XML 42 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Stock-Based Compensation [Abstract]  
Schedule of Share-based Compensation, Activity [Table Text Block]
A summary of our performance share unit activity for the year ended December 31, 2014, is as follows:
 
Number of
Performance Share Units
 
Weighted
Average
Grant-Date
Fair Value
Nonvested — December 31, 2013
449,798

 
$
21.25

Granted
461,393

 
$
22.56

Forfeited
28,400

 
$
21.87

Vested(1)
15,312

 
$
21.25

Nonvested — December 31, 2014
867,479

 
$
21.93

___________
(1)
In accordance with the applicable performance share unit agreements, performance share units granted to employees who meet the retirement eligibility requirements stipulated in the Equity Plan are fully vested upon the later of the date on which the employee becomes eligible to retire or one-year anniversary of the grant date.
Schedule of Non-Qualified Stock Option Activity
A summary of all of our non-qualified stock option activity for the Calpine Equity Incentive Plans for the year ended December 31, 2014, is as follows:
 
Number of
Shares
 
Weighted Average
Exercise Price
 
Weighted
Average
Remaining
Term
(in years)
 
Aggregate
Intrinsic Value
(in millions)
Outstanding — December 31, 2013
14,114,289

 
$
18.25

 
3.1
 
$
36

Granted
—

 
$
—

 
 
 
 
Exercised
2,951,947

 
$
16.20

 
 
 
 
Forfeited
69,122

 
$
15.81

 
 
 
 
Expired
6,900

 
$
17.69

 
 
 
 
Outstanding — December 31, 2014
11,086,320

 
$
18.82

 
2.0
 
$
43

Exercisable — December 31, 2014
10,336,806

 
$
19.07

 
1.7
 
$
38

Vested and expected to vest – December 31, 2014
11,076,617

 
$
18.82

 
2.0
 
$
43
Schedule of Assumptions Used to Estimate Fair Value for Options
Certain assumptions were used in order to estimate fair value for options as noted in the following table.
 
2013
 
2012
 
Expected term (in years)(1)
6.5

 
6.5

 
Risk-free interest rate(2)
1.4

%
1.2 – 1.6

%
Expected volatility(3)
25.6

%
27.0 – 30.5

%
Dividend yield(4)
—

 
—

 
Weighted average grant-date fair value (per option)
$
5.31

 
$
5.18

 
___________
(1)
Expected term calculated using the simplified method prescribed by the SEC due to the lack of sufficient historical exercise data to provide a reasonable basis to estimate the expected term.
(2)
Zero Coupon U.S. Treasury rate or equivalent based on expected term.
(3)
Volatility calculated using the implied volatility of our exchange traded stock options.
(4)
We have never paid cash dividends on our common stock, and we do not anticipate any cash dividend payments on our common stock in the near future
Schedule of Restricted Stock and Restricted Stock Unit Activity
A summary of our restricted stock and restricted stock unit activity for the Calpine Equity Incentive Plans for the year ended December 31, 2014, is as follows:
 
Number of
Restricted
Stock Awards
 
Weighted
Average
Grant-Date
Fair Value
Nonvested — December 31, 2013
4,431,841

 
$
16.45

Granted
1,885,049

 
$
19.34

Forfeited
430,059

 
$
17.67

Vested
1,684,963

 
$
15.51

Nonvested — December 31, 2014
4,201,868

 
$
18.01