Xerox 2013 Annual Report Download - page 135

Download and view the complete annual report

Please find page 135 of the 2013 Xerox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

In 2013, we deferred the annual grant of RSUs and PSs from July 1, 2013 to January 1, 2014. RSUs granted in 2013
represent off-cycle awards while PSs granted in 2013 represent overachievement shares associated with the 2010
PSs grant, which vested in 2013. Commencing in 2014, the annual award cycle will be granted entirely in PSs and on
January 1, 2014, we granted 8,395 thousand PSs with a grant date fair value of $12.17 per share.
The total unrecognized compensation cost related to non-vested stock-based awards at December 31, 2013 was as
follows:
Awards
Unrecognized
Compensation
Remaining Weighted-
Average Vesting Period
(Years)
Restricted Stock Units $ 60 1.3
Performance Shares 20 1.3
Stock Options 40.6
Total $ 84
The aggregate intrinsic value of outstanding RSUs and PSs awards was as follows:
Awards December 31, 2013
Restricted Stock Units $ 232
Performance Shares 98
Information related to stock options outstanding and exercisable at December 31, 2013 was as follows:
Options
Outstanding Exercisable
Aggregate intrinsic value $ 74 $ 62
Weighted-average remaining contractual life (years) 3.3 3.0
The total intrinsic value and actual tax benefit realized for vested and exercised stock-based awards was as follows:
December 31, 2013 December 31, 2012 December 31, 2011
Awards
Total
Intrinsic
Value
Cash
Received
Tax
Benefit
Total
Intrinsic
Value
Cash
Received
Tax
Benefit
Total
Intrinsic
Value
Cash
Received
Tax
Benefit
Restricted Stock Units $ 91 $ — $ 30 $117 $ — $ 33 $ 56 $ — $ 22
Performance Shares 62 — 22 — — — 17 — 6
Stock Options 51 124 19 12 44 4 18 44 7
No Performance Shares vested in 2012 since the 2009 primary award grant that normally would have vested in 2012
was replaced with a grant of Restricted Stock Units with a market based condition and therefore were accounted and
reported for as part of Restricted Stock Units.
Xerox 2013 Annual Report
118