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2014 | ANNUAL REPORT 219
Changes during 2014, 2013 and 2012 were as follows:
As Previously Reported
December 31, 2013
LTIP RSUs
Weighted
average fair
value at the
grant date (€) LTIP PSUs
Weighted
average fair
value at the
grant date (€)
Outstanding shares unvested at the beginning of the year 1,805,123 5.78 8,419,684 5.78
Granted 1,628,822 6.89 587,091 7.15
Vested (615,315) 5.77 — —
Forfeited (120,423) 6.20 (589,264) 5.77
Outstanding shares unvested at the end of the year 2,698,207 6.13 8,417,511 5.64
As Previously Reported
December 31, 2012
LTIP RSUs
Weighted
average fair
value at the
grant date (€) LTIP PSUs
Weighted
average fair
value at the
grant date (€)
Outstanding shares unvested at the beginning of the year — — — —
Granted 1,835,833 5.73 8,450,275 5.73
Vested (20,123) 5.91 — —
Forfeited (10,587) 5.91 (30,591) 5.91
Outstanding shares unvested at the end of the year 1,805,123 5.78 8,419,684 5.78
Adjusted for Anti-Dilution
2014 2013 2012
LTIP RSUs
Weighted
average fair
value at the
grant date (€)LTIP RSUs
Weighted
average fair
value at the
grant date (€) LTIP RSUs
Weighted
average fair
value at the
grant date (€)
Outstanding shares unvested at
the beginning of the year 3,500,654 4.73 2,341,967 4.46 — —
Granted — — 2,113,234 5.32 2,381,810 4.41
Vested (1,407,574) 4.81 (798,310) 4.45 (26,108) 4.56
Forfeited (104,020) 4.91 (156,237) 4.78 (13,735) 4.56
Outstanding shares unvested
at the end of the year 1,989,060 5.41 3,500,654 4.73 2,341,967 4.46
Adjusted for Anti-Dilution
2014 2013 2012
LTIP PSUs
Weighted
average fair
value at the
grant date (€)LTIP PSUs
Weighted
average fair
value at the
grant date (€) LTIP PSUs
Weighted
average fair
value at the
grant date (€)
Outstanding shares unvested at
the beginning of the year 8,417,511 5.64 8,419,684 5.78 — —
Granted 5,556,503 7.62 587,091 7.15 8,450,275 5.73
Vested — — ————
Forfeited (8,653,474) 5.89 (589,264) 5.77 (30,591) 5.91
Outstanding shares unvested
at the end of the year 5,320,540 8.62 8,417,511 5.64 8,419,684 5.78
The expense recognized in connection with these plans in 2014 was €6 million (€36 million in 2013 and €24 million
in 2012). Total unrecognized compensation expenses at December 31, 2014 were approximately €2 million. These
expenses will be recognized over the remaining service periods based upon the assessment of the performance
conditions being achieved.