPX Volatility Index rose and fell during the middle of the month even as realized volatility steadily climbed through the end of the year. After five consecutive years of steady growth, earnings-per-share of the S&P 500 leveled off in 2015, finishing slightly lower than a year earlier.