Equifax 2015 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2015 Equifax 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 88

  • 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

– 65 –
December 31,
2014 2013
Shares
Weighted-
Average
Price Shares
Weighted-
Average
Price
(Sharesinthousands) (Sharesinthousands)
Outstanding at the beginning of the year 3,530 $ 37.85 4,748 $ 34.64
Granted (all at market price) 249 $ 73.46 346 $ 60.15
Exercised (1,145) $ 34.81 (1,469) $ 32.58
Forfeited and canceled (55) $ 49.12 (95) $ 44.24
Outstanding at the end of the year 2,579 $ 42.54 3,530 $ 37.85
Exercisable at end of year 1,970 $ 36.39 2,495 $ 34.45
Nonvested Stock. Our 2008 Omnibus Incentive Plan also provides for awards of nonvested shares of our common
stock that can be granted to executive officers, employees and directors. Nonvested stock awards are generally subject to cliff
vesting over a period between one to three years based on service.
The fair value of nonvested stock is based on the fair market value of our common stock on the date of grant.
However, since our nonvested stock does not accrue or pay dividends during the vesting period, the fair value on the date of
grant is reduced by the present value of the expected dividends over the requisite service period (discounted using the
appropriate risk-free interest rate).
Pursuant to our 2008 Omnibus Incentive Plan, certain executive officers are granted nonvested shares in which the
number of shares is dependent upon the Company’s three-year relative total shareholder return as compared to the three-year
cumulative average shareholder return of the companies in the S&P 500 stock index, as comprised on the grant date, subject to
adjustment. The number of shares which could potentially be issued ranges from zero to 200% of the target award. The grants
outstanding subject to market performance as of December 31, 2015 would result in 379,607 shares outstanding at 100% of
target and 759,214 at 200% of target at the end of the vesting period. Compensation expense is recognized on a straight-line
basis over the measurement period and is based upon the fair market value of the shares estimated to be earned at the date of
grant. The fair value of the performance-based shares is estimated on the date of grant using a Monte-Carlo simulation.
The following table summarizes changes in our nonvested stock during the twelve months ended December 31, 2015,
2014 and 2013 and the related weighted-average grant date fair value:
Shares
Weighted-
Average
Grant Date
Fair Value
(Inthousands)
Nonvested at December 31, 2012 1,616 $ 37.95
Granted 621 $ 57.82
Vested (479) $ 33.05
Forfeited (63) $ 40.99
Nonvested at December 31, 2013 1,695 $ 46.50
Granted 580 $ 70.89
Vested (480) $ 35.83
Forfeited (95) $ 52.16
Nonvested at December 31, 2014 1,700 $ 57.52
Granted 472 $ 79.26
Vested (698) $ 39.21
Forfeited (43) $ 59.05
Nonvested at December 31, 2015 1,431 $ 72.64
The total fair value of nonvested stock that vested during the twelve months ended December 31, 2015, 2014 and
2013, was $65.0 million, $34.4 million and $29.1 million, respectively, based on the weighted-average fair value on the vesting
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
82
CONTENTS