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ENERGIZER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share)
As of September 30, 2013, the aggregate intrinsic value of stock options outstanding and stock options exercisable were each
$7.6. The aggregate intrinsic value of stock options exercised for the years ended September 30, 2013, 2012 and 2011 was
$15.7, $3.4, and $8.3, respectively. When valuing new grants, Energizer uses an implied volatility, which reflects the expected
volatility for a period equal to the expected life of the option. No new option awards have been granted since October 2009.
As of September 30, 2013, there are no unrecognized compensation costs related to stock options granted. For outstanding non-
qualified stock options, the weighted-average remaining contractual life is 4.2 years.
The following table summarizes non-qualified ENR stock option activity during the current fiscal year (shares in millions):
Shares
Weighted-Average
Exercise Price
Outstanding on October 1, 2012 0.64 $51.59
Canceled (0.02) 31.95
Exercised (0.38) 47.38
Outstanding on September 30, 2013 0.24 $59.57
Exercisable on September 30, 2013 0.24 $59.57
Restricted Stock Equivalents (RSE)
In October 2008, the Company granted RSE awards to certain employees which included approximately 265,200 shares that in
most cases vest ratably over four years or upon death, disability or change of control. At the same time, the Company granted
RSE awards to senior executives totaling approximately 374,600 which vested as follows: 1) 25% of the total restricted stock
equivalents granted, or 91,900, net of forfeitures, vested on the third anniversary of the date of grant; 2) the remainder of the
RSE did not vest because the Company performance target was not achieved.
In October 2009, the Company granted RSE awards to certain employees which included approximately 266,300 shares that in
most cases vest ratably over four years or upon death, disability or change of control. At the same time, the Company granted
two RSE awards to senior executives totaling approximately 485,600 shares which vested as follows: 1) 30% of the total
restricted stock equivalents granted, or approximately 130,000, net of forfeitures, vested on the third anniversary of the date of
grant; 2) approximately 201,700 shares vested on November 8, 2012 based on the Company’s compound annual growth rate for
earnings per share as defined in the incentive plan (EPS CAGR) for the three year period ended on September 30, 2012. Under
the terms of the performance award, 66.7% of the performance grant vested based on a 9.33% three year EPS CAGR.
In October 2010, the Company granted RSE awards to certain employees which included approximately 313,300 shares that in
most cases vest ratably over four years or upon death, disability or change of control. At the same time, the Company granted
two RSE awards to key executives totaling approximately 289,000 shares which vested as follows: 1) 30% of the total
restricted stock equivalents granted, or approximately 85,300, net of forfeitures, vested on the third anniversary of the date of
grant; 2) approximately 58,800 shares vested on November 5, 2013 based on the Company’s compound annual growth rate for
earnings per share as defined in the incentive plan (EPS CAGR) for the three year period ended on September 30, 2013. Under
the terms of the performance award, 36.9% of the performance grant vested based on a 6.95% three year EPS CAGR.
In November 2010, the Company granted two RSE awards to executive officers totaling approximately 159,600 shares which
vested as follows: 1) 30% of the total restricted stock equivalents granted, or approximately 47,900, net of forfeitures, vested on
the third anniversary of the date of grant; 2) approximately 32,700 shares vested on November 5, 2013 based on the Company’s
compound annual growth rate for earnings per share as defined in the incentive plan (EPS CAGR) for the three year period
ended on September 30, 2013. Under the terms of the performance award, 36.9% of the performance grant vested based on a
6.95% three year EPS CAGR.
In November 2011, the Company granted RSE awards to certain employees which included approximately 310,000 shares that
in most cases vest ratably over four years or upon death, disability or change of control. At the same time, the Company granted
two RSE awards to key executives. One grant includes approximately 130,700 shares and vests on the third anniversary of the
date of grant or upon death, disability or change of control. The second grant includes approximately 305,000 shares which
vests on the date that the Company publicly releases its earnings for its 2014 fiscal year contingent upon the Company’s EPS
CAGR for the three year period ending on September 30, 2014. Under the terms of the award, 100% of the grant vests if an
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