Under Armour 2015 Annual Report Download - page 85

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During the year ended December 31, 2015, the Company deemed the achievement of certain operating
income targets probable for the performance-based stock options granted in 2015, and recorded $2.4 million for
these awards, including a cumulative adjustment of $0.9 million during the three months ended September 30,
2015. The Company will assess the probability of the achievement of the operating income targets at the end of
each reporting period. If it becomes probable that any remaining performance targets related to these
performance-based stock options will be achieved, a cumulative adjustment will be recorded as if ratable stock-
based compensation expense had been recorded since the grant date. Additional stock based compensation of up
to $0.6 million would have been recorded through December 31, 2015 for all performance-based stock options
had the full achievement of these operating income targets been deemed probable.
The intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013
was $27.5 million, $73.0 million and $44.1 million, respectively.
The following table summarizes information about stock options outstanding and exercisable as of
December 31, 2015:
(In thousands, except per share amounts)
Options Outstanding Options Exercisable
Number of
Underlying
Shares
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Life (Years)
Total
Intrinsic
Value
Number of
Underlying
Shares
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Life (Years)
Total
Intrinsic
Value
3,004 $14.52 4.91 $198,535 2,446 $8.26 4.05 $176,973
Restricted Stock and Restricted Stock Units
A summary of the Company’s restricted stock and restricted stock units as of December 31, 2015, 2014 and
2013, and changes during the years then ended is presented below:
Year Ended December 31,
(In thousands, except per share amounts) 2015 2014 2013
Number
of
Restricted
Shares
Weighted
Average
Fair Value
Number
of
Restricted
Shares
Weighted
Average
Fair Value
Number
of
Restricted
Shares
Weighted
Average
Fair Value
Outstanding, beginning of year 4,510 $30.42 5,244 $22.19 4,514 $19.51
Granted 1,015 76.72 1,061 54.17 1,682 26.35
Forfeited (326) 48.57 (958) 20.98 (410) 17.37
Vested (1,819) 23.22 (837) 19.49 (542) 16.76
Outstanding, end of year 3,380 $46.45 4,510 $30.42 5,244 $22.19
Included in the table above are 0.8 million, 1.0 million and 1.4 million performance-based restricted stock
units awarded to certain executives and key employees under the 2005 Plan during the years ended December 31,
2015, 2014 and 2013, respectively. These performance-based restricted stock units have a weighted average fair
value of $46.91 and have vesting that is tied to the achievement of certain combined annual operating income
targets.
During the year ended December 31, 2015, the Company deemed the achievement of certain operating
income targets probable for the awards granted in 2015 and 2014, and recorded $30.8 million for a portion of
these awards, including a cumulative adjustment of $9.1 million during the three months ended September 30,
2015. During the year ended December 31, 2014, the Company deemed the achievement of certain operating
targets probable for the awards granted in 2014, 2013 and 2012, and recorded $38.4 million for a portion of these
awards, including cumulative adjustments of $6.6 million during the three months ended March 31, 2014 and
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