Xcel Energy 2013 Annual Report Download - page 119

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101
The RSUs granted for the years ended Dec. 31 were as follows:
(Units in Thousands) 2013 2012 2011
Granted units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 591 828
Weighted average grant date fair value. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27.65 $ 27.35 $ 23.63
A summary of the changes of nonvested RSUs for the year ended 2013, were as follows:
(Units in Thousands) Units
Weighted
Average
Grant Date
Fair Value
Nonvested RSUs at Jan. 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,155 $ 25.41
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 27.65
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81) 26.32
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (600) 23.62
Dividend equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 26.11
Nonvested RSUs at Dec. 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,312 27.53
The total fair value of nonvested RSUs as of Dec. 31, 2013 was $36.7 million and the weighted average remaining contractual life was
1.7 years.
Approximately 0.6 million RSUs vested during 2013 at a total fair value of $16.8 million. Approximately 0.1 million RSUs vested
during 2012 at a total fair value of $1.2 million. Approximately 1.1 million RSUs vested during 2011 at a total fair value of $30.1
million.
Stock Equivalent Unit Plan — Non-employee members of the Xcel Energy Inc. Board of Directors receive annual awards of stock
equivalent units, with each unit having a value equal to one share of Xcel Energy Inc. common stock. The annual grants are vested as
of the date of each member’s election to the board of directors; there is no further service or other condition attached to the annual
grants after the member has been elected to the board. Additionally, directors may elect to receive their fees in stock equivalent units
in lieu of cash, and similarly have no further service or other conditions attached. Dividends on Xcel Energy Inc.’s common stock are
converted to stock equivalent units and granted based on the number of stock equivalent units held by each participant as of the
dividend date. The stock equivalent units are payable as a distribution of Xcel Energy Inc.’s common stock upon a director’s
termination of service.
The stock equivalent units granted for the years ended Dec. 31 were as follows:
(Units in Thousands) 2013 2012 2011
Granted units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 65 60
Grant date fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.52 $ 27.41 $ 25.12
A summary of the stock equivalent unit changes for the year ended 2013 are as follows:
(Units in Thousands) Units
Weighted
Average
Grant Date
Fair Value
Stock equivalent units at Jan. 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577 $ 21.71
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 29.52
Units distributed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32) 18.23
Dividend equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 29.06
Stock equivalent units at Dec. 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . 636 22.98
PSP Awards — Xcel Energy Inc.’s Board of Directors has granted PSP awards under the Xcel Energy Inc. 2005 Long-term Incentive
Plan (as amended and restated effective in 2010). The plan allows Xcel Energy to attach various performance goals to the PSP awards
granted. The PSP awards have been historically dependent on a single measure of performance, Xcel Energy Inc.’s TSR measured
over a three-year period. Xcel Energy Inc.’s TSR is compared to the TSR of other companies in the EEI Investor-Owned Electrics
index. At the end of the three-year period, potential payouts of the PSP awards range from zero to 200 percent, depending on Xcel
Energy Inc.’s TSR compared to the peer group.