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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
77
Restricted Stock Units
The table below summarizes activity regarding unvested restricted stock units under the Plan during the year ended
December 31, 2014:
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,857,840 $ 3.73
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175,112 $ 8.86
Vested (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,682,289) $ 3.72
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (690,830) $ 4.79
Unvested at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,659,833 $ 5.97
(a) We issued 1,159,060 shares of common stock in connection with the vesting of restricted stock units during the
year ended December 31, 2014, which is net of the number of shares retained (but not issued) by us in satisfaction
of minimum tax withholding obligations associated with the vesting.
The fair value of restricted stock units that vested during the years ended December 31, 2014, 2013 and 2012 was $6.3
million, $4.6 million and $4.4 million, respectively. The weighted-average grant date fair value of restricted stock units granted
during the years ended December 31, 2014, 2013 and 2012 was $8.86, $4.07 and $3.31 per unit, respectively. The fair value of
restricted stock units on the date of grant is amortized on a straight-line basis over the requisite service period of four years.
Performance-Based and Market-Based Restricted Stock Units
The table below summarizes activity regarding unvested performance-based and market-based restricted stock units
(“PSUs”) under the Plan during the year ended December 31, 2014:
Performance-
Based
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,089,250 $ 2.99
Granted (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,445 $ 12.64
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (904,093) $ 2.98
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (344,001) $ 5.67
Unvested at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,251,601 $ 4.35
a. We granted 136,815 performance-based restricted stock units with a fair value per share of $9.72 and 273,630 market-
based restricted stock units with a fair value per share of between $11.89 and $16.32 (“PSUs”) in March 2014 to
certain of our executive officers. The PSUs entitle the executives to receive one share of our common stock for each
PSU earned, subject to the satisfaction of the performance and market conditions. Each metric will be equally
weighted, with the ability to earn between 25% to 200% of target based on a straight-line interpolation of the criteria.
The performance-based condition requires that the Company attain certain performance metrics for the three-year
period ended December 31, 2016 and the market-based conditions require that the Company achieve a certain absolute
shareholder return and a certain relative shareholder return at the conclusion of the three-year measurement period. If
the minimum performance criteria are not met, each PSU will be forfeited. If the minimum conditions are met, the
PSUs earned will cliff vest on the third anniversary of the grant date. The fair value of the PSUs subject to market-
based conditions was measured using a Monte Carlo simulation for sampling random outcomes.
As of December 31, 2014, we expect that the performance-based condition PSUs granted in 2014 will be satisfied at
approximately 60% of their target level. The fair value of the market-based PSUs is being amortized on a straight-line
basis over the requisite service period of each vesting tranche.
The weighted-average grant date fair value of PSUs that vested during the years ended December 31, 2014, 2013 and
2012 was $2.7 million, $1.6 million and $0.8 million, respectively. The weighted-average grant date fair value of