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Stock-Based Compensation
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

6. Stock-Based Compensation

We recorded the following pre-tax amounts in selling and administrative expenses for stock-based compensation, by operating segment, in the accompanying consolidated financial statements (in thousands):

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2016      2015      2016      2015  

North America

   $ 2,220       $ 1,513       $ 6,108       $ 4,968   

EMEA

     681         449         1,858         1,435   

APAC

     124         96         342         282   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Consolidated

   $ 3,025       $ 2,058       $ 8,308       $ 6,685   
  

 

 

    

 

 

    

 

 

    

 

 

 

As of September 30, 2016, total compensation cost related to nonvested RSUs not yet recognized is $19,039,000, which is expected to be recognized over the next 1.31 years on a weighted-average basis.

 

The following table summarizes our RSU activity during the nine months ended September 30, 2016:

 

     Number      Weighted Average
Grant Date Fair Value
     Fair Value  

Nonvested at January 1, 2016

     951,784       $ 24.35      

Granted(a)

     496,414         25.88      

Vested, including shares withheld to cover taxes

     (345,506      23.57       $ 8,902,964 (b) 
        

 

 

 

Forfeited

     (49,058      25.35      
  

 

 

       

Nonvested at September 30, 2016(a)

     1,053,634         25.28       $ 34,295,787 (c) 
  

 

 

       

 

 

 

Expected to vest

     961,071          $ 31,282,861 (c) 
  

 

 

       

 

 

 

 

(a)  Includes 130,276 RSUs subject to remaining performance conditions. The number of RSUs subject to performance conditions are based on the Company achieving 100% of its 2016 targeted financial results. The number of RSUs ultimately awarded under the performance-based RSUs varies based on actual achieved financial results for 2016.
(b)  The aggregate fair value of vested RSUs represents the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date.
(c) The aggregate fair value of the nonvested RSUs and the RSUs expected to vest represents the total pre-tax fair value, based on our closing stock price of $32.55 as of September 30, 2016, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date.