| $ | 773 |
| Performance unit incentive plan (“PUP”) | (231 | ) | | 863 |
|
Restricted stock units | (32 | ) | | 88 |
|
Stock options | — |
| | 95 |
|
Share-based compensation before income tax benefit | 391 |
| | 1,819 |
|
Income tax benefit | (152 | ) | | (654 | ) |
Share-based compensation, net of income tax benefit | $ | 239 |
| | $ | 1,165 |
|
In addition, a $311,000 reversal of PUP expense was recorded through restructuring expense for the three months ended March 31, 2014.
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, to shareholders of record at the close of business on February 7, 2014. The dividend 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 3-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, 2013 | 430,899 |
| | $ | 22.78 |
| | 299,768 |
| | $ | 23.46 |
| | 28,560 |
| | $ | 22.91 |
|
Granted | 83,300 |
| | 23.95 |
| | 123,300 |
| | 23.71 |
| | 6,700 |
| | 24.95 |
|
Vested | (132,255 | ) | | 22.67 |
| | (94,600 | ) | | 23.01 |
| | (9,890 | ) | | 23.45 |
|
Forfeited | (5,140 | ) | | 22.44 |
| | — |
| | — |
| | — |
| | — |
|
Balance, March 31, 2014 | 376,804 |
| | 23.09 |
| | 328,468 |
| | 23.69 |
| | 25,370 |
| | 23.24 |
|
As of March 31, 2014, the unamortized cost of all outstanding restricted stock awards was $4.4 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.0 years. During the three months ended March 31, 2014 and 2013, the Company repurchased 44,358 shares for $1.0 million and 44,606 shares for $1.2 million, respectively, related to tax withholding requirements on vested share-based awards. As of March 31, 2014, there were 906,468 total shares available for future grant in accordance with the provisions of the 2007 Plan.
As of March 31, 2014 and December 31, 2013, Viad had liabilities recorded of $2.4 million and $5.9 million, respectively, related to PUP awards. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed. There were no cash settlements of PUP awards during the three months ended March 31, 2013.
As of March 31, 2014 and December 31, 2013, Viad had aggregate liabilities recorded of $400,000 and $664,000, respectively, related to restricted stock unit liability awards. In February 2014, portions of the 2009, 2010 and 2011 restricted stock unit awards vested and cash payouts totaling $232,000 were distributed. Similarly, in February 2013 portions of the 2009 and 2010 restricted stock unit awards vested and cash payouts of $300,000 were distributed.
The following table summarizes stock option activity:
|
| | | | | | | | | |
| Shares | | Weighted- Average Exercise Price | | Options Exercisable |
Options outstanding at December 31, 2013 | 314,323 |
| | $ | 19.79 |
| | 314,323 |
|
Exercised | (36,815 | ) | | 19.26 |
| | |
Forfeited or expired | (18,522 | ) | | 35.28 |
| | |
Award modification | 17,865 |
| | N/A |
| | |
Options outstanding at March 31, 2014 | 276,851 |
| | 17.69 |
| | 276,851 |
|
As of March 31, 2014, there were no unrecognized costs related to non-vested stock option awards. As previously discussed, the equitable adjustment to the outstanding stock options resulting from the February 14, 2014 special cash dividend reduced the exercise price and increased the number of shares of common stock underlying such options as reflected on the “Award modification” line above.
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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