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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
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Table of Contents

 

PENSKE AUTOMOTIVE GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 

(In millions, except share and per share amounts)

 

available for grant as of December 31, 2016. Compensation expense related to our equity incentive plan was $14.8 million, $14.1 million, and $12.8 million during 2016, 2015, and 2014, respectively.

 

Restricted Stock

 

During 2016, 2015, and 2014, we granted 316,486, 295,148, and 314,677 shares, respectively, of restricted common stock and restricted stock units at no cost to participants under the plan. These awards provide the holder voting and dividend rights prior to vesting. The awards are subject to forfeiture and are non‑transferable, which restrictions generally lapse over a four year period from the grant date at a rate of 15%, 15%, 20% and 50% per year. We have determined that the grant date quoted market price of the underlying common stock is the appropriate measure of compensation cost. This cost is amortized as expense over the restriction period. As of December 31, 2016, there was $21.2 million of unrecognized compensation cost related to the restricted stock, which is expected to be recognized over the restricted period.

 

Presented below is a summary of the status of our restricted stock as of December 31, 2016 and 2015, and changes during the year ended December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted Average

    

Aggregate

 

 

 

Shares

 

Grant Date Fair Value

 

Intrinsic Value

 

December 31, 2015

 

981,735

 

$

32.43

 

 

 

 

Granted

 

316,486

 

 

44.74

 

 

 

 

Vested

 

(374,453)

 

 

36.54

 

 

 

 

Forfeited

 

(4,575)

 

 

21.19

 

 

 

 

December 31, 2016

 

919,193

 

$

22.73

 

$

47.7

 

 

 

 

14. Equity

 

A summary of shares repurchased under our securities repurchase program, and shares acquired, is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2016

 

2015

 

2014

 

Shares repurchased (1)

    

 

4,512,325

    

 

854,313

    

 

175,000

 

Aggregate purchase price

 

$

167.9

 

$

40.9

 

$

8.0

 

Average purchase price per share

 

$

37.21

 

$

47.86

 

$

45.95

 

 

 

 

 

 

 

 

 

 

 

 

Shares acquired (2)

 

 

144,717

 

 

156,383

 

 

160,350

 

Aggregate purchase price

 

$

5.7

 

$

8.0

 

$

7.5

 

Average purchase price per share

 

$

39.47

 

$

51.05

 

$

46.48

 

                                                 

(1)

Shares were repurchased under our securities repurchase program. As of December 31, 2016, we have $32.1 million in repurchase authorization under the repurchase program.

(2)

Shares were acquired from employees in connection with a net share settlement feature of employee equity awards.

 

 

 

F-37