Xcel Energy 2014 Annual Report Download - page 118

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The dilutive impact of common stock equivalents affecting EPS was as follows:
2014 2013 2012
(Amounts in thousands, except
per share data) Income Shares
Per
Share
Amount Income Shares
Per
Share
Amount Income Shares
Per
Share
Amount
Net income . . . . . . . . . . . . . . . . . . . $ 1,021,306 $ 948,234 $ 905,229
Basic EPS:
Earnings available to common
shareholders . . . . . . . . . . . . . . . . . . 1,021,306 503,847 $ 2.03 948,234 496,073 $ 1.91 905,229 487,899 $ 1.86
Effect of dilutive securities:
Equity awards. . . . . . . . . . . . . . . . — 270 — 459 — 535
Diluted EPS:
Earnings available to common
shareholders . . . . . . . . . . . . . . . . . . $ 1,021,306 504,117 $ 2.03 $ 948,234 496,532 $ 1.91 $ 905,229 488,434 $ 1.85
Share Repurchase — In February 2012, Xcel Energy Inc.’s Board of Directors approved the repurchase of up to 0.7 million shares of
common stock for the issuance of shares in connection with the vesting of awards under the Xcel Energy Inc. 2005 Long-Term
Incentive Plan. In March 2012, Xcel Energy Inc. repurchased the approved 0.7 million shares in the open market at an average price
of $26.42 per share. In addition, approximately 0.9 million shares of common stock were purchased in February 2012 through an
agent independent of Xcel Energy to fulfill requirements for the employer match pursuant to the Xcel Energy 401(k) Savings Plan; the
NCE Employees’ Savings and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees;
and the NCE Employee Investment Plan for Bargaining Unit Employees and Non-Bargaining Employees.
8. Share-Based Compensation
Restricted Stock — Certain employees may elect to receive shares of common or restricted stock under the Xcel Energy Inc.
Executive Annual Incentive Award Plan. Restricted stock is treated as an equity award and vests and settles in equal annual
installments over a three-year period. Xcel Energy Inc. reinvests dividends on the restricted stock while restrictions are in place.
Restrictions also apply to the additional shares of restricted stock acquired through dividend reinvestment. If the restricted shares are
forfeited, the employee is not entitled to the dividends on those shares. Restricted stock has a fair value equal to the market trading
price of Xcel Energy Inc.’s stock at the grant date.
Xcel Energy Inc. granted shares of restricted stock for the years ended Dec. 31 as follows:
(Shares in Thousands) 2014 2013 2012
Granted shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 33 33
Grant date fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.69 $ 28.30 $ 26.43
A summary of the changes of nonvested restricted stock for the year ended 2014 were as follows:
(Shares in Thousands) Shares Weighted Average Grant Date Fair Value
Nonvested restricted stock at Jan. 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 $ 27.33
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 29.69
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) 26.67
Dividend equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 30.94
Nonvested restricted stock at Dec. 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 29.00
Other Equity Awards — Xcel Energy Inc.’s Board of Directors has granted equity awards under the Xcel Energy Inc. 2005 Long-
Term Incentive Plan (as amended and restated in 2010). The plan allows the attachment of various vesting conditions and
performance goals to the awards granted. The vesting conditions and performance goals may vary by plan year. At the end of the
restricted period, such grants will be awarded if the vesting conditions and/or performance goals are met.
Commencing in 2014, certain employees were granted bundled equity awards with one portion of shares subject only to service
conditions, and the other portion subject to performance conditions. Inclusive of other grants of time-based shares, a total of 0.4
million and 0.2 million time-based equity shares subject only to service conditions were granted in 2014 and 2013, respectively. Other
than shares associated with these time-based awards, restricted stock and certain 401(k) employer match settlements, payout of all
other employee equity awards and the lapsing of restrictions on the transfer of units are based on the achievement of performance
criteria.