Xcel Energy 2009 Annual Report Download - page 117

Xcel Energy granted shares of restricted stock for the years ended Dec. 31 as follows:
2009 2008 2007
Granted shares ................................... — 27,931 37,000
Grant date fair value ............................... $— $ 20.62 $ 24.27
A summary of the status of nonvested restricted stock as of Dec. 31, 2009, and changes for the year then ended, are as
follows:
Weighted
Average Grant
Shares Date Fair Value
Nonvested restricted stock at Jan. 1, 2009 ............................ 58,846 $22.06
Vested .................................................. (28,830) 22.16
Dividend equivalents ......................................... 1,990 18.68
Nonvested restricted stock at Dec. 31, 2009 ........................... 32,006 21.77
Restricted Stock Units (RSUs) — Xcel Energy’s Board of Directors has granted RSUs under the Xcel Energy Omnibus
Incentive Plan approved by the shareholders in 2000 and under the Xcel Energy 2005 Omnibus Incentive Plan. Both
plans allow the attachment of various performance goals to the RSUs granted. The performance goals may vary by plan
year. The restrictions on RSUs will not lapse, even if performance goals have been achieved, until two years after the
grant date.
Payout of the RSUs and the lapsing of restrictions on the transfer of units are based on one of two separate
performance criteria. A portion of the awarded units, plus associated earned dividend equivalents, will be settled and the
restricted period will lapse after Xcel Energy achieves a specified EPS growth (adjusted for COLI for grant years prior
to 2008). Additionally, Xcel Energy’s annual dividend paid on its common stock must remain at a specified amount per
share or greater. EPS growth will be measured annually at the end of each fiscal year. The remaining awarded units,
plus associated earned dividend equivalents, will be settled and the restricted period will lapse after the results of
environmental performance, measured as a percentage of target performance, meets or exceeds threshold performance.
The environmental performance indicators will be measured annually at the end of each fiscal year. If the performance
criteria have not been met within four years of the date of grant, all associated units shall be forfeited.
The 2005 environmental RSUs met their target as of Dec. 31, 2006 and were settled in shares in February 2007. In
addition, the 2005 RSUs measured on EPS growth and all 2006 RSUs met their targets as of Dec. 31, 2007 and were
settled in shares in February 2008. The 2007 environmental RSUs met their target as of Dec. 31, 2009 and were
settled in shares in February 2010.
The RSUs granted for the years ended Dec. 31 were as follows:
2009 2008 2007
(Units in Thousands)
Granted units ................................... 597 460 313
Weighted average grant date fair value .................... $18.88 $20.60 $19.08
A summary of the status of nonvested RSUs as of Dec. 31, 2009, and changes for the year then ended, are as follows:
Weighted
Average Grant
Units Date Fair Value
(Units in Thousands)
Nonvested restricted stock units at Jan. 1, 2009 ........................ 715 $20.03
Granted ................................................. 597 18.88
Forfeited ................................................. (126) 19.50
Vested .................................................. (41) 19.08
Dividend equivalents ......................................... 54 19.61
Nonvested restricted stock units at Dec. 31, 2009 ....................... 1,199 19.52
The total fair value of nonvested RSUs as of Dec. 31, 2009 was $25.5 million and the weighted average remaining
contractual life was 2.0 years.
107