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):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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North America
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$ |
2,220 |
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$ |
1,513 |
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$ |
6,108 |
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$ |
4,968 |
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EMEA
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681 |
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449 |
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1,858 |
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1,435 |
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APAC
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124 |
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96 |
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|
342 |
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282 |
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Total Consolidated
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$ |
3,025 |
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$ |
2,058 |
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$ |
8,308 |
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$ |
6,685 |
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As of September 30, 2016, total compensation cost related to
nonvested RSUs not yet recognized is $19,039,000, which is expected
to be recognized over the next 1.31 years on a weighted-average
basis.
The following table summarizes our RSU activity during the nine
months ended September 30, 2016:
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Number |
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Weighted Average
Grant Date Fair Value |
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Fair Value |
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Nonvested at January 1, 2016
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951,784 |
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$ |
24.35 |
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Granted(a)
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496,414 |
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25.88 |
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Vested, including shares withheld to cover taxes
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(345,506 |
) |
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23.57 |
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$ |
8,902,964 |
(b) |
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Forfeited
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(49,058 |
) |
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25.35 |
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Nonvested at September 30, 2016(a)
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1,053,634 |
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25.28 |
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$ |
34,295,787 |
(c) |
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Expected to vest
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961,071 |
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$ |
31,282,861 |
(c) |
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(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. |
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