Priceline 2015 Annual Report Download - page 96

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common stock at their respective acquisition dates. Stock options granted to employees generally have a term of 10 years. Restricted stock units and performance
share units generally vest over periods from 1 to 4 years. The Company issues new shares of common stock upon the issuance of restricted stock, the exercise of
stock options and the vesting of restricted stock units and performance share units.
Stock-based compensation included in personnel expenses in the Consolidated Statements of Operations was approximately $247.4 million ,
$186.4 million and $140.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Stock-based compensation for the years ended
December 31, 2015 , 2014 and 2013 includes charges amounting to $22.6 million , $20.6 million and $24.1 million , respectively, representing the impact of
adjusting the estimated probable outcome at the end of the performance period for outstanding unvested performance share units. Included in the stock-based
compensation are approximately $2.6 million , $2.3 million , and $2.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, for grants to
non-employee directors. The related tax benefit for stock-based compensation is $52.9 million , $38.4 million and $18.5 million for the years ended December 31,
2015 , 2014 and 2013 , respectively.
Restricted Stock Units and Performance Share Units
The following table summarizes the activity of restricted stock units and performance share units ("share-based awards") during the years ended
December 31, 2013 , 2014 and 2015 :
Share-Based Awards
Shares
Weighted Average Grant
Date Fair Value
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/Canceled
(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/Canceled
(9,250)
$ 972.19
Unvested at December 31, 2014
570,315
$ 912.26
Granted
198,141
$ 1,226.41
Vested
(161,862)
$ 757.66
Performance Shares Adjustment
64,328
$ 1,238.30
Forfeited/Canceled
(33,665)
$ 1,151.70
Unvested at December 31, 2015
637,257
$ 1,070.10
Share-based awards granted by the Company during the years ended December 31, 2015 , 2014 and 2013 had aggregate grant date fair values of
approximately $243.0 million , $168.1 million and $118.6 million , respectively. Share-based awards that vested during the years ended December 31, 2015 , 2014
, and 2013 had grant date fair values of $122.6 million , $96.3 million and $62.6 million , respectively.
As of December 31, 2015 , there was $336.5 million of total future compensation cost related to unvested share-based awards to be recognized over a
weighted-average period of 1.9 years .
During the year ended December 31, 2015 , the Company made broad-based grants of 90,518 restricted stock units that generally vest after three years,
subject to certain exceptions for terminations other than for "cause," for "good reason" or on account of death or disability. These share-based awards had a total
grant date fair value of $109.8 million based on a weighted-average grant date fair value per share of $1,213.18 .
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