Morgan Stanley 2014 Annual Report Download - page 275

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table sets forth activity relating to the Company’s vested and unvested RSUs (share data in
millions):
2014
Number of
Shares
Weighted Average
Grant Date Fair
Value
RSUs at beginning of period ............................................ 132 $22.41
Granted ............................................................ 42 32.58
Conversions to common stock .......................................... (48) 23.26
Canceled ........................................................... (5) 25.04
RSUs at end of period(1) .............................................. 121 $25.52
(1) At December 31, 2014, approximately 116 million RSUs with a weighted average grant date fair value of $25.45 were vested or
expected to vest.
The weighted average price for RSUs granted during 2013 and 2012 was $22.72 and $18.09, respectively. At
December 31, 2014, the weighted average remaining term until delivery for the Company’s outstanding RSUs
was approximately 1.2 years.
At December 31, 2014, the intrinsic value of outstanding RSUs was $4,730 million.
The total fair market value of RSUs converted to common stock during 2014, 2013 and 2012 was $1,461 million,
$939 million and $660 million, respectively.
The following table sets forth activity relating to the Company’s unvested RSUs (share data in millions):
2014
Number of
Shares
Weighted Average
Grant Date Fair
Value
Unvested RSUs at beginning of period .................................... 98 $22.29
Granted ............................................................ 42 32.58
Vested ............................................................. (48) 23.51
Canceled ........................................................... (5) 25.04
Unvested RSUs at end of period(1) ...................................... 87 $26.44
(1) Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements.
At December 31, 2014, approximately 82 million unvested RSUs with a weighted average grant date fair value of $26.39 were expected
to vest.
The aggregate fair value of awards that vested during 2014, 2013 and 2012 was $1,517 million, $842 million and
$753 million, respectively.
Stock Options. The Company has granted stock option awards pursuant to several stock-based compensation
plans. The plans provide for the deferral of a portion of certain key employees’ incentive compensation with
awards made in the form of stock options generally having an exercise price not less than the fair value of the
Company’s common stock on the date of grant. Such stock option awards generally become exercisable over a
three-year period and expire five to 10 years from the date of grant, subject to accelerated expiration upon
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