Harley Davidson 2014 Annual Report Download - page 94

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Restricted Stock Awards Settled in Stock:
Beginning in 2014, the Company granted certain eligible U.S. employees restricted stock units (RSUs) that settle in
Company stock. Prior to 2014, the Company granted restricted, nonvested, stock. The fair value of RSUs settled in stock and
restricted stock is determined based on the market price of the Company’s shares on the grant date. The following table
summarizes the RSUs settled in stock and restricted stock transactions for the year ended December€31, 2014 (in thousands
except for per share amounts):€
Restricted
Shares
Grant€Date
Fair Value
Per Share
Nonvested, beginning of period 982 $47
Granted 459 $62
Vested (464) $ 46
Forfeited (57) $ 56
Nonvested, end of period 920 $54
As of December€31, 2014, there was $21.7 million of unrecognized compensation cost related to RSUs settled in stock
and restricted stock that is expected to be recognized over a weighted-average period of 1.8 years.
Restricted Stock Awards Settled in Cash
Restricted stock units, granted to certain eligible non-U.S. employees (RSUIs) vest under the same terms and conditions
as RSUs settled in stock and restricted stock; however, they are settled in cash equal to their settlement date fair value. As a
result, RSUIs are recorded in the Company’s consolidated balance sheets as a liability until the date of vesting.
The fair value of RSUIs is determined based on the market price of the Company’s shares on the grant date. The
following table summarizes the RSUI transactions for the year ended December€31, 2014 (in thousands except for per share
amounts):€
Restricted
Stock€Unit
Weighted-Average
Grant Date
Fair Value
Per Share
Nonvested, beginning of period 147 $66
Granted 72 $66
Vested (74) $ 63
Forfeited (16) $ 66
Nonvested, end of period 129 $66
94
18.€€€€Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the
years ended December€31 (in thousands except per share amounts):€
2014 2013 2012
Numerator:
Income used in computing basic and diluted earnings per share $844,611 $733,993 $623,925
Denominator:
Denominator for basic earnings per share-weighted-average
common shares 216,305 222,475 227,119
Effect of dilutive securities – employee stock compensation plan 1,401 1,596 2,110
Denominator for diluted earnings per share- adjusted weighted-
average shares outstanding 217,706 224,071 229,229
Earnings per common share:
Basic $3.90 $3.30 $2.75
Diluted $3.88 $3.28 $2.72