June 30,
| Six Months Ended June 30, | (in thousands) | 2015 | | 2014 | | 2015 | | 2014 |
Restricted stock | $ | 506 |
| | $ | 759 |
| | $ | 1,100 |
| | $ | 1,413 |
|
Performance unit incentive plan (“PUP”) | 376 |
| | 326 |
| | 988 |
| | 95 |
|
Restricted stock units | (7 | ) | | 27 |
| | 18 |
| | (5 | ) |
Share-based compensation before income tax benefit | 875 |
| | 1,112 |
| | 2,106 |
| | 1,503 |
|
Income tax benefit | (325 | ) | | (417 | ) | | (792 | ) | | (569 | ) |
Share-based compensation, net of income tax benefit | $ | 550 |
| | $ | 695 |
| | $ | 1,314 |
| | $ | 934 |
|
For the three and six months ended June 30, 2015, Viad recorded share-based compensation expense of approximately $56,000 and $0.1 million, respectively, through restructuring expense.
On January 24, 2014, Viad announced that its Board of Directors declared a special cash dividend of $1.50 per share, or $30.5 million in the aggregate, which was paid on February 14, 2014. In accordance with the mandatory provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”) and the 1997 Viad Corp Omnibus Incentive Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to the outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividend from diluting the rights of participants under those plans. The equitable adjustment to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividend, but will be paid only if certain performance goals are met at the end of the three-year performance period.
The following table summarizes the activity of the outstanding share-based compensation awards:
|
| | | | | | | | | | | | | | | | | | | | |
| Restricted Stock | | PUP Awards | | Restricted Stock Units |
| Shares | | Weighted-Average Grant Date Fair Value | | Units | | Weighted-Average Grant Date Fair Value | | Units | | Weighted-Average Grant Date Fair Value |
Balance, December 31, 2014 | 328,602 |
| | $ | 23.30 |
| | 267,120 |
| | $ | 23.51 |
| | 25,370 |
| | $ | 23.17 |
|
Granted | 80,500 |
| | 27.33 |
| | 91,100 |
| | 27.31 |
| | 4,800 |
| | 27.35 |
|
Vested | (104,740 | ) | | 20.50 |
| | (103,555 | ) | | 20.60 |
| | (11,123 | ) | | 20.61 |
|
Forfeited | (24,130 | ) | | 24.37 |
| | (22,300 | ) | | 24.92 |
| | — |
| | — |
|
Balance, June 30, 2015 | 280,232 |
| | $ | 25.42 |
| | 232,365 |
| | $ | 26.16 |
| | 19,047 |
| | $ | 25.72 |
|
As of June 30, 2015, the unamortized cost of all outstanding restricted stock awards was $3.7 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.7 years. During the six months ended June 30, 2015 and 2014, the Company repurchased 34,184 shares for $0.9 million and 44,806 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of June 30, 2015, there were 962,825 total shares available for future grant in accordance with the provisions of the 2007 Plan.
As of June 30, 2015 and December 31, 2014, Viad had liabilities recorded of $1.5 million and $3.5 million, respectively, related to PUP awards. In March 2015, the PUP units granted in 2012 vested and cash payouts totaling $2.4 million were distributed. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed.
As of June 30, 2015 and December 31, 2014, Viad had aggregate liabilities recorded of $0.3 million and $0.5 million, respectively, related to restricted stock unit liability awards. In February 2015, portions of the 2010, 2011 and 2012 restricted stock unit awards vested and cash payouts totaling $0.3 million were distributed. Similarly, in February 2014 portions of the 2009, 2010, and 2011 restricted stock unit awards vested and cash payouts of $0.2 million were distributed.
The following table summarizes stock option activity:
|
| | | | | | | | | |
| Shares | | Weighted- Average Exercise Price | | Options Exercisable |
Options outstanding at December 31, 2014 | 247,590 |
| | $ | 17.82 |
| | 247,590 |
|
Exercised | (47,029 | ) | | $ | 16.62 |
| | |
Forfeited or expired | (129,741 | ) | | $ | 18.91 |
| | |
Options outstanding at June 30, 2015 | 70,820 |
| | $ | 16.62 |
| | 70,820 |
|
As of June 30, 2015, there were no unrecognized costs related to non-vested stock option awards.
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
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Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14
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