Western Union 2015 Annual Report Download - page 243

THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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The Company also grants bonus/deferred stock units out of the 2015 LTIP and 2006 LTIP to the non-employee directors of
the Company. Since bonus/deferred stock units vest immediately, compensation expense is recognized on the date of grant based
on the fair value of the awards when granted. These awards may be settled immediately unless the participant elects to defer the
receipt of common shares under the applicable plan rules.
Stock Option Activity
A summary of stock option activity for the year ended December 31, 2015 was as follows (options and aggregate intrinsic
value in millions):
Year Ended December 31, 2015
Options
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
(Years)
Aggregate
Intrinsic
Value
Outstanding as of January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4 $ 17.80
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 $ 19.32
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.6) $ 17.25
Cancelled/forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.0) $ 19.20
Outstanding as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . 11.8 $ 18.01 4.4 $ 13.3
Options exercisable as of December 31 . . . . . . . . . . . . . . . . . . 8.8 $ 18.62 3.3 $ 7.2
The Company received $80.1 million, $14.2 million and $28.6 million in cash proceeds related to the exercise of stock options
during the years ended December 31, 2015, 2014 and 2013, respectively. Upon the exercise of stock options, shares of common
stock are issued from authorized common shares.
The Company realized total tax benefits during the years ended December 31, 2015, 2014 and 2013 from stock option exercises
of $4.3 million, $0.9 million and $1.3 million, respectively.
The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $15.0
million, $3.5 million and $4.2 million, respectively.
Restricted Stock Activity
A summary of activity for restricted stock units and performance-based restricted stock units for the year ended December 31,
2015 is listed below (units in millions):
Year Ended December 31, 2015
Number
Outstanding
Weighted-Average
Grant-Date Fair Value
Non-vested as of January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 $ 14.68
Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 $ 17.85
Vested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.0) $ 15.86
Forfeited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.9) $ 15.64
Non-vested as of December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 $ 15.47
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