Green Dot 2015 Annual Report Download - page 89

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83
Note 12—Employee Stock-Based Compensation (continued)
Restricted stock unit activity for the year ended December 31, 2015 was as follows:
Shares
Weighted-Average
Grant-Date Fair
Value
(In thousands)
Outstanding at December 31, 2014 2,752 $20.18
Restricted stock units granted 1,980 $16.14
Restricted stock units canceled (493) $ 19.31
Restricted stock units vested (793) $ 20.12
Outstanding at December 31, 2015 3,446 $17.99
The total fair value of shares vested for the years ended December 31, 2015, 2014 and 2013 was $14.0 million,
$8.2 million and $4.5 million, respectively, based on the price of our Class A common stock on the vesting date.
As of December 31, 2015, there was $5.3 million and $45.7 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 1.44 years and 2.67 years, respectively.
Stock-Based Retailer Incentive Compensation
As discussed in Note 11 — 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 five-year 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 $2.5 million, $8.9 million and $8.7 million of stock-based retailer incentive compensation for the years ended
December 31, 2015, 2014, and 2013, respectively. Our repurchase right lapsed completely in April 2015, and we no
longer recorded stock-based compensation beginning in May 2015.
Note 13—Income Taxes
The components of income tax expense included in our consolidated statements of operations were as follows:
Year Ended December 31,
2015 2014 2013
(In thousands)
Current:
Federal $ 18,988 $24,382 $11,880
State 1,104 1,368 1,116
Foreign 21 — —
Current income tax expense 20,113 25,750 12,996
Deferred:
Federal (138)760 6,776
State (287)(224)(1,312)
Foreign 19 (73)—
Deferred income tax expense (406)463 5,464
Income tax expense $ 19,707 $26,213 $18,460