Valero 2015 Annual Report Download - page 105
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
We have defined contribution plans that cover most of our employees. Our contributions to these plans are based on employees’
compensation and/or a partial match of employee contributions to the plans. Our contributions to these defined contribution plans were
$65 million, $61 million, and $62 million for the years ended December 31, 2015, 2014, and 2013, respectively.
14. STOCK-BASED COMPENSATION
Under our 2011 Omnibus Stock Incentive Plan (the OSIP), various stock and stock-based awards may be granted to employees and
non-employee directors. Awards available under the OSIP include options to purchase shares of common stock, performance awards
that vest upon the achievement of an objective performance goal, stock appreciation rights, restricted stock that vests over a period
determined by our compensation committee, and dividend equivalent rights (DERs). The OSIP was approved by our stockholders on
April 28, 2011. As of December 31, 2015, 12,109,301 shares of our common stock remained available to be awarded under the OSIP.
We also maintain other stock-based compensation plans under which previously granted equity awards remain outstanding.
No additional grants may be awarded under these plans.
The following table reflects activity related to our stock-based compensation arrangements (in millions):
Year Ended December 31,
2015
2014
2013
Stock-based compensation expense:
Restricted stock $ 47
$ 43
$ 49
Performance awards 11
15
11
Stock options 1
2
4
Total stock-based compensation expense $ 59
$ 60
$ 64
Tax benefit recognized on stock-based
compensation expense $ 21
$ 21
$ 22
Tax benefit realized for tax deductions
resulting from exercises and vestings 66
64
66
Effect of tax deductions in excess of
recognized stock-based compensation
expense reported as a financing cash flow 44
47
47
Each of our significant stock-based compensation arrangements is discussed below.
Restricted stock is granted to employees and non-employee directors. Restricted stock granted to employees vests in accordance with
individual written agreements between the participants and us, usually in equal annual installments over a period of three years
beginning one year after the date of grant. Restricted stock granted to our non-employee directors vests in equal annual installments
over a period of three years beginning one year after the date of grant. The fair value of each restricted stock per share is equal to the
99