Priceline 2015 Annual Report Download - page 97

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In addition, during the year ended December 31, 2015 , the Company granted 107,623 performance share units to executives and certain other
employees. The performance share units had a total grant date fair value of $133.2 million based upon a weighted-average grant date fair value per share of
$1,237.53 . The performance share units are payable in shares of the Company's common stock upon vesting. Subject to certain exceptions for terminations other
than for "cause," for "good reason" or on account of death or disability, recipients of these performance share units generally must continue their service through
the requisite service period in order to receive any shares. Stock-based compensation related to performance share units reflects the estimated probable outcome 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, for most of these performance share units, ends December 31, 2017, assuming there is no accelerated vesting for, among other things, a termination of
employment under certain circumstances. As of December 31, 2015 , the estimated number of probable shares to be issued is a total of 164,857 shares. If the
maximum performance thresholds are met at the end of the performance period, a maximum number of 254,643 total shares could be issued. If the minimum
performance thresholds are not met, 51,621 shares would be issued at the end of the performance period.
2014 Performance Share Units
During the year ended December 31, 2014 , the Company granted 72,277 performance share units with a grant date fair value of $96.1 million , based on
a weighted-average grant date fair value per share of $1,329.11 . The actual number of shares to be issued will be determined upon completion of the performance
period which generally ends December 31, 2016.
At December 31, 2015 , there were 63,484 unvested 2014 performance share units outstanding, net of performance share units that were forfeited or
vested since the grant date. As of December 31, 2015 , the number of shares estimated to be issued pursuant to these performance share units at the end of the
performance period is a total of 104,241 shares. If the maximum thresholds are met at the end of the performance period, a maximum of 127,732 total shares could
be issued pursuant to these performance share units. If the minimum performance thresholds are not met, 43,291 shares would be issued at the end of the
performance period.
2013 Performance Share Units
During the year ended December 31, 2013, the Company granted 104,865 performance share units with a grant date fair value of $74.4 million , based on
a weighted-average grant date fair value per share of $709.74 . The actual number of shares to be issued will be determined based upon completion of the
performance period which ended December 31, 2015.
At December 31, 2015 , there were 97,296 unvested 2013 performance share units outstanding, net of performance share units that were forfeited or
vested since the grant date. As of December 31, 2015 , the total number of shares expected to be issued pursuant to these performance share units on the March 4,
2016 vesting date is 186,020 shares.
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