INTL FCStone 2013 Annual Report Download - page 116

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INTLFCSTONEINC.Form10K 95
PART II
ITEM 8Financial Statements and Supplementary Data
Restricted Stock Plan
e Company sponsors a restricted stock plan for its directors,
ocers and employees. On January 31, 2012, the Company’s
2007 restricted stock plan expired. On February 23, 2012,
shareholders approved the Company’s 2012 restricted stock
plan authorizing up to 1.5 million shares to be issued. As of
September 30, 2013, 1,154,862 shares were authorized for future
grant under the restricted stock plan. Awards that expire or are
canceled generally become available for issuance again under
the plan. e Company utilizes newly issued shares of common
stock to make restricted stock grants.
e following is a summary of restricted stock activity through September 30, 2013:
Shares
Available
for Grant
Number
of Shares
Outstanding
Weighted Average
Grant Date
Fair Value
Weighted Average
Remaining Term
(inyears)
Aggregate
Intrinsic Value
($millions)
Balances at September 30, 2012 1,420,114 512,124 $ 22.09 1.81 $ 9.8
Granted (268,885) 268,885 $ 17.92
Vested (406,901) $ 20.72
Forfeited 3,633 (10,470) $ 22.62
Balances at September 30, 2013 1,154,862 363,638 $ 20.53 1.74 $ 7.4
e total compensation cost not yet recognized of $4.9 million
as of September 30, 2013 has a weighted-average period of
1.74years over which the compensation expense is expected to be
recognized. Compensation expense is amortized on a straight-line
basis over the vesting period. Restricted stock grants are included
in the Company’s total issued and outstanding common shares.
e Company and an executive of a wholly owned subsidiary
mutually agreed to the executive’s retirement from employment
as of July 1, 2013. As a result of the executive’s retirement from
employment, the Company recorded compensation cost, related
to the individual’s restricted stock, of $2.6 million during the
scal year ended September 30, 2013.
NOTE 16 Retirement Plans
Dened Benet Retirement Plans
As a result of its acquisition of FCStone on September 30, 2009,
the Company has a qualied and a nonqualied noncontributory
retirement plan, which are dened benet plans that cover certain
employees. Prior to acquisition, the plans were closed to new
employees, and amended to freeze all future benet accruals,
therefore no additional benets accrue for active participants
under the plans.
e following table presents changes in, and components of, the Company’s net liability for retirement costs as of and for the years
ended September 30, 2013, 2012 and 2011, based on measurement dates of September 30, 2013, 2012 and 2011, respectively:
(in millions)
September 30, 2013 September 30, 2012 September 30, 2011
Changes in benet obligation:
Benet obligation, beginning of year $ 42.8 $ 39.0 $ 37.6
Interest cost 1.5 1.8 1.9
Actuarial loss (2.6) 5.8 2.6
Benets paid (4.2) (3.8) (3.1)
Benet obligation, end of year 37.5 42.8 39.0
Changes in plan assets:
Fair value, beginning of year 26.5 24.2 24.2
Actual return 3.7 4.6 (0.4)
Employer contribution 2.9 1.5 3.5
Benets paid (4.2) (3.8) (3.1)
Fair value, end of year 28.9 26.5 24.2
Funded status $ (8.6) $ (16.3) $ (14.8)