Nucor 2013 Annual Report Download - page 65

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64
A summary of Nucor’s restricted stock unit activity is as follows:
(shares in thousands)
Year Ended December 31, 2013 2012 2011
Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value
Restricted stock units:
Unvested at beginning of year 1,106 $40.80 962 $46.09 1,203 $49.96
Granted 789 $44.51 1,101 $35.76 490 $42.34
Vested (762) $42.15 (915) $40.36 (713) $50.04
Canceled (11) $39.08 (42) $39.41 (18) $46.06
Unvested at end of year 1,122 $42.51 1,106 $40.80 962 $46.09
Shares reserved for future grants
(stock options and RSUs) 10,486 11,839 13,695
Compensation expense for RSUs was $32.6 million in 2013 ($34.2 million in 2012 and $31.6 million in 2011). The total fair value
of shares vested during 2013 was $34.1 million ($33.1 million in 2012 and $29.3 million in 2011). As of December 31, 2013,
unrecognized compensation expense related to unvested RSUs was $29.4 million, which is expected to be recognized over a
weighted-average period of two years.
Restricted Stock Awards Nucor’s Senior Officers Long-Term Incentive Plan (the LTIP) and Annual Incentive Plan (the AIP) authorize
the award of shares of common stock to officers subject to certain conditions and restrictions.
The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at
no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests
upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by
Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is
limited during the restricted period.
The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to
one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with
a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to
the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a
deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid
to AIP participants in the form of shares of common stock following their termination of employment with Nucor.
A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows:
(shares in thousands)
Year Ended December 31, 2013 2012 2011
Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value
Restricted stock awards and units:
Unvested at beginning of year 72 $43.72 94 $42.46 141 $44.62
Granted 122 $47.36 122 $42.20 118 $46.41
Vested (121) $46.32 (144) $41.62 (165) $47.13
Canceled — — — — — —
Unvested at end of year 73 $45.49 72 $43.72 94 $42.46
Shares reserved for future grants 1,238 1,360 1,482