Redbox 2013 Annual Report Download - page 81

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72
Certain information regarding our share-based payments is as follows:
December 31,
Dollars in thousands 2013 2012 2011
Share-based payments expense:
Share-based compensation - stock options . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,566 $ 2,654 $ 2,880
Share-based compensation - restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . 10,504 10,593 7,100
Share-based payments for content arrangements. . . . . . . . . . . . . . . . . . . . . . 4,761 6,115 6,231
Total share-based payments expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,831 $ 19,362 $ 16,211
Tax benefit on share-based payments expense . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,392 $ 7,246 $ 5,944
Per share weighted average grant date fair value of stock options granted . . . . . $ 53.90 $ 27.24 $ 20.67
Per share weighted average grant date fair value of restricted stock granted . . . . $ 53.94 $ 55.94 $ 45.86
Total intrinsic value of stock options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,567 $ 10,509 $ 2,291
Grant date fair value of restricted stock vested. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,641 $ 11,648 $ 5,132
December 31, 2013
Dollars in thousands
Unrecognized Share-
Based Payments
Expense
Weighted-Average
Remaining Life
Unrecognized share-based payments expense:
Share-based compensation - stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,777 2.4 years
Share-based compensation - restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,175 2.3 years
Share-based payments for content arrangements. . . . . . . . . . . . . . . . . . . . . . . . 979 0.9 years
Total unrecognized share-based payments expense . . . . . . . . . . . . . . . . . . $ 20,931
Share-Based Compensation
Stock options
Shares of common stock are issued upon exercise of stock options. Certain other information regarding our stock-based awards
is as follows:
• Stock options are granted only to our executives and non-employee directors.
• Options granted during the current year vest annually in equal installments over 4 years, and expire after 10 years.
The following table summarizes the weighted average valuation assumptions we used in the Black-Scholes-Merton Valuation
model for stock options granted during 2013:
December 31, 2013
Expected term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 years
Expected stock price volatility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.0%
Risk-free interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9%
Expected dividend yield. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0%
The following table presents a summary of stock option activity for 2013:
Shares in thousands Options
Weighted Average
Exercise Price
OUTSTANDING, December 31, 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 669 $ 34.86
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 $ 53.90
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (412) $ 30.72
Cancelled, expired, or forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (103) $ 42.65
OUTSTANDING, December 31, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 $ 45.72