DTE Energy 2014 Annual Report Download - page 108
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The Company recorded compensation expense for performance share awards as follows:
Compensation expense
$ 77
$ 71
Cash settlements (a)
$ 9
$ 4
Stock settlements (a)
$ 56
$ 41
_______________________________________
(a) Sum of cash and stock settlements approximates the intrinsic value of the liability.
During the vesting period, the recipient of a performance share award has no shareholder rights. During the period beginning on the date the
performance shares are awarded and ending on the certification date of the performance objectives, the number of performance shares awarded will be
increased, assuming full dividend reinvestment at the fair market value on the dividend payment date. The cumulative number of performance shares will be
adjusted to determine the final payment based on the performance objectives achieved. Performance share awards are nontransferable and are subject to risk
of forfeiture.
The following table summarizes the Company’s performance share activity for the period ended December 31, 2014:
Balance at December 31, 2013 1,608,789
$ —
Grants 561,335
$ 69.32
Forfeitures (44,250)
$ 69.16
Payouts (571,177)
$ —
Balance at December 31, 2014 1,554,697
$ 69.32
As of December 31, 2014, the total unrecognized compensation cost related to non-vested stock incentive plan arrangements and the weighted average
recognition period was as follows:
Stock awards $ 10
1.06
Performance shares 48
0.98
$ 58
0.99
The Company sets strategic goals, allocates resources and evaluates performance based on the following structure:
Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution and sale of electricity to
approximately 2.1 million residential, commercial and industrial customers in southeastern Michigan.
Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution and sale of natural gas to
approximately 1.2 million residential, commercial and industrial customers throughout Michigan and the sale of storage and transportation capacity.
Gas Storage and Pipelines consists of natural gas pipeline, gathering and storage businesses.
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