World Fuel Services 2014 Annual Report Download - page 77

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72
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
V
alue (in
Y
ears) Awards Price Value (in Years)
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
Exercised (36) 22.26
Forfeited (4) 40.91
As of December 31, 2014 232 $ 40.06 $ 1,595 3.0 54 $ 35.81 $ 600 2.2
The aggregate intrinsic value of SSAR Awards exercised during 2014, 2013 and 2012 was $0.8 million, $9.1 million and
$2.1 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 2014 and 2012.
Unrecognized Compensation Cost
As of December 31, 2014, there was $30.6 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, 2014 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,
2015 $ 14,438
2016 10,133
2017 2,889
2018 2,575
2019 561
$ 30,596