General Motors 2014 Annual Report Download - page 127

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
RSUs and PSUs
The following table summarizes information about the RSUs and PSUs under our stock incentive plans (units in millions):
Shares
Weighted-
Average
Grant
Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term in Years
Units outstanding at January 1, 2014 .................................................. 18.6 $ 27.76 1.2
Granted ......................................................................... 12.1 $ 35.31
Settled .......................................................................... (9.3) $ 27.85
Forfeited or expired ............................................................... (1.5) $ 30.39
Units outstanding at December 31, 2014 ............................................... 19.9 $ 32.11 1.3
Units unvested and expected to vest at December 31, 2014 ................................ 12.7 $ 32.91 1.5
Units vested and payable at December 31, 2014 ......................................... 6.7 $ 30.49
Units granted in the year ended December 31, 2013 ...................................... $ 29.05
Units granted in the year ended December 31, 2012 ...................................... $ 25.10
The following table summarizes compensation expense recorded for our stock incentive plans (dollars in millions):
Years Ended December 31,
2014 2013 2012
Compensation expense ................................................................. $ 245 $ 311 $ 302
Income tax benefit .................................................................... $ 81 $ 100 $ 100
At December 31, 2014 the total unrecognized compensation expense for nonvested equity awards granted was $247 million. This
expense is expected to be recorded over a weighted-average period of 1.5 years. The total fair value of RSUs and PSUs vested in the
years ended December 31, 2014, 2013 and 2012 was $221 million, $342 million and $141 million. In the years ended December 31,
2014, 2013 and 2012 total payments for 2.4 million, 3.1 million and 1.6 million RSUs settled under stock incentive plans were $85
million, $94 million and $36 million.
Note 24. Supplementary Quarterly Financial Information (Unaudited)
The following tables summarize supplementary quarterly financial information (dollars in millions, except per share amounts):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2014
Total net sales and revenue ............................................. $ 37,408 $ 39,649 $ 39,255 $ 39,617
Automotive gross margin .............................................. $ 2,188 $ 2,611 $ 3,945 $ 4,266
Net income ......................................................... $ 280 $ 287 $ 1,442 $ 2,009
Net income attributable to stockholders ................................... $ 213 $ 278 $ 1,471 $ 1,987
Earnings per share, basic .............................................. $ 0.08 $ 0.12 $ 0.86 $ 0.69
Earnings per share, diluted ............................................. $ 0.06 $ 0.11 $ 0.81 $ 0.66
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2013
Total net sales and revenue ............................................. $ 36,884 $ 39,075 $ 38,983 $ 40,485
Automotive gross margin .............................................. $ 3,727 $ 4,416 $ 4,954 $ 4,070
Net income ......................................................... $ 1,185 $ 1,388 $ 1,705 $ 1,053
Net income attributable to stockholders ................................... $ 1,175 $ 1,414 $ 1,717 $ 1,040
Earnings per share, basic .............................................. $ 0.63 $ 0.87 $ 0.50 $ 0.64
Earnings per share, diluted ............................................. $ 0.58 $ 0.75 $ 0.45 $ 0.57
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