Albertsons 2015 Annual Report Download - page 82

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80
Restricted Stock
Restricted stock awards and restricted stock unit activity consisted of the following:
Restricted
Stock Units
(In thousands)
Restricted
Stock Awards
(In thousands)
Weighted
Average Grant
Date Fair
Value(1)
Outstanding, February 25, 2012 151 444 $ 17.96
Granted 894 1,482 6.05
Lapsed (64)(220) 10.03
Canceled and forfeited (9)(263) 10.19
Outstanding, February 23, 2013 972 1,443 7.83
Granted 296 491 6.98
Lapsed (1,268)(967) 6.23
Canceled and forfeited — (30) 6.08
Outstanding, February 22, 2014 — 937 9.09
Granted 2,274 18 7.11
Lapsed (133)(417) 6.54
Canceled and forfeited (90)(2) 6.09
Outstanding, February 28, 2015 2,051 536 $ 11.02
(1) Weighted average grant date fair value is only used for restricted stock awards.
In fiscal 2015, the Company granted 2 shares of restricted stock units to certain employees under the Company's 2012 Stock
Plan.
In fiscal 2013, the Company granted restricted stock awards of 1 shares to certain employees under the Company’s fiscal 2012
bonus plan at a fair value of $6.15 per share. The restricted stock awards will vest over a three year period from the date of
grant.
Stock-Based Compensation Expense
The components of pre-tax stock-based compensation expense are included primarily in Selling and administrative expenses in
the Consolidated Statements of Operations. The expense recognized and related tax benefits were as follows:
2015 2014 2013
Stock-based compensation $ 23 $ 22 $ 13
Income tax benefits (9)(8)(5)
Stock-based compensation, net of tax $ 14 $ 14 $ 8
The Company realized excess tax shortfalls of $1, $1 and $2 in fiscal 2015, 2014 and 2013, respectively.
Unrecognized Stock-Based Compensation Expense
As of February 28, 2015, there was $25 of unrecognized compensation expense related to unvested stock-based awards granted
under the Company’s stock plans. The expense is expected to be recognized over a weighted average remaining vesting period
of approximately two years.
Long-Term Incentive Plans
In fiscal 2013, the Company granted 5 performance award units to certain employees under the SUPERVALU INC. 2007 Stock
Plan as part of the Company’s long-term incentive program (“2013 LTIP”). Payout of the award was based on the increase in
share price over the three-year service period ending May 1, 2015, and will be settled in the Company’s stock. The grant date
fair value used to determine compensation expense associated with the performance grant was calculated utilizing a Monte
Carlo simulation. The grant date fair value of the 2013 LTIP award was $1.38 per award unit. Due to the deemed change in
control along with certain other events discussed above, the 2013 and 2012 long-term incentive program awards were
immediately accelerated for the vast majority of the outstanding awards in fiscal 2014. The amount of the awards outstanding
was insignificant as of February 28, 2015.