Comfort Inn 2013 Annual Report Download - page 104
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Table of Contents
Outstanding at January 1, 2011 1,732,674
$31.43
592,131
$31.81
127,912
$33.43
Granted 166,306
$ 41.25
247,298
$38.84
25,036
$ 41.25
Exercised/Vested (175,386)
$21.92
(205,222)
$32.46
—
$ —
Forfeited (149,868)
$33.76
(68,580)
$ 33.55
(43,179)
$32.53
Outstanding at December 31,
2011 1,573,726
$33.30
4.2 years
565,627
$34.43
109,769
$35.57
Options exercisable at
December 31, 2011 953,159
$33.36
3.8 years
The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows for the years ended
December 31:
Stock options
$ 2.1
$ 2.8
Restricted stock
7.5
7.7
Performance vested restricted stock units
1.7
0.7
Total
$11.3
$11.2
Income tax benefits
$4.1
$4.1
During all years presented, the Company revised its estimate of the projected achievement of various performance conditions that affect the number of
PVRSUs that will ultimately vest. As a result, previously recognized stock-based compensation costs related to these PVRSUs has been decreased by $0.3
million for the year ended December 31, 2013 and increased by $0.5 million and $0.1 million during the years ended December 31, 2012 and 2011,
respectively.
In conjunction with the termination of certain Company officers, stock option and restricted stock compensation expense for the year ended
December 31, 2011 includes an additional $0.2 million and $0.5 million, respectively of expense related to the acceleration of award vesting conditions.
The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period
over which the costs are to be recognized as of December 31, 2013 are as follows:
Stock options $2.5
2.4 years
Restricted stock 12.9
2.4 years
Performance vested restricted stock units 4.6
2.4 years
Total $20.0
Share Repurchases and Redemptions
The Company announced a stock repurchase program on June 25, 1998 to return excess capital to its shareholders. Treasury stock activity is recorded
at cost in the accompanying consolidated financial statements. There were no share repurchases during the year ended December 31, 2013. During the year
ended December 31, 2012, the Company repurchased 0.5 million shares of its common stock under the repurchase program at a total cost of $19.9 million.
Through December 31,
100