KeyBank 2015 Annual Report Download - page 212

The following table summarizes activity and pricing information for the nonvested shares in the Program for the
year ended December 31, 2015.
Vesting Contingent on
Service Conditions
Vesting Contingent on
Performance and Service
Conditions
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Outstanding at December 31, 2014 5,024,212 $ 10.61 4,074,320 $ 13.04
Granted 4,335,823 14.11 1,297,239 13.60
Vested (1,978,447) 9.73 (1,531,950) 13.19
Forfeited (231,086) 12.69 (126,338) 12.97
Outstanding at December 31, 2015 7,150,502 $ 12.88 3,713,271 $ 13.17
The compensation cost of time-lapsed and performance-based restricted stock or unit awards granted under the
Program is calculated using the closing trading price of our common shares on the grant date.
Unlike time-lapsed and performance-based restricted stock or units, we do not pay dividends during the vesting
period for performance shares or units that may become payable in excess of targeted performance.
The weighted-average grant-date fair value of awards granted under the Program was $13.99 during 2015,
$13.00 during 2014, and $10.96 during 2013. As of December 31, 2015, unrecognized compensation cost related
to nonvested shares under the Program totaled $63 million. We expect to recognize this cost over a weighted-
average period of 2.2 years. The total fair value of shares vested was $39 million in 2015, $36 million in 2014,
and $23 million in 2013.
Deferred Compensation and Other Restricted Stock Awards
Our deferred compensation arrangements include voluntary and mandatory deferral programs for common shares
awarded to certain employees and directors. Mandatory deferred incentive awards vest at the rate of 25% per
year beginning one year after the deferral date for awards granted in 2012 and after, and 33-1/3% per year
beginning one year after the deferral date for awards granted prior to 2012. Deferrals under the voluntary
programs are immediately vested.
We also may grant, upon approval by the Compensation and Organization Committee (or our Chief Executive
Officer with respect to her delegated authority), other time-lapsed restricted stock or unit awards under various
programs to recognize outstanding performance.
The following table summarizes activity and pricing information for the nonvested shares granted under our
deferred compensation plans and these other restricted stock or unit award programs for the year ended
December 31, 2015.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 2014 3,123,540 $ 11.21
Granted 1,108,249 14.22
Dividend equivalents 8,692 13.83
Vested (1,127,841) 10.72
Forfeited 18,758 13.16
Outstanding at December 31, 2015 3,131,398 $ 12.47
The weighted-average grant-date fair value of awards granted was $14.22 during 2015, $13.53 during 2014, and
$10.71 during 2013. As of December 31, 2015, unrecognized compensation cost related to nonvested shares
197