World Fuel Services 2013 Annual Report Download - page 77

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SSAR Awards
The following table summarizes the status of our outstanding and exercisable SSAR Awards and related transactions for each of the
following years (in thousands, except weighted average exercise price and weighted average remaining contractual life data):
SSAR Awards Outstanding SSAR Awards Exercisable
Weighted Weighted
Average Average
Weighted Remaining Weighted Remaining
Average Aggregate Contractual Average Aggregate Contractual
SSAR Exercise Intrinsic Life SSAR Exercise Intrinsic Life
Awards Price Value (in Years) Awards Price Value (in Years)
As of December 31, 2010 1,012 $16.10 $20,346 1.9 480 $18.29 $ 8,619 1.3
Exercised (486) 16.56
Forfeited (9) 12.39
As of December 31, 2011 517 15.06 13,921 1.4 410 15.39 10,895 1.4
Exercised (95) 16.76
As of December 31, 2012 422 15.30 10,927 0.6 322 16.02 8,108 0.7
Granted 218 41.42
Exercised (366) 14.07
Forfeited (2) 37.34
As of December 31, 2013 272 $37.69 $ 1,594 3.6 56 $23.25 $ 1,124 1.0
The aggregate intrinsic value of SSAR Awards exercised during 2013, 2012 and 2011 was $9.1 million, $2.1 million and $10.2 million,
respectively, based on the difference between the average of the high and low market price of our common stock at the exercise date
and the SSAR Award exercise price.
As discussed in Note 1, we currently use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to
employees and non-employee directors. The weighted average fair value of the SSAR Awards for 2013 was $11.65 and the
assumptions used to determine such fair value were as follows: expected term of 4.1 years, volatility of 38.0%, dividend yields of
0.4% and risk-free interest rates of 0.6%. There were no SSAR Awards issued in 2012 and 2011.
Unrecognized Compensation Cost
As of December 31, 2013, there was $32.7 million of total unrecognized compensation cost related to unvested share-based payment
awards, which is included as capital in excess of par value in the accompanying consolidated balance sheets. The unrecognized
compensation cost as of December 31, 2013 is expected to be recognized as compensation expense over a weighted average period
of 1.4 years as follows (in thousands):
Year Ended December 31,
2014 $14,829
2015 9,595
2016 5,637
2017 2,223
2018 392
$32,676
71