Invacare 2014 Annual Report Download - page 95

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INVACARE CORPORATION AND SUBSIDIAIRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
FS-25
The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses were
as follows (in thousands):
2014 2013 2012
Non-Qualified stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,356 $ 3,926 $ 4,304
Restricted stock and restricted stock units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,270 2,031 2,241
Performance shares and performance share units . . . . . . . . . . . . . . . . . . . . . . . . . ———
Total stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,626 $ 5,957 $ 6,545
As of December 31, 2014, unrecognized compensation expense related to equity-based compensation arrangements granted
under the Company's 2013 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands):
2014 2013 2012
Non-Qualified stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,600 $ 8,270 $ 7,381
Restricted stock and restricted stock units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,461 3,705 4,323
Performance shares and performance share units . . . . . . . . . . . . . . . . . . . . . . . . . ———
Total stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,061 $ 11,975 $ 11,704
Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and for updated
vesting assumptions for the performance share awards (see "Performance Shares and Performance Share Units" below). No tax
benefit for share-based compensation was realized during 2014, 2013 and 2012 as a result of a valuation allowance against deferred
tax assets. In accordance with ASC 718, any tax benefits resulting from tax deductions in excess of the compensation expense
recognized is classified as a component of financing cash flows.
Stock Options
Generally, non-qualified stock option awards typically have a term of ten years and are granted at the fair market value of
the Company’s common shares on the date of grant. The Company expects the compensation expense to be recognized over a
weighted-average period of approximately 2 years.
The following table summarizes information about stock option activity for the three years ended 2014, 2013 and 2012:
2014
Weighted
Average
Exercise
Price 2013
Weighted
Average
Exercise
Price 2012
Weighted
Average
Exercise
Price
Options outstanding at
January 1 . . . . . . . . . . . . . . . . . 4,533,782 $ 23.86 4,664,634 $ 26.21 4,455,365 $ 28.99
Granted. . . . . . . . . . . . . . . . . . . 8,977 16.71 756,700 14.47 761,892 13.44
Exercised . . . . . . . . . . . . . . . . . (33,810) 14.16 (30,166) 16.94 (9,417) 10.70
Canceled. . . . . . . . . . . . . . . . . . (908,817) 28.57 (857,386) 28.63 (543,206) 31.52
Options outstanding at
December 31 . . . . . . . . . . . . . . 3,600,132 $ 22.74 4,533,782 $ 23.86 4,664,634 $ 26.21
Options exercise price range at
December 31 . . . . . . . . . . . . . . 13.37 to 13.35 to 13.37 to
$ 47.80 $ 47.80 $ 47.80
Options exercisable at
December 31 . . . . . . . . . . . . . . 2,954,082 2,985,175 3,074,275
Shares available for grant at
December 31* . . . . . . . . . . . . . 3,654,426 4,460,337 1,248,033
________________________
* Shares available for grant as of December 31, 2014 reduced by net restricted stock / unit and performance share / unit award
activity of 369,690 shares and 427,244 shares, respectively.