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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
75
Note 10—Employee Stock-Based Compensation (continued)
Stock option activity for the year ended December 31, 2013 was as follows:
Options Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Life
(in Years) Aggregate
Intrinsic Value
(In thousands, except per share data and years)
Outstanding at December 31, 2012 5,717 $15.72
Options granted 2,236 18.88
Options exercised (1,428)9.67
Options canceled (1,313)24.36
Outstanding at December 31, 2013 5,212 $16.62 6.73 $ 48,290
Vested or expected to vest at December 31, 2013 4,956 16.48 6.61 $ 46,690
Exercisable at December 31, 2013 2,456 14.03 4.26 $ 29,555
The total intrinsic value of options exercised was $17.9 million, $8.5 million and $4.4 million for the years ended
December 31, 2013, 2012, and 2011, respectively.
Restricted stock unit activity for the year ended December 31, 2013 was as follows:
Shares
Weighted-Average
Grant-Date Fair
Value
(In thousands)
Outstanding at December 31, 2012 616 $15.10
Restricted stock units granted 1,272 $22.16
Restricted stock units canceled (238) $ 17.54
Restricted stock units vested (196) $ 15.22
Outstanding at December 31, 2013 1,454 $20.87
The total fair value of shares vested for the years ended December 31, 2013 and 2012 was $4.5 million and $0.4
million, respectively, based on the price of our Class A common stock on the vesting date. No restricted stock units
vested prior to 2012.
At December 31, 2013, there was $19.3 million and $24.4 million of aggregate unrecognized compensation cost
related to unvested stock options and restricted stock units, respectively, expected to be recognized in compensation
expense in future periods, with a weighted-average period of 2.9 years and 3.4 years, respectively. Approximately 0.5
million shares are available for grant under the 2010 Equity Incentive Plan as of December 31, 2013.
Stock-Based Retailer Incentive Compensation
As discussed in Note 9 — Stockholders’ Equity, we issued Walmart 2,208,552 shares of our Class A common
stock. We recognize the fair value of 36,810 shares each month over the 60-month term of the commercial agreement.
An early expiration of our right to repurchase as described above would, however, result in the recognition of the fair
value of all the shares still subject to repurchase on the date of the expiration. We currently assess an early expiration
of our repurchase right to be remote. We record the fair value recognized as stock-based retailer incentive compensation,
a contra-revenue component of our total operating revenues. We recognize monthly the fair value of the shares for
which our right to repurchase has lapsed using the then-current fair market value of our Class A common stock. We
recognized $8.7 million, $8.3 million and $17.3 million of stock-based retailer incentive compensation for the years
ended December 31, 2013, 2012, and 2011, respectively.