Harley Davidson 2015 Annual Report Download - page 94

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94
The fair value of RSUIs is determined based on the market price of the Company’s shares on the grant date. The
following table summarizes the RSUI transactions for the year ended December 31, 2015 (in thousands except for per share
amounts):
Restricted
Stock Unit
Weighted-Average
Grant Date
Fair Value
Per Share
Nonvested, beginning of period 129 $ 66
Granted 64 $ 47
Vested (64) $ 56
Forfeited (20) $ 50
Nonvested, end of period 109 $ 49
18. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the
years ended December 31 (in thousands except per share amounts):
2015 2014 2013
Numerator:
Income used in computing basic and diluted earnings per share $ 752,207 $ 844,611 $ 733,993
Denominator:
Denominator for basic earnings per share-weighted-average
common shares 202,681 216,305 222,475
Effect of dilutive securities – employee stock compensation plan 1,005 1,401 1,596
Denominator for diluted earnings per share- adjusted weighted-
average shares outstanding 203,686 217,706 224,071
Earnings per common share:
Basic $ 3.71 $ 3.90 $ 3.30
Diluted $ 3.69 $ 3.88 $ 3.28
Options to purchase 1.0 million, 0.5 million and 0.9 million weighted-average shares of common stock outstanding
during 2015, 2014 and 2013, respectively, were not included in the Company’s computation of dilutive securities because the
exercise price was greater than the market price and therefore the effect would have been anti-dilutive.
The Company has a share-based compensation plan under which employees may be granted share-based awards
including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of
restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and
RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC
Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the
Company’s earnings per share calculation as of December 31, 2015, 2014 and 2013.
19. Reportable Segments and Geographic Information
Reportable Segments:
Harley-Davidson, Inc. is the parent company for the groups of companies doing business as Harley-Davidson Motor
Company (HDMC) and Harley-Davidson Financial Services (HDFS). The Company operates in two segments: the
Motorcycles & Related Products (Motorcycles) segment and the Financial Services segment. The Company’s reportable
segments are strategic business units that offer different products and services and are managed separately based on the
fundamental differences in their operations.
The Motorcycle reportable segment consists of HDMC which designs, manufactures and sells at wholesale on-road
Harley-Davidson motorcycles as well as a line of motorcycle parts, accessories, general merchandise and related services. The
Company's products are sold to retail customers through a network of independent dealers. The Company conducts business on
a global basis, with sales in the following regions: Americas, Europe/Middle East/Africa (EMEA) and Asia-Pacific.