IHOP 2013 Annual Report Download - page 112

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
13. Stock-Based Incentive Plans (Continued)
91
Equity Classified Awards - Restricted Stock and Restricted Stock Units
Activity in equity classified awards of restricted stock and restricted stock units for the years ended December 31, 2013, 2012
and 2011 is as follows:
Shares of
Restricted Stock
Weighted
Average
Grant-Date Per
Share
Fair Value
Restricted
Stock Units
Weighted
Average
Grant-Date
Per Share
Fair Value
Outstanding at December 31, 2010 ..................................... 666,244 $ 28.62 18,000 $ 29.32
Granted ................................................................................ 164,632 53.03 — —
Released............................................................................... (287,735) 37.82 — —
Forfeited .............................................................................. (56,608) 31.56 — —
Outstanding at December 31, 2011 ..................................... 486,533 31.08 18,000 29.32
Granted ................................................................................ 137,852 52.23 19,152 52.23
Released............................................................................... (179,465) 13.83 (3,910) 40.58
Forfeited .............................................................................. (98,357) 44.40 — —
Outstanding at December 31, 2012 ..................................... 346,563 44.74 33,242 41.19
Granted ................................................................................ 97,812 73.11 15,804 72.04
Conversion of cash-settled restricted stock units ................ — — 37,184 72.28
Released............................................................................... (117,075) 30.96 (39,000) 54.66
Forfeited .............................................................................. (61,048) 55.37 — —
Outstanding at December 31, 2013 ..................................... 266,252 $ 58.87 47,230 $ 64.57
Liability Classified Awards - Restricted Stock Units
The Company previously had issued shares of cash-settled restricted stock units to members of the Board of Directors.
Originally these instruments were expected to be settled in cash and were recorded as liabilities based on the closing price of
the Company’s common stock as of each period end. In February 2013, it was determined that, pursuant to the terms of the
Plan, these restricted stock units would be settled in shares of common stock and all outstanding restricted stock units were
converted to equity classified awards. Activity in liability classified awards of restricted stock units for the years ended
December 31, 2013, 2012 and 2011 is as follows:
Cash-Settled
Restricted Stock
Units
Weighted
Average
Per Share
Fair Value
Outstanding at December 31, 2010...................................................................................... 26,000 $ 64.23
Granted................................................................................................................................. 15,957 64.30
Released ............................................................................................................................... — —
Outstanding at December 31, 2011...................................................................................... 41,957 64.26
Granted................................................................................................................................. — —
Released ............................................................................................................................... (4,773) 49.66
Outstanding at December 31, 2012...................................................................................... 37,184 66.13
Conversion to stock-settled restricted stock units................................................................ (37,184) 72.28
Outstanding at December 31, 2013...................................................................................... —
For the years ended December 31, 2013, 2012 and 2011, $0.3 million, $1.0 million and $0.5 million, respectively, was
included as stock-based compensation expense related to these cash-settled restricted stock units. At December 31, 2012, a
liability of $2.4 million was included as other accrued expenses in the consolidated balance sheet.
The Company has granted cash long-term incentive awards to certain employees (“LTIP awards”). Annual LTIP awards
vest over a three-year period and are determined using a multiplier from 0% to 200% of the target award based on the total
shareholder return of DineEquity, Inc. common stock compared to the total shareholder returns of a peer group of companies.
Though LTIP awards are only paid in cash, since the multiplier is based on the price of the Company's common stock, the
awards are considered stock-based compensation in accordance with U.S. GAAP and are classified as liabilities. For the years
ended December 31, 2013, 2012 and 2010, $0.6 million, $3.8 million and $0.6 million, respectively, were included in stock-