United Airlines 2015 Annual Report Download - page 76
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pursuant to the United Continental Holdings, Inc. 2008 Incentive Compensation Plan. These share-based compensation awards include approximately
0.2 million shares of restricted stock and 0.3 million of time-vested RSUs that vest pro-rata over three years on the anniversary of the grant date. The time-
vested RSUs are cash-settled based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. In addition, UAL
granted 0.6 million performance-based RSUs that will vest based on UAL’s return on invested capital and the Company’s relative improvement in pre-tax
margin for the three years ending December 31, 2017. If these performance conditions are achieved, cash payments will be made after the end of the
performance period based on the 20-day average closing price of UAL common stock immediately prior to the vesting date. The Company accounts for the
RSUs as liability awards.
The following table provides information related to UAL’s share-based compensation plan cost for the years ended December 31 (in millions):
Compensation cost (a):
RSUs $ 52 $ 104 $ 88
Restricted stock 6 10 11
Other — — 1
Total $ 58 $ 114 $ 100
(a) All compensation cost is recorded to Salaries and related costs, with the exception of $3 million and $9 million in 2014 and 2013, respectively, that was recorded in integration-related costs as a component of
special items.
The table below summarizes UAL’s unearned compensation and weighted-average remaining period to recognize costs for all outstanding share-based awards
that are probable of being achieved for the year ended December 31, 2015 (in millions, except as noted):
RSUs $ 37 1.5
Restricted stock 4 1.4
Total $ 41
RSUs and Restricted Stock. All outstanding RSUs are to be settled in cash. As of December 31, 2015, UAL had recorded a liability of $102 million related to
its RSUs. UAL paid $85 million, $86 million and $29 million related to its RSUs during 2015, 2014 and 2013, respectively.
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Source: United Continental Holdings, Inc., 10-K, February 18, 2016 Powered by Morningstar® Document Research℠
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