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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 06/27/2017
Entire Document
 

Stock-based compensation expense is recorded as a component of general and administrative expense in the Company’s unaudited condensed consolidated statements of operations and totaled $1.0 million and $1.1 million for the three-month period ended March 31, 2017 and 2016, respectively.
Employee benefit related costs, including stock-based compensation costs related to equity awards in the stock of SunEdison, Inc. and its consolidated subsidiaries, of SunEdison employees who provide services to the Company are allocated to the Company based on the relative percentage of their time that the employee spends providing service to the Company. The amount of stock-based compensation expense related to equity awards in the stock of SunEdison and its consolidated subsidiaries which has been allocated to the Company was $0.6 million for the three-month period ended March 31, 2017 and is reflected in the unaudited condensed consolidated statements of operations within general and administrative costs and has been treated as an equity contribution from SunEdison on the unaudited condensed consolidated statements of stockholders' equity. Similarly, stock-based compensation costs related to equity awards to SunEdison employees in the Company’s stock are allocated to SunEdison based on the relative percentage of their time that the employee spends providing service to SunEdison. The amount of stock-based compensation expense related to equity awards in the Company's stock which has been allocated to SunEdison was $0.3 million for the three-month period ended March 31, 2017 and is recognized as a distribution to SunEdison on the unaudited condensed consolidated statements of stockholders' equity with no impact to the Company’s unaudited condensed consolidated statements of operations.
Restricted Stock Awards
RSAs provide the holder with immediate voting rights, but are restricted in all other respects until vested. Upon a termination of employment for any reason, any unvested shares of Class A common stock held by the terminated participant will be forfeited. All unvested RSAs are paid dividends and distributions.
The following table presents information regarding outstanding RSAs as of March 31, 2017 and changes during the three months then ended:
 
Number of RSAs Outstanding
 
Weighted Average Grant Date Fair Value Per Share
 
Aggregate Intrinsic Value
(in millions)
Balance at January 1, 2017
4,688,975

 
$
0.18

 
 
Converted
(20,121
)
 
 
 
 
Forfeited
(422,531
)
 
0.21

 
 
Balance at March 31, 2017
4,246,323

 
$
0.18

 
$
20.4

As of March 31, 2017, $0.5 million of total unrecognized compensation cost related to RSAs is expected to be recognized over a weighted average period of approximately 2.4 years.
The weighted average fair value of RSAs on the date of grant was $0.18 for the three months ended March 31, 2017 and 2016.
Restricted Stock Units
RSUs do not entitle the holders to voting rights and holders of the RSUs do not have any right to receive dividends or distributions.
The following table presents information regarding outstanding RSUs as of March 31, 2017 and changes during the three months then ended:
 
Number of RSUs Outstanding
 
Aggregate Intrinsic Value
(In millions)
 
Weighted Average 
Remaining
Contractual Life (In years)
Balance at January 1, 2017
2,311,687

 
 
 
 
Granted
317,276

 
 
 
 
Converted
(17,800
)
 
 
 
 
Forfeited
(314,097
)
 
 
 
 
Balance at March 31, 2017
2,297,066

 
$
11.0

 
1.3

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