VALERO ENERGY CORP/TX | 2013 | FY | 3

A summary of the status of our performance awards considered granted is presented below.
 
Nonvested
Awards
 
Vested
Awards
Awards outstanding as of January 1, 2013
989,414

 
208,916

Granted
415,317

 
—

Vested
(442,274
)
 
442,274

Converted
—

 
(534,515
)
Forfeited
(50,076
)
 
(116,675
)
Shares granted on conversion related
to separation of retail business
34,784

 
—

Awards outstanding as of December 31, 2013
947,165

 
—


There were three tranches of performance awards granted during the year ended December 31, 2013 as follows:
 
Awards
Granted
 
Expected
Conversion
Rate
 
Fair Value
Per Share
Third tranche of 2011 awards
227,565

 
100%
 
$
38.77

Second tranche of 2012 awards
105,030

 
100%
 
38.77

First tranche of 2013 awards
82,722

 
100%
 
38.77

Total
415,317

 
 
 
 
Performance awards converted during the year ended December 31, 2013 were as follows:
 
Vested
Awards
Converted
 
Actual
Conversion
Rate
 
Number of
Shares
Issued
 
Awards
Forfeited
2010 awards
417,833

 
100%
 
417,833

 
—

2011 awards
233,357

 
50%
 
116,682

 
116,675

Total
651,190

 
 
 
534,515

 
116,675



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