7.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
March 31, |
|
|
|
2020 |
|
|
2019 |
|
North America |
|
$ |
3,390 |
|
|
$ |
3,123 |
|
EMEA |
|
|
878 |
|
|
|
870 |
|
APAC |
|
|
141 |
|
|
|
122 |
|
Total Consolidated |
|
$ |
4,409 |
|
|
$ |
4,115 |
|
As of March 31, 2020, total compensation cost related to nonvested RSUs not yet recognized is $37,650,000, which is expected to be recognized over the next 1.44 years on a weighted-average basis.
The following table summarizes our RSU activity during the three months ended March 31, 2020:
|
|
Number |
|
|
Weighted
Average
Grant Date
Fair Value |
|
|
Fair Value |
|
|
Nonvested at January 1, 2020 |
|
|
923,400 |
|
|
$ |
45.58 |
|
|
|
|
|
|
Granted(a) |
|
|
291,648 |
|
|
|
58.58 |
|
|
|
|
|
|
Vested, including shares withheld to cover taxes |
|
|
(320,623 |
) |
|
|
41.49 |
|
|
$ |
13,302,648 |
|
(b) |
Forfeited |
|
|
(5,777 |
) |
|
|
46.50 |
|
|
|
|
|
|
Nonvested at March 31, 2020(a) |
|
|
888,648 |
|
|
|
51.32 |
|
|
$ |
37,438,740 |
|
(c) |
|
(a) |
Includes 92,315 RSUs subject to remaining performance conditions. The number of RSUs subject to performance conditions are based on the Company achieving 100% of its 2020 targeted financial results. These RSUs will be awarded at 100% this annual period due to the completion of a significant acquisition in the period. |
|
(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 $42.13 as of March 31, 2020, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date. |
|