Sallie Mae 2015 Annual Report Download - page 144

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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
14. Stock-Based Compensation Plans and Arrangements (Continued)
F-54
Restricted Stock
Restricted stock awards generally vest over three years and in some cases based on corporate earnings-related
performance targets. Outstanding restricted stock is entitled to dividend equivalent units that vest subject to the same vesting
requirements or lapse of transfer restrictions, as applicable, as the underlying restricted stock award. The fair value of restricted
stock awards is based on our stock price at the grant date.
The following table summarizes restricted stock activity for the year ended December 31, 2015.
(Amounts in thousands, except per share data) Number of
Shares
Weighted
Average Grant
Date
Fair Value
Non-vested at December 31, 2014 . . . . . . . . . . . 54,968 $ 9.12
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,174 8.94
Vested(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54,968) 8.19
Canceled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Non-vested at December 31, 2015(2) . . . . . . . . . . 86,174 $ 8.94
(1) The total fair value of shares that vested during the years ended December 31, 2015, 2014 and 2013
was $0.5 million, $0.4 million and $0.6 million, respectively.
(2) As of December 31, 2015, there was $0.4 million of unrecognized compensation cost related to
restricted stock net of estimated forfeitures, which is expected to be recognized over a weighted
average period of 0.5 years.
Restricted Stock Units and Performance Stock Units
Restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equity awards granted to employees that
entitle the holder to shares of our common stock when the award vests. RSUs may be time-vested over three years or vested at
grant but subject to transfer restrictions, while PSUs vest based on corporate earnings-related performance targets over a three-
year period. In April 2014, our PSUs with vesting contingent upon performance were replaced with time-vesting RSUs. This
conversion was made prior to the Spin-Off and was assessed to yield no incremental expense.
Outstanding RSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of
transfer restrictions, as applicable, as the underlying award. The fair value of RSUs is based on our stock price at the grant date.