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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
69
A summary of performance share unit activity and changes during the year ended December 31, 2014 is presented below:
Performance Share Units Grants
Outstanding at January 1, 2014 (non-vested) 983,610
Granted 283,769
Vesting and transfer of ownership to recipients (425,170)
Forfeited (117,155)
Outstanding at December 31, 2014 (non-vested) 725,054
For the year ended December 31, 2014, we issued 416,111 shares of our common stock, representing a 98% payout on vested
performance share units having a grant date fair value of $14.3 million. For the years ended December 31, 2013 and 2012, we
issued common stock upon the vesting of the performance share units having a grant date fair value of $11.6 million and $6.0
million, respectively. As of December 31, 2014, there was $20.2 million of total unrecognized compensation cost related to non-
vested performance share units having a grant date fair value of $43.70 per unit. That cost is expected to be recognized over a
weighted-average period of 2.0 years.
NOTE 6: Cash and Cash Equivalents and Investments in Marketable Securities
Our investment portfolio at December 31, 2014 consisted of cash, cash equivalents and investments in marketable securities.
We currently invest in marketable debt securities with the maximum maturity or put date of any individual issue generally not
greater than one year from the date of purchase, which are usually held until maturity. All of these instruments are classified as
available-for-sale. As a result, they are reported at fair value using quoted market prices. Interest income is recorded as earned.
Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income.
Upon sale or maturity, realized gains on our marketable debt securities are recognized as interest income. These gains are computed
based on the specific identification of the underlying cost of the securities, net of unrealized gains and losses previously reported
in other comprehensive income. Unrealized gains and losses on our available-for-sale securities are due to changes in market prices
and are considered temporary.
The following is a summary of our marketable securities:
Amortized Cost
Gross
Unrealized
Gain Gross
Unrealized Loss
Fair Value
(Net Carrying
Amount)
(In thousands)
December 31, 2014
Certificates of deposit $ 54,000 $ 10 $ — $ 54,010
Commercial paper 52,297 7 (4) 52,300
Corporate debt securities 136,181 1 (94) 136,088
State and political subdivisions debt securities 231,819 5 (112) 231,712
Total marketable securities $ 474,297 $ 23 $ (210) $ 474,110
December 31, 2013
Certificates of deposit $ 74,802 $ 21 $ (1) $ 74,822
Commercial paper 78,216 28 — 78,244
Corporate debt securities 96,889 6 (44) 96,851
State and political subdivisions debt securities 475,235 49 (41) 475,243
Total marketable securities $ 725,142 $ 104 $ (86) $ 725,160
Interest income recognized on our marketable securities was $2.2 million and $2.1 million for the years ended December 31, 2014
and 2013, respectively.