Priceline 2014 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 of the 2014 Priceline annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

Restricted Stock Units and Performance Share Units
The following table summarizes the activity of unvested restricted stock units ("RSUs") and performance share units during the years
ended December 31, 2012 , 2013 and 2014 :
RSUs and performance share units granted by the Company during the years ended December 31, 2014 , 2013 and 2012 had aggregate
grant date fair values of approximately $168.1 million , $118.6 million and $61.1 million , respectively. Share-based awards that vested during
the years ended December 31, 2014 , 2013 , and 2012 had grant date fair values of $96.3 million , $62.6 million and $38.3 million , respectively.
As of December 31, 2014 , there is $263.8 million of total future compensation cost related to unvested share-based awards to be
recognized over a weighted-average period of 1.7 years .
During the year ended December 31, 2014 , stock based awards included grants of 72,277 performance share units to executives and
certain other employees. The performance share units had a total grant date fair value of $96.1 million based upon the weighted-average grant
date fair value per share of $1,329.11 . The performance share units are payable in shares of the Company's common stock upon vesting. Stock-
based compensation for performance share units is recorded based on the estimated probable outcome if the Company, and with respect to
certain grants, the businesses of its subsidiaries, achieve certain financial goals at the end of the performance period. The actual number of
shares to be issued on the vesting date will be determined upon completion of the performance period which ends December 31, 2016, assuming
there is no accelerated vesting for, among other things, a termination of employment under certain circumstances, or a change in control. At
December 31, 2014 , there were 72,098 unvested 2014
performance share units outstanding, net of performance share units that were forfeited or
vested since the grant date. As of December 31, 2014 , the number of shares estimated to be issued pursuant to these performance shares units is
a total of 109,618 shares. If the maximum performance thresholds are met at the end of the performance period, a maximum of 145,981 total
shares could be issued. If the minimum performance thresholds are not met, 50,884 shares would be issued at the end of the performance period.
91
Share-Based Awards
Shares Weighted Average Grant
Date Fair Value
Unvested at December 31, 2011
799,980
$
231.87
Granted
95,062
$
643.12
Vested
(353,819
)
$
108.31
Performance Shares Adjustment
6,649
$
532.26
Forfeited
(7,744
)
$
444.18
Unvested at December 31, 2012
540,128
$
389.21
Granted
162,341
$
730.47
Vested
(258,198
)
$
242.63
Performance Shares Adjustment
101,490
$
681.13
Forfeited
(11,442
)
$
579.71
Unvested at December 31, 2013
534,319
$
615.10
Granted
128,484
$
1,308.13
Assumed in an acquisition
43,993
$
1,238.68
Vested
(195,730
)
$
492.22
Performance Shares Adjustment
68,499
$
1,085.94
Forfeited
(9,250
)
$
972.19
Unvested at December 31, 2014
570,315
$
912.26