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SEC Filings

10-Q
EQUINIX INC filed this Form 10-Q on 11/02/2018
Entire Document
 
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

Dividends
On August 8, 2018, the Company declared a quarterly cash dividend of $2.28 per share, with a record date of August 22, 2018 and a payment date of September 19, 2018. During the three months ended September 30, 2018, the Company paid a total of $186.0 million in dividends. In addition, the Company accrued an additional $2.7 million in dividends payable for restricted stock units that have not yet vested.
On May 2, 2018, the Company declared a quarterly cash dividend of $2.28 per share, with a record date of May 23, 2018 and a payment date of June 20, 2018. During the three months ended June 30, 2018, the Company paid a total of $181.8 million in dividends. In addition, the Company accrued an additional $2.8 million in dividends payable for restricted stock units that have not yet vested.
On February 14, 2018, the Company declared a quarterly cash dividend of $2.28 per share, with a record date of February 26, 2018 and a payment date of March 21, 2018. During the three months ended March 31, 2018, the Company paid a total of $187.0 million in dividends. In addition, the Company accrued an additional $2.2 million in dividends payable for restricted stock units that have not yet vested.
Stock-Based Compensation
In 2018, the Compensation Committee and/or the Stock Award Committee of the Company's Board of Directors, as the case may be, approved the issuance of an aggregate of 546,375 shares of restricted stock units to certain employees, including executive officers, pursuant to the 2000 Equity Incentive Plan, as part of the Company's annual refresh program. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $379.83 and a weighted-average requisite service period of 3.56 years. The valuation of restricted stock units with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of the Company's stock price on the date of grant. The Company used revenues and adjusted funds from operations ("AFFO") as the performance measurements in the restricted stock units with both service and performance conditions that were granted in 2018.
The Company uses a Monte Carlo simulation option-pricing model to determine the fair value of restricted stock units with a service and market condition. The Company used total shareholder return (“TSR”) as the performance measurement in the restricted stock units with a service and market condition that were granted in 2018. There were no significant changes in the assumptions used to determine the fair value of restricted stock units with a service and market condition that were granted in 2018 compared to the prior year.
The following table presents, by operating expense category, the Company's stock-based compensation expense recognized in the Company's condensed consolidated statements of operations (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Cost of revenues
$
4,600

 
$
3,911

 
$
13,106

 
$
10,000

Sales and marketing
14,166

 
13,847

 
39,980

 
38,245

General and administrative
28,822

 
27,896

 
86,763

 
81,357

Total
$
47,588

 
$
45,654

 
$
139,849

 
$
129,602


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