United states securities and exchange commission

 

The grant date fair value of RSUs which vested during the year ended December 31, 2017 was $2.4 million.  In addition, during 2017, the Company repurchased 68,815 shares for $1.3 million related to tax withholding requirements on vested RSU awards.

The following table summarizes the outstanding and exercisable stock option awards as of December 31, 2017:

 

		Options Outstanding												Options Exercisable
Range of Exercise Prices:		Shares				Average__Exercise_Price'>Weighted- Average Remaining Contractual Life (in years)				Weighted- Average Exercise Price				Shares				Weighted- Average Exercise Price
$8.49			22,728				2.0			$	8.49				22,728			$	8.49
$10.87			1,973,349				7.4				10.87				562,615				10.87
$11.00 to $16.53			656,523				8.0				16.12				198,472				16.27
$17.68 to $18.70			342,790				8.4				18.68				106,618				18.68
$18.77 to $22.34			207,900				9.7				19.79				—				—
$8.49 to $22.34			3,203,290				7.8				13.34				890,433				12.95

 

The following table contains additional information pertaining to stock options for the years ended December 31:

 

		2017				2016				2015
		(in thousands)
Total intrinsic value of stock options outstanding		$	22,804			$	12,251			$	34,388
Total intrinsic value of stock options exercisable			6,688				195				498
Cash received from the exercise of stock options			1,430				—				—
Fair value of stock options vested			4,931				—				—

 

F-23

TPI COMPOSITES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

 

As of December 31, 2017 , the unamortized cost of the outstanding RSUs was $ 5.0 million, which the Company expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.5 years. Additionally, t he total unrecognized cost related to non-vested stock option awards was $ 4.8 million , which the Company expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.8 years. As of December 31, 2016, the unamortized cost of the outstanding RSUs was $2.8 million, which the Company expect ed to reco gnize in the consolidated financial statements over a weighted-average period of approximately 1.8 years. Additionally, t he total unrecognized cost related to non-vested stock option awards was $7.3 million , which t he Company expect ed to recognize in the c onsolidated financial statements over a weighted-average period of approximately 2.1 years .

The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions:

 

		2017				2016				2015
Weighted-average fair value		$	9.10			$	5.14			$	5.02
Expected volatility			45.0	%			45.2	%			42.7	%
Expected life		6.3 years				6.3 years				6.3 years
Risk-free interest rate			1.5	%			0.9	%			0.7	%
Dividend yield			0.0	%			0.0	%			0.0	%

 

Note 13. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities

Long-term debt, net of debt issuance costs and current maturities, as of December 31 consisted of the following:

 

		2017				2016
		(in thousands)
Senior term loan—U.S.		$	71,250			$	75,000
Senior revolving loan—US			2,820				2,820
Accounts receivable financing—EMEA			14,100				15,120
Unsecured financing—EMEA			—				4,638
Equipment financing—EMEA			16,901				15,813
Equipment capital lease—U.S.			536				2,016
Equipment capital lease—EMEA			5,058				1,898
Equipment capital lease—Mexico			12,844				8,037
Equipment loan—Mexico			47				103
Total debt - principal			123,556				125,445
Less: Debt issuance costs			(2,171	)			(2,290	)
Total debt, net of debt issuance costs			121,385				123,155
Less: Current maturities of long-term debt			(35,506	)			(33,403	)
Long-term debt, net of debt issuance costs    and current maturities		$	85,879			$	89,752

 

Senior Financing Agreements (U.S.):

In December 2016, the Company amended and restated the previous credit facility (the Restated Credit Facility). The previous $100.0 million of available principal was replaced with a $75.0 million term loan and a $25.0 million revolving credit facility, which originally included a $15.0 million letter of credit sub-facility, which was increased to $20.0 million in April 2017. The borrowings under the Restated Credit Facility bear interest at a variable rate through maturity at the London Interbank Offered Rate (LIBOR), with a 1.0% floor, plus 5.75%. The Restated Credit Facility requires us to make quarterly principal payments in the amount of $0.9 million of the outstanding principal loan balance commencing in March 2017, with the remaining outstanding balance to be repaid on or before December 30, 2020. The Restated Credit Facility contains customary affirmative covenants, negative covenants and events of default, including covenants and restrictions that, among other things, require the Company

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