This equation can be derived using integral calculus (I'll prove it next). The acceleration due to gravity can be derived from the equation
where G is the gravitation constant, m1 and m2 are the masses of some object and Earth respectively, and R is the radius of the Earth. Plugging in, we find that a is approximately -9.8 m/s^2 (about -32 ft/s^2). Half of that is -16 ft/s^2, which is where the -16 comes from.
----
To derive the vertical motion formula, start with the fact that