Hertz 2015 Annual Report Download - page 129
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Table of Contents
of Directors. No stock options or stock appreciation rights will be exercisable after a maximum of ten years from the grant date.
The Company has accounted for its employee stock-based compensation awards in accordance with ASC 718, “Compensation-Stock
Compensation.” The options are being accounted for as equity-classified awards. The Company will recognize compensation cost on a straight-line
basis over the vesting period. The value of each option award is estimated on the grant date using a Black-Scholes option valuation model that
incorporates the assumptions noted in the following table.
The Company calculates the expected volatility on the historical movement of its stock price.
Expected volatility 41.4%
39.3%
N/A
Expected dividend yield —%
—%
N/A
Expected term (years) 5
3
N/A
Risk-free interest rate 1.17%
0.96%
N/A
Weighted-average grant date fair value $ 7.34
$ 7.14
N/A
(a) No options were granted in 2013.
A summary of option activity under the Stock Incentive Plan and the Omnibus Plan as of December 31, 2015 is presented below.
Outstanding at January 1, 2015 8,895,521
$ 12.62
3.6
$ 106
Granted 3,301,499
22.20
—
—
Exercised (595,318)
7.88
—
—
Forfeited or Expired (581,358)
21.70
—
—
Outstanding at December 31, 2015 11,020,344
14.88
3.0
26
Exercisable at December 31, 2015 8,185,899
12.42
2.6
26
A summary of non-vested options as of December 31, 2015, and changes during the year, is presented below.
Non-vested as of January 1, 2015 689,242
$ 20.51
$ 6.81
Granted 3,301,499
22.20
7.48
Vested (697,747)
20.44
6.80
Forfeited (458,549)
23.26
7.75
Non-vested as of December 31, 2015 2,834,445
21.99
7.13
121
℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.