ComEd 2013 Annual Report Download - page 229

Thefollowingtable summarizesExelon’s nonvestedperformanceshare awards activityfor theyear endedDecember 31,2013:
Shares
Weighted Average
Grant Date Fair
Value (per share)
Nonvestedat December 31,2012 (a).................................................... 1,312,734$40.08
Granted ............................................................................ 2,629,17131.55
Vested ............................................................................. (612,624) 40.13
Forfeited ........................................................................... (24,451)32.17
Undistributedvestedawards(b) ........................................................ (1,290,640)34.28
Nonvestedat December 31,2013 (a).................................................... 2,014,190$32.74
(a) Excludes1,411,824and204,643ofperformanceshare awards issuedto retirement-eligible employeesasofDecember 31,2013 andDecember 31,2012,
respectively, astheyare fullyvested.
(b) Representsperformanceshare awards that vestedbut were not distributedto retirement-eligible employeesduring2013.
Theweightedaveragegrant date fairvalue (per share)ofperformanceshare awards grantedduringtheyearsendedDecember 31,
2013,2012 and2011 was$31.55, $39.71,and$43.52,respectively. DuringtheyearsendedDecember 31,2013,2012 and2011,
Exelon settledperformanceshareswithafairvalue totaling$26million,$23 million and$22 million,respectively, of which $12
million,$3million and$10 million waspaid incash, respectively. AsofDecember 31,2013,$34million oftotal unrecognized
compensation costsrelatedto nonvestedperformancesharesare expectedto berecognizedover theremainingweighted-average
periodof1.7 years.
Thefollowingtable presentsthebalancesheet classification ofobligationsrelatedto outstandingperformanceshare awards not yet
settled:
December 31,
2013 2012
Current liabilities(a).................................................................................. $13 $7
Deferredcreditsandother liabilities(b) .................................................................. 2411
Common stock ..................................................................................... 32 35
Total ............................................................................................. $69 $53
(a)Representsthecurrent liabilityrelatedto performanceshare awards expectedto besettledincash.
(b) Representsthe long-termliabilityrelatedto performanceshare awards expectedto besettledincash.
20. Earnings Per Share and Equity
Earnings per Share
Dilutedearnings per share is calculated by dividingnet incomeby theweightedaveragenumber ofsharesofcommon stock
outstanding, includingsharesto beissuedupon exerciseofstock options, performanceshare awards andrestrictedstock
outstandingunder Exelon’s LTIPs consideredto becommon stock equivalents. Thefollowingtable setsforththecomponentsof
basic anddilutedearnings per share andshows theeffectofthesestock options, performanceshare awards andrestrictedstock on
theweightedaveragenumber ofsharesoutstandingusedincalculatingdilutedearnings per share:
Year Ended December 31,
2013 2012 2011
Net income attributable to common shareholders .............................................. $1,719$1,160$2,495
Weightedaveragecommon sharesoutstanding—basic ......................................... 856 816663
Assumedexerciseand/or distributionsofstock-basedawards.................................... 4 32
Weightedaveragecommon sharesoutstanding—diluted ........................................ 860819 665
Thenumber ofstock optionsnot includedinthecalculation ofdilutedcommon sharesoutstandingdue to their antidilutiveeffectwas
approximately20 million in 2013,14million in 2012 and9million in 2011.
Under share repurchase programs, 35million sharesofcommon stock are heldastreasurystock withacostof$2.3billion asof
December 31,2013.In 2008, Exelon management decidedto defer indefinitelyanyshare repurchases.
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