Chili's 2015 Annual Report Download - page 70

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(b) Restricted Share Awards
Restricted share awards consist of performance shares, restricted stock and restricted stock units.
Performance shares and most restricted stock units issued to eligible employees under the Plans generally vest in
full on the third anniversary of the date of grant, while restricted stock units issued to eligible employees under
our career equity plan generally vest upon each employee’s retirement from the Company. Expense is recognized
ratably over the vesting period, or to the date on which retirement eligibility is achieved, if shorter. Restricted
stock and restricted stock units issued to non-employee directors under the Plans generally vest in full on the
fourth anniversary of the date of grant or upon each director’s retirement from the Board and are expensed when
granted. Full or partial vesting of awards may occur upon a change in control (as defined in the Plans), or upon
an employee’s death, disability or involuntary termination.
Transactions during fiscal 2015 were as follows (in thousands, except fair values):
Number of
Restricted
Share
Awards
Weighted
Average
Fair Value
Per Award
Restricted share awards outstanding at June 25, 2014 ............... 1,508 $29.39
Granted ................................................... 282 50.71
Vested .................................................... (567) 20.68
Forfeited .................................................. (64) 36.58
Restricted share awards outstanding at June 24, 2015 ............... 1,159 $38.44
At June 24, 2015, unrecognized compensation expense related to restricted share awards totaled
approximately $13.7 million and will be recognized over a weighted average period of 2.3 years. The fair value
of shares that vested during fiscal 2015, 2014, and 2013 totaled approximately $34.2 million, $42.2 million and
$22.0 million, respectively.
12. SAVINGS PLAN
We sponsor a qualified defined contribution retirement plan covering all employees who have attained the
age of twenty-one and have completed one year and 1,000 hours of service. Eligible employees are allowed to
contribute, subject to IRS limitations on total annual contributions, up to 50% of their base compensation and
100% of their eligible bonuses, as defined in the plan, to various investment funds. We match in cash at a rate of
100% of the first 3% an employee contributes and 50% of the next 2% the employee contributes with immediate
vesting. In fiscal 2015, 2014, and 2013, we contributed approximately $8.0 million, $7.4 million, and
$7.2 million, respectively.
13. SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest and income taxes is as follows (in thousands):
2015 2014 2013
Income taxes, net of refunds ......................... $50,437 $48,379 $60,291
Interest, net of amounts capitalized(a) ................. 26,190 25,476 41,504
(a) Fiscal 2013 interest includes $15.3 million of interest paid upon retirement of the 5.75%
notes in June 2013.
Non-cash investing and financing activities are as follows (in thousands):
2015 2014 2013
Retirement of fully depreciated assets .................. $40,775 $64,420 $55,427
Dividends declared but not paid ...................... 18,132 17,250 15,263
Accrued capital expenditures ........................ 4,109 15,703 9,854
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