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Benefit Plans
 3 Months Ended
Mar. 31, 2015
Benefit Plans
BENEFIT PLANS
(a) Pension and Other Postretirement Benefits Plans -
Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2015
 
2014
 
2015
 
2014
Service cost

$4.0

 

$3.3

 

$1.4

 

$1.3

Interest cost
13.4

 
13.5

 
2.2

 
2.4

Expected return on plan assets
(18.7
)
 
(18.7
)
 
(2.1
)
 
(2.1
)
Amortization of prior service credit
(0.1
)
 
—

 
(2.8
)
 
(3.0
)
Amortization of actuarial loss
8.8

 
4.8

 
1.2

 
0.6

Additional benefit costs
0.2

 
—

 
—

 
—

 

$7.6

 

$2.9

 

($0.1
)
 

($0.8
)
 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2015
 
2014
 
2015
 
2014
Service cost

$2.2

 

$1.8

 

$0.6

 

$0.6

Interest cost
6.2

 
6.3

 
0.9

 
1.0

Expected return on plan assets
(8.9
)
 
(9.0
)
 
(1.4
)
 
(1.5
)
Amortization of prior service credit
—

 
—

 
(1.5
)
 
(1.6
)
Amortization of actuarial loss
3.8

 
2.0

 
0.6

 
0.3

 

$3.3

 

$1.1

 

($0.8
)
 

($1.2
)
 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2015
 
2014
 
2015
 
2014
Service cost

$1.4

 

$1.2

 

$0.6

 

$0.5

Interest cost
5.6

 
5.7

 
0.9

 
1.0

Expected return on plan assets
(8.1
)
 
(8.1
)
 
(0.4
)
 
(0.3
)
Amortization of prior service cost (credit)
0.1

 
0.1

 
(0.9
)
 
(1.0
)
Amortization of actuarial loss
4.2

 
2.3

 
0.6

 
0.3

Additional benefit costs
0.2

 
—

 
—

 
—

 

$3.4

 

$1.2

 

$0.8

 

$0.5



401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions):
 
Alliant Energy
 
IPL (a)
 
WPL (a)
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
401(k) costs

$6.7

 

$5.9

 

$3.4

 

$3.1

 

$2.9

 

$2.6


(a)
IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees.

(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Compensation expense

$3.2

 

$3.1

 

$1.7

 

$1.7

 

$1.4

 

$1.3

Income tax benefits
1.3

 
1.3

 
0.7

 
0.7

 
0.6

 
0.5



As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.

Performance Shares and Units -
Performance Shares - A summary of the performance shares activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested shares, January 1
144,424

 
139,940

Granted
45,403

 
51,221

Vested
(45,612
)
 
(45,235
)
Nonvested shares, March 31
144,215

 
145,926


(a)
Share amounts represent the target number of performance shares.

During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance shares vested
45,612

 
45,235

Percentage of target number of performance shares
167.5
%
 
147.5
%
Aggregate payout value (in millions)

$5.1

 

$3.4

Payout - cash (in millions)

$3.2

 

$2.9

Payout - common stock shares issued
10,975

 
4,810


Performance Units - A summary of the performance units activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested units, January 1
63,665

 
65,912

Granted
17,837

 
20,422

Vested
(22,845
)
 
(20,751
)
Forfeited
(93
)
 
(311
)
Nonvested units, March 31
58,564

 
65,272


(a)
Unit amounts represent the target number of performance units.

During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance units vested
22,845

 
20,751

Percentage of target number of performance units
167.5
%
 
147.5
%
Payout value (in millions)

$1.6

 

$1.2


Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2015 Grant
 
2014 Grant
 
2013 Grant
 
2015 Grant
 
2014 Grant
 
2013 Grant
Nonvested awards
45,403

 
49,719

 
49,093

 
17,744

 
19,440

 
21,380

Alliant Energy common stock closing price on March 31, 2015

$63.00

 

$63.00

 

$63.00

 
 
 
 
 
 
Alliant Energy common stock closing price on grant date
 
 
 
 
 
 

$65.09

 

$53.77

 

$47.58

Estimated payout percentage based on performance criteria
100
%
 
128
%
 
178
%
 
100
%
 
128
%
 
178
%
Fair values of each nonvested award

$63.00

 

$80.64

 

$112.14

 

$65.09

 

$68.83

 

$84.69



At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.

Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows:
 
2015
 
2014
 
Shares
 
Weighted
Average
Fair Value
 
Shares
 
Weighted
Average
Fair Value
Nonvested shares, January 1
98,812

 

$50.69

 
158,922

 

$42.71

Granted
45,403

 
65.09

 
51,221

 
53.77

Vested (a)
(49,093
)
 
47.58

 
(90,847
)
 
40.91

Forfeited
—

 
—

 
(18,982
)
 
38.75

Nonvested shares, March 31
95,122

 
59.17

 
100,314

 
50.74



(a)
In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met.

Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows:
 
2015
 
2014
Nonvested awards, January 1
78,930

 
96,977

Granted
41,105

 
42,446

Vested (a)
(37,332
)
 
(55,517
)
Forfeited
(469
)
 
(3,406
)
Nonvested awards, March 31
82,234

 
80,500


(a)
In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively.
IPL [Member]  
Benefit Plans
BENEFIT PLANS
(a) Pension and Other Postretirement Benefits Plans -
Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2015
 
2014
 
2015
 
2014
Service cost

$4.0

 

$3.3

 

$1.4

 

$1.3

Interest cost
13.4

 
13.5

 
2.2

 
2.4

Expected return on plan assets
(18.7
)
 
(18.7
)
 
(2.1
)
 
(2.1
)
Amortization of prior service credit
(0.1
)
 
—

 
(2.8
)
 
(3.0
)
Amortization of actuarial loss
8.8

 
4.8

 
1.2

 
0.6

Additional benefit costs
0.2

 
—

 
—

 
—

 

$7.6

 

$2.9

 

($0.1
)
 

($0.8
)
 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2015
 
2014
 
2015
 
2014
Service cost

$2.2

 

$1.8

 

$0.6

 

$0.6

Interest cost
6.2

 
6.3

 
0.9

 
1.0

Expected return on plan assets
(8.9
)
 
(9.0
)
 
(1.4
)
 
(1.5
)
Amortization of prior service credit
—

 
—

 
(1.5
)
 
(1.6
)
Amortization of actuarial loss
3.8

 
2.0

 
0.6

 
0.3

 

$3.3

 

$1.1

 

($0.8
)
 

($1.2
)
 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2015
 
2014
 
2015
 
2014
Service cost

$1.4

 

$1.2

 

$0.6

 

$0.5

Interest cost
5.6

 
5.7

 
0.9

 
1.0

Expected return on plan assets
(8.1
)
 
(8.1
)
 
(0.4
)
 
(0.3
)
Amortization of prior service cost (credit)
0.1

 
0.1

 
(0.9
)
 
(1.0
)
Amortization of actuarial loss
4.2

 
2.3

 
0.6

 
0.3

Additional benefit costs
0.2

 
—

 
—

 
—

 

$3.4

 

$1.2

 

$0.8

 

$0.5



401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions):
 
Alliant Energy
 
IPL (a)
 
WPL (a)
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
401(k) costs

$6.7

 

$5.9

 

$3.4

 

$3.1

 

$2.9

 

$2.6


(a)
IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees.

(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Compensation expense

$3.2

 

$3.1

 

$1.7

 

$1.7

 

$1.4

 

$1.3

Income tax benefits
1.3

 
1.3

 
0.7

 
0.7

 
0.6

 
0.5



As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.

Performance Shares and Units -
Performance Shares - A summary of the performance shares activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested shares, January 1
144,424

 
139,940

Granted
45,403

 
51,221

Vested
(45,612
)
 
(45,235
)
Nonvested shares, March 31
144,215

 
145,926


(a)
Share amounts represent the target number of performance shares.

During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance shares vested
45,612

 
45,235

Percentage of target number of performance shares
167.5
%
 
147.5
%
Aggregate payout value (in millions)

$5.1

 

$3.4

Payout - cash (in millions)

$3.2

 

$2.9

Payout - common stock shares issued
10,975

 
4,810


Performance Units - A summary of the performance units activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested units, January 1
63,665

 
65,912

Granted
17,837

 
20,422

Vested
(22,845
)
 
(20,751
)
Forfeited
(93
)
 
(311
)
Nonvested units, March 31
58,564

 
65,272


(a)
Unit amounts represent the target number of performance units.

During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance units vested
22,845

 
20,751

Percentage of target number of performance units
167.5
%
 
147.5
%
Payout value (in millions)

$1.6

 

$1.2


Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2015 Grant
 
2014 Grant
 
2013 Grant
 
2015 Grant
 
2014 Grant
 
2013 Grant
Nonvested awards
45,403

 
49,719

 
49,093

 
17,744

 
19,440

 
21,380

Alliant Energy common stock closing price on March 31, 2015

$63.00

 

$63.00

 

$63.00

 
 
 
 
 
 
Alliant Energy common stock closing price on grant date
 
 
 
 
 
 

$65.09

 

$53.77

 

$47.58

Estimated payout percentage based on performance criteria
100
%
 
128
%
 
178
%
 
100
%
 
128
%
 
178
%
Fair values of each nonvested award

$63.00

 

$80.64

 

$112.14

 

$65.09

 

$68.83

 

$84.69



At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.

Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows:
 
2015
 
2014
 
Shares
 
Weighted
Average
Fair Value
 
Shares
 
Weighted
Average
Fair Value
Nonvested shares, January 1
98,812

 

$50.69

 
158,922

 

$42.71

Granted
45,403

 
65.09

 
51,221

 
53.77

Vested (a)
(49,093
)
 
47.58

 
(90,847
)
 
40.91

Forfeited
—

 
—

 
(18,982
)
 
38.75

Nonvested shares, March 31
95,122

 
59.17

 
100,314

 
50.74



(a)
In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met.

Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows:
 
2015
 
2014
Nonvested awards, January 1
78,930

 
96,977

Granted
41,105

 
42,446

Vested (a)
(37,332
)
 
(55,517
)
Forfeited
(469
)
 
(3,406
)
Nonvested awards, March 31
82,234

 
80,500


(a)
In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively.
WPL [Member]  
Benefit Plans
BENEFIT PLANS
(a) Pension and Other Postretirement Benefits Plans -
Net Periodic Benefit Costs (Credits) - The components of net periodic benefit costs (credits) for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included in the tables below (in millions). In the “IPL” and “WPL” tables below, the defined benefit pension plans costs represent those respective costs for IPL’s and WPL’s bargaining unit employees covered under the qualified plans that are sponsored by IPL and WPL, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Alliant Energy and Corporate Services sponsored qualified and non-qualified defined benefit pension plans. In the “IPL” and “WPL” tables below, the OPEB plans costs (credits) represent costs (credits) for IPL and WPL employees, respectively, as well as amounts directly assigned to each of IPL and WPL related to their current and former non-bargaining employees who are participants in the Corporate Services sponsored OPEB plan.
 
Defined Benefit Pension Plans
 
OPEB Plans
Alliant Energy
2015
 
2014
 
2015
 
2014
Service cost

$4.0

 

$3.3

 

$1.4

 

$1.3

Interest cost
13.4

 
13.5

 
2.2

 
2.4

Expected return on plan assets
(18.7
)
 
(18.7
)
 
(2.1
)
 
(2.1
)
Amortization of prior service credit
(0.1
)
 
—

 
(2.8
)
 
(3.0
)
Amortization of actuarial loss
8.8

 
4.8

 
1.2

 
0.6

Additional benefit costs
0.2

 
—

 
—

 
—

 

$7.6

 

$2.9

 

($0.1
)
 

($0.8
)
 
Defined Benefit Pension Plans
 
OPEB Plans
IPL
2015
 
2014
 
2015
 
2014
Service cost

$2.2

 

$1.8

 

$0.6

 

$0.6

Interest cost
6.2

 
6.3

 
0.9

 
1.0

Expected return on plan assets
(8.9
)
 
(9.0
)
 
(1.4
)
 
(1.5
)
Amortization of prior service credit
—

 
—

 
(1.5
)
 
(1.6
)
Amortization of actuarial loss
3.8

 
2.0

 
0.6

 
0.3

 

$3.3

 

$1.1

 

($0.8
)
 

($1.2
)
 
Defined Benefit Pension Plans
 
OPEB Plans
WPL
2015
 
2014
 
2015
 
2014
Service cost

$1.4

 

$1.2

 

$0.6

 

$0.5

Interest cost
5.6

 
5.7

 
0.9

 
1.0

Expected return on plan assets
(8.1
)
 
(8.1
)
 
(0.4
)
 
(0.3
)
Amortization of prior service cost (credit)
0.1

 
0.1

 
(0.9
)
 
(1.0
)
Amortization of actuarial loss
4.2

 
2.3

 
0.6

 
0.3

Additional benefit costs
0.2

 
—

 
—

 
—

 

$3.4

 

$1.2

 

$0.8

 

$0.5



401(k) Savings Plans - A significant number of employees participate in defined contribution retirement plans (401(k) savings plans). For the three months ended March 31, costs related to the 401(k) savings plans, which are partially based on the participants’ contributions, were as follows (in millions):
 
Alliant Energy
 
IPL (a)
 
WPL (a)
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
401(k) costs

$6.7

 

$5.9

 

$3.4

 

$3.1

 

$2.9

 

$2.6


(a)
IPL’s and WPL’s amounts include allocated costs associated with Corporate Services employees.

(b) Equity-based Compensation Plans - A summary of compensation expense (including amounts allocated to IPL and WPL) and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):
 
Alliant Energy
 
IPL
 
WPL
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Compensation expense

$3.2

 

$3.1

 

$1.7

 

$1.7

 

$1.4

 

$1.3

Income tax benefits
1.3

 
1.3

 
0.7

 
0.7

 
0.6

 
0.5



As of March 31, 2015, total unrecognized compensation cost related to share-based compensation awards was $13.1 million, which is expected to be recognized over a weighted average period of between 1 and 2 years. Share-based compensation expense is recognized on a straight-line basis over the requisite service periods and is primarily recorded in “Utility - Other operation and maintenance” in the income statements.

Performance Shares and Units -
Performance Shares - A summary of the performance shares activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested shares, January 1
144,424

 
139,940

Granted
45,403

 
51,221

Vested
(45,612
)
 
(45,235
)
Nonvested shares, March 31
144,215

 
145,926


(a)
Share amounts represent the target number of performance shares.

During the three months ended March 31, certain performance shares vested, resulting in payouts (a combination of cash and common stock) as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance shares vested
45,612

 
45,235

Percentage of target number of performance shares
167.5
%
 
147.5
%
Aggregate payout value (in millions)

$5.1

 

$3.4

Payout - cash (in millions)

$3.2

 

$2.9

Payout - common stock shares issued
10,975

 
4,810


Performance Units - A summary of the performance units activity was as follows:
 
2015 (a)
 
2014 (a)
Nonvested units, January 1
63,665

 
65,912

Granted
17,837

 
20,422

Vested
(22,845
)
 
(20,751
)
Forfeited
(93
)
 
(311
)
Nonvested units, March 31
58,564

 
65,272


(a)
Unit amounts represent the target number of performance units.

During the three months ended March 31, certain performance units vested, resulting in cash payouts as follows:
 
2015
 
2014
 
2012 Grant
 
2011 Grant
Performance units vested
22,845

 
20,751

Percentage of target number of performance units
167.5
%
 
147.5
%
Payout value (in millions)

$1.6

 

$1.2


Fair Value of Awards - Information related to fair values of nonvested performance shares and units at March 31, 2015, by year of grant, was as follows:
 
Performance Shares
 
Performance Units
 
2015 Grant
 
2014 Grant
 
2013 Grant
 
2015 Grant
 
2014 Grant
 
2013 Grant
Nonvested awards
45,403

 
49,719

 
49,093

 
17,744

 
19,440

 
21,380

Alliant Energy common stock closing price on March 31, 2015

$63.00

 

$63.00

 

$63.00

 
 
 
 
 
 
Alliant Energy common stock closing price on grant date
 
 
 
 
 
 

$65.09

 

$53.77

 

$47.58

Estimated payout percentage based on performance criteria
100
%
 
128
%
 
178
%
 
100
%
 
128
%
 
178
%
Fair values of each nonvested award

$63.00

 

$80.64

 

$112.14

 

$65.09

 

$68.83

 

$84.69



At March 31, 2015, fair values of nonvested performance shares and units were calculated based on Alliant Energy’s stock price and anticipated total shareowner returns of Alliant Energy and its investor-owned utility peer group over the performance period. The portion of the fair values based on anticipated total shareowner returns was estimated using a model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group.

Performance Contingent Restricted Stock - A summary of the performance contingent restricted stock activity was as follows:
 
2015
 
2014
 
Shares
 
Weighted
Average
Fair Value
 
Shares
 
Weighted
Average
Fair Value
Nonvested shares, January 1
98,812

 

$50.69

 
158,922

 

$42.71

Granted
45,403

 
65.09

 
51,221

 
53.77

Vested (a)
(49,093
)
 
47.58

 
(90,847
)
 
40.91

Forfeited
—

 
—

 
(18,982
)
 
38.75

Nonvested shares, March 31
95,122

 
59.17

 
100,314

 
50.74



(a)
In 2015, 49,093 performance contingent restricted shares granted in 2013 vested because the specified performance criteria for such shares were met. In 2014, 45,612 and 45,235 performance contingent restricted shares granted in 2012 and 2011, respectively, vested because the specified performance criteria for such shares were met.

Performance Contingent Cash Awards - A summary of the performance contingent cash awards activity was as follows:
 
2015
 
2014
Nonvested awards, January 1
78,930

 
96,977

Granted
41,105

 
42,446

Vested (a)
(37,332
)
 
(55,517
)
Forfeited
(469
)
 
(3,406
)
Nonvested awards, March 31
82,234

 
80,500


(a)
In 2015, 37,332 performance contingent cash awards granted in 2013 vested, resulting in cash payouts valued at $2.4 million. In 2014, 34,766 and 20,751 performance contingent cash awards granted in 2012 and 2011 vested, resulting in cash payouts valued at $1.9 million and $1.1 million, respectively.