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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2014
The following table summarizes the Company’s RSA and RSU activity for fiscal 2014:
Restricted Stock
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (1)
(in millions)
Awards Units RSA RSU RSA RSU RSA RSU
Outstanding at October 1, 2013 . . . 1,697,981 649,682 $119.20 $119.49
Granted ...................... 609,015 226,581 $199.91 $197.76
Vested ....................... (841,527) (317,343) $108.28 $111.18
Forfeited ..................... (156,923) (92,187) $150.85 $141.67
Outstanding at September 30,
2014 ......................... 1,308,546 466,733 $160.00 $158.75 1.4 1.1 $279 $100
(1) Calculated by multiplying the closing stock price on the last trading day of fiscal 2014 of $213.37 by
the number of instruments.
At September 30, 2014, there was $127 million and $35 million of total unrecognized compensation
cost related to unvested RSAs and RSUs, respectively, which is expected to be recognized over a
weighted-average period of approximately 1.4 years for RSAs and 1.1 years for RSUs.
Performance-based Shares
The following table summarizes the maximum number of performance-based shares which
could be earned and related activity for fiscal 2014:
Shares
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (1)
(in millions)
Outstanding at October 1, 2013 ............. 459,899 $ 126.24
Granted(2) ............................... 278,451 $ 225.46
Vested and earned ....................... (114,514) $ 85.05
Unearned ............................... — $ —
Forfeited ................................ (105,026) $ 177.01
Outstanding at September 30, 2014 ......... 518,810 $ 177.29 0.6 $111
(1) Calculated by multiplying the closing stock price on the last trading day of fiscal 2014 of $213.37 by
the number of instruments.
(2) Represents the maximum number of performance-based shares which could be earned.
For the Company’s performance-based shares, in addition to service conditions, the ultimate
number of shares to be earned depends on the achievement of both performance and market
conditions. The performance condition is based on the Company’s earnings per share target. The
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