North Face 2015 Annual Report Download - page 110

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VF CORPORATION
Notes to Consolidated Financial Statements
December 2015
RSU activity for 2015 is summarized as follows:
Performance-based Nonperformance-based
Number
Outstanding
Weighted
Average
Grant Date
Fair Value
Number
Outstanding
Weighted
Average
Grant Date
Fair Value
Outstanding, December 2014 ............. 1,940,661 $43.73 386,595 $34.86
Granted .............................. 456,009 75.33 81,856 71.17
Issued as Common Stock ................ (701,739) 36.41 (183,595) 28.86
Forfeited/cancelled ..................... (45,301) 58.22 (10,000) 36.12
Outstanding, December 2015 ............. 1,649,630 55.18 274,856 49.64
Vested, December 2015 ................. 665,290 54.19 11,556 75.35
The weighted average fair value of performance-based RSUs granted during 2015, 2014 and 2013 was
$75.33, $56.86 and $40.64 per share, respectively, which was equal to the fair market value of the underlying VF
Common Stock on each grant date. The total fair market value of awards outstanding at the end of 2015 was
$102.7 million. Awards earned and vested for the three-year performance period ended in 2015 and distributable
in early 2016 totaled 1,067,426 shares of VF Common Stock having a value of $61.9 million, as approved by the
Compensation Committee of the Board of Directors. Similarly, 1,290,354 shares of VF Common Stock having a
value of $88.4 million were earned for the performance period ended in 2014, and 1,457,159 shares of VF
Common Stock having a value of $85.8 million were earned for the performance period ended in 2013.
The weighted average fair value of nonperformance-based RSUs granted during 2015, 2014 and 2013 was
$71.17, $58.00 and $39.21 per share, respectively, which was equal to the fair market value of the underlying VF
Common Stock on each grant date. The total market value of awards outstanding at the end of 2015 was $17.1
million.
Restricted Stock
VF grants restricted shares of VF Common Stock to certain members of management. The fair value of the
restricted shares, equal to the fair market value of VF Common Stock at the grant date, is recognized ratably over
the vesting period. Restricted shares vest over periods of up to five years from the date of grant. Dividends
accumulate in the form of additional restricted shares and are subject to the same risk of forfeiture as the
restricted stock.
Restricted stock activity for 2015 is summarized below:
Nonvested
Shares
Outstanding
Weighted
Average
Grant Date
Fair Value
Nonvested shares, December 2014 ................................ 704,490 $40.62
Granted ..................................................... 111,500 71.09
Dividend equivalents ........................................... 13,139 69.30
Vested ...................................................... (225,864) 29.77
Forfeited .................................................... (8,628) 65.28
Nonvested shares, December 2015 ................................ 594,637 50.73
F-34