Shutterfly 2015 Annual Report Download - page 102
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Restricted Stock Units
The Company grants restricted stock units (“RSUs”) to its employees under the provisions of the 2006 Plan,
2015 Plan and inducement awards to certain new employees upon hire in accordance with NASDAQ Listing
Rule 5635(c)(4). The cost of RSUs is determined using the fair value of the Company’s common stock on the
date of grant. RSUs typically vest and are settled annually, based on a three or four year total vesting
term. Compensation cost is amortized on a straight-line basis over the requisite service period.
Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for the year ended December 31, 2015, is as
follows (share numbers in thousands):
Number
of
Units
Outstanding
Weighted
Average
Grant Date
Fair Value
Awarded and unvested, December 31, 2014 ................................... 3,704 $ 42.17
Granted .............................................................. 2,412 44.43
Vested ............................................................... (1,617) 39.90
Forfeited ............................................................. (1,349) 43.99
Awarded and unvested, December 31, 2015 ................................... 3,150 $ 44.28
Restricted stock units expected to vest, December 31, 2015 ....................... 2,714
The chart below summarizes grant activity during the year ended December 31, 2015 by equity plan (share
numbers in thousands):
Grants in 2015
2006 Equity Incentive Plan
Restricted stock units(1) ......................................................... 1,355
Performance-based restricted stock units(2)(3) ....................................... 637
Total grants under 2006 Plan ....................................................... 1,992
2015 Equity Incentive Plan
Restricted stock units(1) ......................................................... 155
Total grants under 2015 Plan ....................................................... 155
2015 Inducement Plan
Restricted stock units(4) ......................................................... 70
Performance-based restricted stock units(4) .......................................... 108
Total grants pursuant to Inducement Awards ........................................... 178
Inducement Plan
Restricted stock units(4) ......................................................... 44
Performance-based restricted stock units(4) .......................................... 43
Total grants pursuant to Inducement Awards ........................................... 87
Total awards granted in 2015 ....................................................... 2,412
(1) Awards issued under the 2006 and 2015 Plan include restricted stock unit awards granted to new and current
employees. Awards issued under this plan typically vest over a three or four year total vesting term.
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