Fluor 2013 Annual Report Download - page 133

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table summarizes restricted stock, restricted stock unit and stock option activity:
Restricted Stock or
Restricted Stock Units Stock Options
Weighted
Average Weighted
Grant Date Average
Fair Value Exercise Price
Number Per Share Number Per Share
Outstanding as of December 31, 2010 1,886,108 $39.25 3,035,839 $44.71
Granted 291,912 70.59 548,391 70.76
Expired or canceled (55,159) 52.87 (73,599) 56.66
Vested/exercised (828,246) 41.44 (611,130) 41.57
Outstanding as of December 31, 2011 1,294,615 $44.33 2,899,501 $50.00
Granted 450,668 61.70 688,380 62.18
Expired or canceled (17,109) 58.35 (45,164) 61.57
Vested/exercised (657,998) 43.46 (309,692) 37.41
Outstanding as of December 31, 2012 1,070,176 $51.96 3,233,025 $53.64
Granted 482,959 61.62 884,574 61.45
Expired or canceled (11,104) 62.35 (15,607) 65.46
Vested/exercised (564,265) 50.65 (1,137,285) 46.53
Outstanding as of December 31, 2013 977,766 $57.36 2,964,707 $58.63
Options exercisable as of December 31, 2013 1,477,345 $54.51
Remaining unvested options outstanding and
expected to vest 1,442,741 $62.73
As of December 31, 2013, there were a maximum of 13,179,273 shares available for future grant under
the company’s various stock-based plans. Shares available for future grant included shares which may be
granted by the Committee as either stock options, on a share-for-share basis, or restricted stock awards,
restricted stock units and VDI units on the basis of one share for each 2.25 available shares.
Restricted stock awards issued under the plans provide that shares awarded may not be sold or
otherwise transferred until service-based restrictions have lapsed and any performance objectives have
been attained as established by the Committee. Restricted stock units are rights to receive shares subject to
certain service and performance conditions as established by the Committee. Generally, upon termination
of employment, restricted stock units and restricted shares which have not vested are forfeited. Restricted
units and shares granted in 2013, 2012 and 2011 vest ratably over three years. Restricted units and shares
granted to the company’s directors in 2013, 2012 and 2011 vest or vested on the first anniversary of the
grant, except for initial grants that certain directors received upon joining the Board of Directors which
vest ratably over a five year period. For the years 2013, 2012 and 2011, recognized compensation expense
of $28 million, $25 million and $25 million, respectively, is included in corporate general and
administrative expense related to restricted stock awards and units. The fair value of restricted stock that
vested during 2013, 2012 and 2011 was $36 million, $38 million and $58 million, respectively. The balance
of unamortized restricted stock expense as of December 31, 2013 was $19 million, which is expected to be
recognized over a weighted-average period of 1.3 years.
F-34