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425
FIDELITY NATIONAL INFORMATION SERVICES, INC. filed this Form 425 on 05/13/2019
Entire Document
 


Worldpay, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

 

During the year ended December 31, 2017, under the terms of the Paymetric transaction agreement, the Company replaced employee stock options held by certain employees of Paymetric with restricted stock awards. The number of replacement awards was based on options outstanding at the acquisition date. The weighted average fair value was calculated on the acquisition date using the Black-Scholes option pricing model. The $2.1 million of fair value associated with future service was recognized as expense over a one year period.

Restricted Stock Units

The Company issues restricted stock units to directors and certain employees which typically vest on the first anniversary of the grant date (for directors) and in equal annual increments over three years beginning on the first anniversary of the date of grant (for employees). The grant date fair value of the restricted stock units is based on the quoted fair market value of our common stock at the award date. The weighted-average grant date fair value of restricted stock units granted during the years ended 2018, 2017 and 2016 was $79.74, $64.16 and $51.75, respectively. The total fair value of restricted stock units vested was $64.0 million, $18.8 million and $18.3 million in 2018, 2017 and 2016, respectively.

Additionally, associated with the acquisition of Paymetric in May 2017, the Company issued restricted stock units to certain employees subject to the achievement of certain financial and non-financial performance measures through 2020. See Note 3—Business Combinations for additional information.

During 2018, under the terms of the Legacy Worldpay transaction agreement, the Company converted Legacy Worldpay stock awards held by certain employees of Legacy Worldpay to restricted share units. The number of restricted share units outstanding as of December 31, 2018 is included in the table below.

The following table presents the number and weighted-average grant date fair value of the restricted stock units for the year ended December 31, 2018:

 

     Restricted Stock Units      Weighted Average Grant Date
Fair Value
 

Non-vested at December 31, 2017

     909,294      $ 50.35  

Granted

     1,349,046        79.74  

Vested

     (725,619      65.44  

Forfeited

     (140,759      67.11  
  

 

 

    

Non-vested at December 31, 2018

     1,391,962      $ 69.27  
  

 

 

    

Stock Options

The Company grants stock options to certain key employees. All stock options are non-qualified stock options and expire on the tenth anniversary of the grant date.

The following table summarizes stock option activity for the year ended December 31, 2018:

 

     Stock Options      Weighted Average
Exercise Price
     Weighted Average
Remaining
Contractual Term
(Years)
     Aggregate Intrinsic
Value (in millions)
 

Outstanding options at December 31, 2017

     2,423,609      $ 43.28        7.41      $ 73.4  

Granted

     887,401        82.07        

Exercised

     (405,764      37.77           19.0  

Forfeited

     (165,829      69.72        
  

 

 

          

Outstanding options at December 31, 2018

     2,739,417      $ 55.06        7.25      $ 58.5  
  

 

 

          

Options exercisable at December 31, 2018

     1,168,086      $ 37.05        5.81      $ 46.0  

 

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