PBF Energy 2013 Annual Report Download - page 138

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 42
The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years
ended December 31, 2013, 2012 and 2011:
Number of
PBF LLC
Series A
Compensatory
Warrants
and Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years)
Stock-based awards, outstanding January 1, 2011 691,320 $ 10.00 9.74
Granted 1,171,759 10.00 10.00
Exercised (25,000) 10.00 —
Forfeited (2,500) 10.00 —
Outstanding at December 31, 2011 1,835,579 $ 10.00 8.99
Granted 205,000 12.55 10.00
Exercised (849,186) 10.00 —
Forfeited (6,667) 10.00 —
Outstanding at December 31, 2012 1,184,726 $ 10.44 8.23
Granted — — —
Exercised (301,979) 10.11 —
Forfeited (41,668) 11.27 —
Outstanding at December 31, 2013 841,079 $ 10.52 7.40
Exercisable and vested at December 31, 2013 545,247 $ 10.24 7.23
Exercisable and vested at December 31, 2012 608,039 $ 10.00 8.00
Expected to vest at December 31, 2013 841,079 $ 10.52 7.40
The total estimated fair value of PBF LLC Series A warrants and options granted in 2012 and 2011 was $1,207
and $2,116, respectively, and the weighted average fair value per unit was $5.89 and $1.81, respectively. The total
intrinsic value of stock options outstanding and exercisable at December 31, 2013, was $17,612 and $11,569,
respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012,
and 2011 was $4,298, $13,112, and $0, respectively.
Unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2013
was $595, which will be recognized in 2014 and 2015.
As of December 31, 2013 and 2012, members of management of the Company had also purchased an aggregate
of 2,740,718 non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of
which were immediately exercisable. During the year ended December 31, 2012, 2,672,299 of the warrants were
exercised, with a portion being exercised on a cashless basis. At December 31, 2013 and December 31, 2012, there
were 68,419 non-compensatory warrants outstanding.
PBF LLC Series B Units
PBF LLC Series B Units were issued and allocated to certain members of management during the years ended
December 31, 2011 and 2010. One-quarter of the PBF LLC Series B Units vested at the time of grant and the
remaining three-quarters vested in equal annual installments on each of the first three anniversaries of the grant
date, subject to accelerated vesting upon certain events. The Series B Units fully vested during the year ended
December 31, 2013.