XML 38 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company adopted the Lear Corporation 2009 Long-Term Stock Incentive Plan as of November 9, 2009 (as amended, the "2009 LTSIP"). The 2009 LTSIP reserves 11,815,748 shares of common stock for issuance under stock option, restricted stock, restricted stock unit, restricted unit, performance share, performance unit and stock appreciation right awards.
Under the 2009 LTSIP, the Company has granted restricted stock units and performance shares to certain of its employees. The restricted stock units and performance shares generally vest in three years following the grant date. For the years ended December 31, 2015, 2014 and 2013, the Company recognized compensation expense related to the restricted stock unit and performance share awards of $64.5 million, $69.5 million and $58.4 million, respectively. Unrecognized compensation expense related to the restricted stock unit and performance share awards of $56.7 million will be recognized over the next 1.7 years on a weighted average basis. In accordance with the provisions of the restricted stock unit and performance share awards, the Company withholds shares from the settlement of such awards to cover minimum statutory tax withholding requirements. The withheld shares are classified as common stock held in treasury in the accompanying consolidated balance sheets as of December 31, 2015 and 2014. A summary of restricted stock unit and performance share transactions for the year ended December 31, 2015, is shown below:
 
Restricted
Stock Units
Weighted Average Grant Date
Fair Value
Performance
Shares
Weighted Average Grant Date
Fair Value
Outstanding as of December 31, 2014
764,548

$58.51
3,024,121

$53.29
Granted
206,895

$104.46
476,826

$97.92
Distributed (vested)
(247,662
)
 
(1,029,333
)
 
Cancelled
(15,032
)
 
(241,278
)
 
Outstanding as of December 31, 2015 (1)
708,749

$74.68
2,230,336

$66.91
 
 
 
 
 
Vested or expected to vest as of December 31, 2015
708,749

 
1,915,340

 
(1)
Outstanding performance shares are reflected at the maximum possible payout that may be earned during the relevant performance periods.
The grant date fair values of restricted stock units and performance shares are based on the share price on the grant date. The weighted average grant date fair value of restricted stock units granted in 2014 and 2013 was $79.73 and $56.69, respectively. The weighted average grant date fair value of performance shares granted in 2014 and 2013 was $73.85 and $51.03, respectively.