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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2017
STOCKHOLDERS' EQUITY |
6. | STOCKHOLDERS’ EQUITY
Dividends on Common Stock During 2016 and the first quarter of 2017, CoreCivic’s Board of Directors declared the following quarterly dividends on its common stock:
Declaration Date |  | Record Date |  | Payable Date |  | Per Share |
February 19, 2016 |  | April 1, 2016 |  | April 15, 2016 |  | $ | 0.54 |
May 12, 2016 |  | July 1, 2016 |  | July 15, 2016 |  | $ | 0.54 |
August 11, 2016 |  | October 3, 2016 |  | October 17, 2016 |  | $ | 0.54 |
December 8, 2016 |  | January 3, 2017 |  | January 13, 2017 |  | $ | 0.42 |
February 17, 2017 |  | April 3, 2017 |  | April 17, 2017 |  | $ | 0.42 |
Future dividends will depend on CoreCivic’s distribution requirements as a REIT, future earnings, capital requirements, financial condition, opportunities for alternative uses of capital, and on such other factors as the Board of Directors of CoreCivic may consider relevant. Stock Options In the first quarter of 2017 and during 2016, CoreCivic elected not to issue stock options to its non-employee directors, officers, and executive officers as it had in years prior to 2013 and instead elected to issue all of its equity compensation in the form of restricted common stock units, as described below. However, CoreCivic continued to recognize stock option expense during the vesting period of stock options awarded in prior years. All outstanding stock options were fully vested as of December 31, 2016. During the three months ended March 31, 2016, CoreCivic expensed $0.1 million, net of estimated forfeitures, relating to its outstanding stock options, all of which was charged to general and administrative expenses. As of March 31, 2017, options to purchase 1.1 million shares of common stock were outstanding with a weighted average exercise price of $20.16. Restricted Stock Units During the first quarter of 2017, CoreCivic issued approximately 534,000 shares of restricted common stock units (“RSUs”) to certain of its employees and non-employee directors, with an aggregate value of $17.5 million, including 467,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expenses and 67,000 RSUs to employees whose compensation is charged to operating expense. During 2016, CoreCivic issued approximately 635,000 shares of RSUs to certain of its employees and non-employee directors, with an aggregate value of $18.5 million, including 562,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 73,000 RSUs to employees whose compensation is charged to operating expense. CoreCivic established performance-based vesting conditions on the RSUs awarded to its officers and executive officers in years 2015 through 2017. Unless earlier vested under the terms of the agreements, performance-based RSUs issued to officers and executive officers in those years are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria, and no more than one-third of the RSUs may vest in any one performance period. Time-based RSUs issued to other employees in 2016 and 2017, unless earlier vested under the terms of the agreements, generally vest equally on the first, second, and third anniversary of the award. Time-based RSUs issued to other employees in 2015, unless earlier vested under the terms of the agreements, “cliff” vest on the third anniversary of the award. RSUs issued to non-employee directors vest one year from the date of award. During the three months ended March 31, 2017, CoreCivic expensed $4.1 million, net of forfeitures, relating to RSUs ($0.5 million of which was recorded in operating expenses and $3.6 million of which was recorded in general and administrative expenses). During the three months ended March 31, 2016, CoreCivic expensed $3.7 million, net of forfeitures, relating to restricted common stock and RSUs ($0.5 million of which was recorded in operating expenses and $3.2 million of which was recorded in general and administrative expenses). As of March 31, 2017, approximately 1.1 million RSUs remained outstanding and subject to vesting.

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