MoneyGram 2015 Annual Report Download - page 102

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Table of Contents
The following table is a summary of the Company’s restricted stock unit activity for the year ended December 31, 2015 :
Total
Shares
Weighted
Average
Price
Weighted-Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
($000,000)
Restricted stock units outstanding at December 31, 2014 1,701,607
$ 15.77
1.4 years
$ 15.5
Granted 3,043,012
8.62
Vested and converted to shares (233,245)
17.63
Forfeited (348,806)
12.07
Restricted stock units outstanding at December 31, 2015 4,162,568
$ 10.68
1.0 year
$ 26.1
Restricted stock units vested and outstanding at December 31, 2015 256,388
$ 8.39
$ 1.6
The following table is a summary of the Company's restricted stock and restricted stock unit compensation information for the years ended December 31 :
(Amounts in millions) 2015
2014
2013
Market value of restricted stock units vested during the year $ 6.3
$ 1.5
$ 0.8
Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented under the Company’s current estimate of achievement
of performance goals. Unrecognized restricted stock unit expense, as of December 31, 2015 , under the minimum and maximum thresholds are $19.9 million and
$23.1 million , respectively.
Note 13 — Income Taxes
The following table is a summary of the components of (loss) income before income taxes for the years ended December 31 :
(Amounts in millions) 2015
2014
2013
U.S. $ (45.2)
$ 66.4
$ 69.9
Foreign 16.1
6.2
15.4
(Loss) income before income taxes $ (29.1)
$ 72.6
$ 85.3
Foreign income consists of income and losses from the Company’s international subsidiaries. Most of the Company’s wholly-owned subsidiaries recognize
revenue based solely on services agreements with the primary U.S. operating subsidiary. The following table is a summary of the income tax expense for the years
ended December 31 :
(Amounts in millions) 2015
2014
2013
Current:
Federal $ 17.7
$ (10.3)
$ 9.7
State (0.5)
1.5
0.1
Foreign 5.0
3.8
11.1
Current income tax expense (benefit) 22.2
(5.0)
20.9
Deferred income tax expense 25.6
5.5
12.0
Income tax expense $ 47.8
$ 0.5
$ 32.9
As of December 31, 2015 , the Company had a tax payable of $16.9 million recorded in “Accounts payable and other liabilities” and a tax receivable of $6.3
million recorded in the “Other assets” on the Consolidated Balance Sheets. As of December 31 , 2014 , the Company had a net income tax payable of $53.2 million
recorded in “Accounts payable and other liabilities” line on the Consolidated Balance Sheets.
F-38