(2)
Represents the aggregate grant date fair value of restricted common stock awards and performance-vesting restricted stock units granted in the respective years, determined in accordance with ASC 718. See “Executive Compensation — Compensation Discussion and Analysis — Compensation Setting Process — Stock-Based Incentive Awards” for further information on stock awards.
Cash dividends are paid on all outstanding shares of restricted stock at the same rate as is paid to all stockholders, which was $1.14 per share for 2019. See “Executive Compensation — Compensation Discussion and Analysis — Forms of Compensation — Stock-Based Incentive Awards” for further information.
Outstanding Equity Awards at 2019 Fiscal Year-End
The table below lists the number of shares of restricted common stock and performance-vesting restricted stock units held by each of our named executive officers as of December 31, 2019.
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Stock Awards
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Name
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Number of Shares or Units of
Stock That Have Not Vested
(#)(1)
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Market Value of Shares or Units
of Stock That Have Not Vested
($)(2)
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Ivan Kaufman
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2,176,525(3)
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31,233,134
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Paul Elenio
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31,826(4)
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456,703
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Fred Weber
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18,857(5)
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270,598
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John Caulfield
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23,448(6)
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336,479
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Gene Kilgore
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25,363(7)
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363,959
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(1)
For all named executive officers, as of December 31, 2019, these shares were subject to the terms of the applicable restricted stock award agreements, and additionally for Mr. Kaufman, the Annual Incentive Agreement.
(2)
Based on the closing stock price of our common stock on December 31, 2019 of $14.35.
(3)
Of the 993,615 unvested restricted common stock awards for Mr. Kaufman, 49,289 shares vested in March 2020, while 30,580 shares and 14,684 shares will vest in March 2021 and 2022, respectively, and 357,569 shares, 294,985 shares and 246,508 will vest in August 2020, August 2021 and July 2022, respectively. The 1,182,910 performance-vesting restricted stock units granted to Mr. Kaufman will vest, in whole or in part, based on the attainment of total shareholder return goals over a four-year period. In addition, the performance vested restricted stock units excludes 445,765 shares and 421,348 shares that fully vested based on total shareholder return goals over the four-year period ended December 31, 2018 and 2019, respectively, which were net settled and paid with 203,492 shares and 215,014 shares, respectively, in February 2019 and 2020, respectively.
(4)
Of the 31,826 unvested stock awards for Mr. Elenio, 22,618 shares vested in March 2020, while 9,208 shares will vest in March 2021.
(5)
Of the 18,857 unvested stock awards for Mr. Weber, 13,596 shares vested in March 2020, while 5,261 shares will vest in March 2021.
(6)
Of the 23,448 unvested stock awards for Mr. Caulfield, 15,555 shares vested in March 2020, while 7,893 shares will vest in March 2021.
(7)
Of the 25,363 unvested stock awards for Mr. Kilgore, 17,470 shares vested in March 2020, while 7,893 shares will vest in March 2021.
Vested Stock-Based Awards for 2019
The table below lists the number of shares of restricted common stock held by each of our named executive officers that vested (pursuant to the terms of the related restricted stock award agreement and, with respect to Mr. Kaufman, the Annual Incentive Agreement) during 2019.