AutoNation 2015 Annual Report Download - page 82
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Table of Contents
The following table summarizes information about vested and unvested restricted stock for 2015:
Nonvested at January 1 306,442
$ 42.52
Granted (1) 159,442
$ 62.54
Vested (140,019)
$ 41.44
Forfeited (41,581)
$ 48.02
Nonvested at December 31 284,284
$ 53.11
(1) The restricted stock awards granted during 2015 are primarily related to our employee annual restricted stock award grant in March 2015.
The weighted average grant-date fair value of restricted stock awards granted and total fair value of restricted stock awards vested are summarized in the
following table:
Weighted average grant-date fair value of restricted stock awards granted $ 62.54
$ 52.87
$ 43.45
Total fair value of restricted stock awards vested (in millions) $ 8.8
$ 8.1
$ 6.8
Restricted Stock Units
We began granting restricted stock units (“RSUs”) under our 2014 Director Plan in 2014. On January 2, 2015, each of our non-employee directors
received a grant of 5,000 RSUs under the 2014 Director Plan. RSUs granted to our non-employee directors are fully vested on the grant date and are settled in
shares of the Company’s common stock on the first trading day of February in the third year following the grant date, unless the non-employee director elects
to defer delivery in accordance with the terms of the award and the 2014 Director Plan. Settlement of the RSUs will be accelerated in certain circumstances as
provided in the terms of the award and the 2014 Director Plan, including in the event the non-employee director ceases to serve as a non-employee director of
the Company. Compensation cost is recognized on the grant date and is based on the closing price of our common stock on the grant date.
The weighted average grant-date fair value and total grant-date fair value of RSUs granted (and vested) are summarized in the following table:
Weighted average grant-date fair value of RSUs granted $ 60.04
$ 53.57
$ —
Total fair value of RSUs granted (in millions) $ 2.7
$ 2.1
$ —
Compensation Expense
The following table summarizes the total stock-based compensation expense recognized in Selling, General, and Administrative Expenses in the
Consolidated Statements of Income and the total recognized tax benefit related thereto:
Stock options $ 14.8
$ 18.4
$ 16.6
Restricted stock 6.5
5.8
4.7
RSUs 2.7
2.1
—
Total stock-based compensation expense $ 24.0
$ 26.3
$ 21.3
Tax benefit related to stock-based compensation expense $ 9.2
$ 10.0
$ 8.1
80