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ManpowerGroup | Annual Report 2014 67
Notes to Consolidated Financial Statements
under the 2011 Plan. As of December 31, 2014, 2013 and 2012, there were 5,199, 14,844 and 14,685, respectively, shares
of deferred stock and 10,248, 14,844 and 20,559, respectively, shares of restricted stock granted under this arrangement,
all of which are vested. We recognized expense of $0.7, $0.9 and $0.8 related to deferred stock in 2014, 2013 and 2012,
respectively.
Restricted Stock
We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may
elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up
to six years, and in some cases upon retirement. We value restricted stock awards at the closing market value of our
common stock on the date of grant.
A summary of restricted stock activity is as follows:
Shares (000)
Wtd. Avg.
Price Per Share
Wtd. Avg
Remaining
Contractual
Term (years)
Aggregate
Intrinsic Value
(in millions)
Unvested, January 1, 2012 409 $59 1.8
Granted 309 44
Vested (124) 40
Forfeited (5) 67
Unvested, December 31, 2012 589 $55 1.7
Granted 192 $52
Vested (90) 52
Forfeited (64) 56
Unvested, December 31, 2013 627 $54 1.3
Granted 169 $77
Vested (283) 63
Forfeited (50) 53
Unvested, December 31, 2014 463 $57 1.2 $32
During 2014, 2013 and 2012, we recognized $12.9, $9.8 and $10.0, respectively, of expense related to restricted stock
awards. As of December 31, 2014, there was approximately $10.0 of total unrecognized compensation cost related to
unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years.
Performance Share Units
Our 2011 Plan allows us to grant performance share units. We grant performance share units with a performance period
ranging from one to three years. Vesting of units occurs at the end of the performance period or after a subsequent holding
period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a
prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all
of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or
disability date is during the performance period, or at the level determined by the performance criteria met during the
performance period if the death or disability occurs during the subsequent holding period. The units are settled in shares of
our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the
Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant.