Common Stock

We have 500 million authorized shares of common stock, $0.01 par value. At December 31, 2014 and 2013, there were (i) 0.7 million and 0.9 million shares of common stock reserved for issuance pursuant to options granted under our stock option plans, respectively, and (ii) 3.8 million and 17.5 million shares of common stock reserved for the conversion of 4 percent Convertible Notes, respectively. As discussed above (see note 12), based on the price of our common stock during the fourth quarter of 2014, holders of the 4 percent Convertible Notes may redeem them during the first quarter of 2015 at a conversion price of approximately $11.11 per share of common stock. Since January 1, 2015 (the beginning of the first quarter), none of the 4 percent Convertible Notes were redeemed, however we have received redemption notices for $26 of the 4 percent Convertible Senior Notes which we expect to be redeemed in the first quarter of 2015.

As of December 31, 2014, there were an aggregate of 1.3 million outstanding time and performance-based RSUs and 3.6 million shares available for grant of stock and options under our 2010 Long Term Incentive Plan.

A summary of the transactions within the Company’s stock option plans follows (shares in thousands):



	Shares		Weighted-Average Exercise Price
Outstanding at January 1, 2012	1,536		$	9.30
Granted	1,148		22.17
Exercised	(1,362	)	15.42
Canceled	(34	)	32.26
Outstanding at December 31, 2012	1,288		13.69
Granted	74		53.78
Exercised	(484	)	12.22
Canceled	(3	)	23.63
Outstanding at December 31, 2013	875		17.85
Granted	—		—
Exercised	(213	)	11.21
Canceled	(10	)	19.98
Outstanding at December 31, 2014	652		19.99
Exercisable at December 31, 2012	770		$	10.97
Exercisable at December 31, 2013	684		$	11.67
Exercisable at December 31, 2014	564		$	16.18

As of December 31, 2014 (options in thousands):



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Amount Outstanding	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Amount Exercisable	Weighted Average Exercise Price
$0.01-5.00	140	4.2	$	3.38	140	$	3.38
5.01-10.00	193	5.2	8.32		193	8.32
10.01-15.00	22	4.1	14.42		22	14.42
15.01-20.00	30	3.8	16.38		30	16.38
25.01-30.00	73	4.6	25.82		52	25.89
30.01-35.00	69	6.2	31.64		69	31.64
40.01-45.00	51	7.1	41.25		34	41.25
50.01-55.00	74	8.2	53.78		24	53.78
	652		$	19.99	564	$	16.18

The following table presents information associated with options as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012:



	2014		2013		2012
Intrinsic value of options outstanding as of December 31	$	53	$	53
Intrinsic value of options exercisable as of December 31	48		45
Intrinsic value of options exercised	17		21		33
Weighted-average grant date fair value per option	$	—	$	24.56	$	29.52

In addition to stock options, the Company issues time-based and performance-based RSUs to certain officers and key executives under various plans. The RSUs automatically convert to shares of common stock on a one-for-one basis as the awards vest. The time-based RSUs typically vest over a three year vesting period beginning 12 months from the grant date and thereafter annually on the anniversary of the grant date. The performance-based RSUs vest over the performance period which is currently the calendar year. There were 396 thousand shares of common stock issued upon vesting of RSUs during 2014, net of 227 thousand shares surrendered to satisfy tax obligations. The Company measures the value of RSUs at fair value based on the closing price of the underlying common stock on the grant date. The Company amortizes the fair value of outstanding RSUs as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances. For performance-based RSUs, compensation expense is recognized to the extent that the satisfaction of the performance condition is considered probable.

A summary of RSUs granted follows (RSUs in thousands):



	Year Ended December 31,
	2014		2013		2012
RSUs granted	805		894		1,216
Weighted-average grant date price per unit	$	92.28	$	57.50	$	43.98

As of December 31, 2014, the total pretax compensation cost not yet recognized by the Company with regard to unvested RSUs was $29. The weighted-average period over which this compensation cost is expected to be recognized is 1.8 years.

We issued $15 of restricted stock in connection with the National Pump acquisition discussed in note 3 to our consolidated financial statements. We are recording stock compensation expense associated with these grants over the restriction period which is generally three years. We recorded $4 of expense related to these grants in the year ended December 31, 2014.

A summary of RSU activity for the year ended December 31, 2014 follows (RSUs in thousands):



	Stock Units		Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2013	763		$	46.06
Granted	805		92.28
Vested	(817	)	71.16
Forfeited	(49	)	63.22
Nonvested as of December 31, 2014	702		$	68.11

The total fair value of RSUs vested during the fiscal years ended December 31, 2014, 2013 and 2012 was $54, $53, and $43, respectively.

Stockholders’ Rights Plan. Our stockholders' rights plan expired in accordance with its terms on September 27, 2011. Our board of directors elected not to renew or extend the plan.