APS 2015 Annual Report Download - page 150

Download and view the complete annual report

Please find page 150 of the 2015 APS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 264

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264

Table of Contents
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015, there were approximately $14 million of unrecognized compensation costs related to nonvested
stock-based compensation arrangements. These costs are expected to be recognized over a weighted-average period of 2 years. The
total fair value of shares vested was $21 million in 2015, $20 million in 2014 and $20 million in 2013.
The following table is a summary of awards granted and the weighted-average fair value for the three years ended 2015, 2014
and 2013.
Restricted Stock Units, Stock Grants, and
Stock Units (a)
Performance Shares (b)
2015
2014
2013
2015
2014
2013
Units granted 152,651
179,291
182,240
151,430
166,244
176,332
Weighted-average grant date fair value $ 64.12
$ 54.89
$ 55.14
$ 64.97
$ 54.86
$ 55.45
(a) Units granted includes awards that will be cash settled of 45,104 in 2015, 49,018 in 2014, and 52,620 in 2013.
(b) Reflects the target payout level.
The following table is a summary of the status of non-vested awards as of December 31, 2015 and changes during the year.
Restricted Stock Units, Stock
Grants, and Stock Units
Performance Shares
Shares
Weighted-
Average
Grant Date
Fair Value
Shares (b)
Weighted-
Average
Grant Date
Fair Value
Nonvested at January 1, 2015 480,933 (a) $ 51.27
324,230
$ 54.92
Granted 152,651
64.12
151,430
64.97
Change in performance factor —
—
40,496
54.98
Vested (198,424)
49.20
(202,480)
54.98
Forfeited (6,873)
56.78
(7,844)
57.89
Nonvested at December 31, 2015 428,287
56.69
305,832
59.78
Vested Awards Outstanding at December 31, 2015 106,712
202,480
(a) Includes 127,634 of awards that will be cash settled and 353,299 of awards that will be settled in shares.
(b) Nonvested performance shares are reflected at target payout level. The increase or decrease in the number of shares from
the target level to the estimated actual payout level is included in the increase for performance factor amounts in the year the
award vests.
Share-based liabilities paid relating to restricted stock unit awards was $10 million, $9 million and $10 million in 2015, 2014
and 2013, respectively. This includes cash used to settle restricted stock units of $3 million, $3 million and $4 million in 2015, 2014
and 2013, respectively. Share-based liabilities paid relating to performance share awards was $16 million, $12 million and $15 million
in 2015, 2014 and 2013, respectively.
145