STOCKHOLDERS' EQUITY
Preferred Stock
We have authorized 500 million shares of $0.01 par value preferred stock. No preferred stock was outstanding for any period presented.
Common Stock
Common shares outstanding plus shares underlying outstanding stock awards totaled 476 million, 470 million, and 468 million, as of December 31, 2013, 2012, and 2011. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited.
Stock Repurchase Activity
In January 2010, our Board of Directors authorized the Company to repurchase up to $2.0 billion of our common stock with no fixed expiration. We have $763 million remaining under the $2.0 billion repurchase program.
Stock Award Plans
Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years.
Stock Award Activity
The following table summarizes our restricted stock unit activity (in millions):
|
| | | | | | |
| Number of Units | | Weighted Average Grant-Date Fair Value |
Outstanding as of January 1, 2011 | 14.0 |
| | $ | 96 |
|
Units granted | 5.4 |
| | 193 |
|
Units vested | (5.1 | ) | | 73 |
|
Units forfeited | (1.2 | ) | | 122 |
|
Outstanding as of December 31, 2011 | 13.1 |
| | 143 |
|
Units granted | 8.2 |
| | 209 |
|
Units vested | (4.2 | ) | | 110 |
|
Units forfeited | (1.7 | ) | | 168 |
|
Outstanding as of December 31, 2012 | 15.4 |
| | 184 |
|
Units granted | 7.2 |
| | 283 |
|
Units vested | (4.5 | ) | | 160 |
|
Units forfeited | (1.8 | ) | | 209 |
|
Outstanding as of December 31, 2013 | 16.3 |
| | $ | 233 |
|
Scheduled vesting for outstanding restricted stock units as of December 31, 2013, is as follows (in millions):
|
| | | | | | | | | | | | | | | | | | | | |
|
| | Year Ended December 31, | | | | |
| 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | Thereafter | | Total |
Scheduled vesting—restricted stock units | 5.4 |
| | 5.8 |
| | 3.2 |
| | 1.6 |
| | 0.2 |
| | 0.1 |
| | 16.3 |
|
As of December 31, 2013, there was $1.7 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with approximately half of the compensation expected to be expensed in the next twelve months, and has a weighted-average recognition period of 1.2 years.
During 2013 and 2012, the fair value of restricted stock units that vested was $1.4 billion and $928 million.
As matching contributions under our 401(k) savings plan, we granted 0.1 million shares of common stock in 2013 and 2012. Shares granted as matching contributions under our 401(k) plan are included in outstanding common stock when issued.
Common Stock Available for Future Issuance
As of December 31, 2013, common stock available for future issuance to employees is 143 million shares.
