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In October 2011, the Company granted 100,000 RSUs under the 2010 Plan to, at that time, a key employee. This RSU award was a non-
performance award which vested in ten equal annual installments of 10,000 units beginning October 3, 2012 and each October 3 thereafter.
The termination without cause of this key employee during 2013 caused the accelerated vesting of the remaining 90,000 shares in
accordance with the restricted stock agreement with the Company. Compensation expense related to these restricted stock awards was
approximately $0.8 million, $0.2 million and less than $0.1 million during each of 2013, 2012 and 2011, respectively.
In November 2011, the Company granted 100,000 RSUs under the 2010 Plan to a key employee who is also a Company director. This RSU
award was a non-
performance award which vests in ten equal annual installments of 10,000 units beginning November 14, 2012 and each
November 14 thereafter. Compensation expense related to this RSU award was approximately $0.2 million, $0.4 million and less than $0.1
million during each of 2013, 2012 and 2011, respectively.
In January 2012 and March 2012, the Company granted 50,000 RSUs under the 2010 Plan to each of two key employees. These RSU
awards were non-
performance awards which vests in ten equal annual installments of 10,000 units beginning January 3, 2013 and March 1,
2013, respectively, and each January 3 and March 1, thereafter. Compensation expense related to these RSU awards were approximately
$0.4 million and $0.5 million during 2013 and 2012, respectively.
Share-based compensation expense for restricted stock issued to Directors was $0.1 million in each of 2013, 2012 and 2011.
The components of income (loss) from continuing operations before income taxes are as follows (in millions):
The (benefit) provision for income taxes consists of the following (in millions):
Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations.
The Company recorded tax (benefit) expense of $0.0 million, $(0.2) million and $0.1 million in 2013, 2012 and 2011, respectively, related
to discontinued operations.
59
Table of Contents
10.
INCOME TAXES
Year Ended December 31,
2013 2012 2011
United States
$
(18.8
)
$
(66.5
)
$
43.5
Foreign
(3.0
)
24.9
35.5
Total
$
(21.8
)
$
(41.6
)
$
79.0
Year Ended December 31,
2013
2012
2011
Current:
Federal
$
(8.2
)
$
(5.4
)
$
13.6
State
0.6
0.3
2.2
Foreign
3.2
8.1
8.4
Total current
(4.4
)
3.0
24.2
Deferred:
Federal
20.5
(16.5
)
0.5
State
4.8
(3.3
)
0.4
Foreign
1.1
(16.8
)
(0.7
)
Total deferred
26.4
(36.6
)
0.2
TOTAL
$
22.0
$
(33.6
)
$
24.4