LensCrafters 2011 Annual Report Download - page 248

ANNUAL REPORT 2011> 172 |
INCENTIVE STOCK OPTION PLANS
On September 14, 2004, the Company announced that its primary stockholder, Leonardo
Del Vecchio, had allocated 2.11 percent of the shares of the Company – equal to 9.6 million
shares, owned by him through the company La Leonardo Finanziaria S.r.l. and currently owned
through Delfin S.àr.l., a financial company owned by the Del Vecchio family, to a stock option
plan for the senior management of the Company. The options became exercisable on June
30, 2006 following the meeting of certain economic objectives and, as such, the holders of
these options became entitled to exercise such options beginning on that date until their
termination in 2014. During 2011, 720 thousand options (1,115 thousand in 2010) from this
grant were exercised. As of December 31, 2011, 7,330 thousand options were outstanding.
A summary of related party transactions as of December 31, 2011 and 2010 is provided
below. In 2011 the Group completed the acquisition of Multiopticas which is no longer
considered as a related party as of December 31, 2011. Please refer to note 4 “business
combinations” for further details. The below table reports the revenues and costs related
to the commercial transactions occurred up to the acquisition of the control.
As of December 31, 2011
Related parties (thousands of Euro)
Income statement Balance sheet
Revenues Costs Assets Liabilities
Brooks Brothers Group inc. 105 1,362 – 155
Multiopticas Group 4,708 25 – –
Eyebiz Laboratories Pty Limited 970 44,584 4,590 17,793
Others 581 797 22,608 159
Total 6,364 46,768 28,799 20,572
As of December 31, 2010
Related parties (thousands of Euro)
Income statement Balance sheet
Revenues Costs Assets Liabilities
Brooks Brothers Group inc. 112 731 – 59
Multiopticas Group 9,161 148 2,434 2,510
Eyebiz Laboratories Pty Limited – 33,941 616 14,054
Others 275 801 269 –
Total 9,548 35,621 3,319 16,623
Total remuneration due to key managers amounted to approximately Euro 48.9 million
and Euro 51.0 million for the years ended December 31, 2011 and 2010, respectively.
Basic and diluted earnings per share were calculated as the ratio of net income attributable
to the stockholders of the Company for 2011 and 2010, respectively amounting to Euro
452,343 thousand and Euro 402,18 7 thousand, to the number of outstanding shares – basic
and dilutive of the Company.
Earnings per share in 2011 were equal to Euro 0.98 compared to Euro 0.88 in 2010. Diluted
earnings in 2011 were equal to Euro 0.98 compared to the Euro 0.87 in 2010.
29. EARNINGS
PER SHARE