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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
A summary of the status of our performance awards is presented below.
Nonvested
Awards
Weighted-
Average
Grant-Date
Fair Value
Per Share
Awards outstanding as of January 1, 2015 614,390
$ 42.06
Granted 183,299
88.97
Vested (388,561)
38.77
Forfeited (703)
48.57
Awards outstanding as of December 31, 2015 408,425
66.23
As of December 31, 2015, there was $16 million of unrecognized compensation cost related to outstanding unvested performance
awards, which will be recognized during 2016.
Performance awards converted during the year ended December 31, 2015 were as follows:
Vested
Awards
Converted
Actual
Conversion
Rate
Number of
Shares
Issued
2011 awards 213,299
166.7%
355,576
2012 awards 96,845
200.0%
193,690
2013 awards 78,417
200.0%
156,834
Total 388,561
706,100
15. INCOME TAXES

Income from continuing operations before income tax expense was as follows (in millions):
Year Ended December 31,
2015
2014
2013
U.S. operations $ 5,327
$ 4,677
$ 3,531
International operations 644
875
445
Income from continuing operations before
income tax expense $ 5,971
$ 5,552
$ 3,976
101