ManpowerGroup 2009 Annual Report Download - page 56

Notes To Consolidated Financial Statements
in millions, except share and per share data
54 Manpower 2009 Annual Report Notes to Consolidated Financial Statements
02.
Acquisitions
From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration
for acquisitions, net of cash acquired, was $21.6, $242.0 and $122.8 in 2009, 2008 and 2007, respectively. Goodwill and
intangible assets resulting from the 2009 acquisitions were $15.9 and $3.8, respectively, as of December 31, 2009.
In April 2008, we acquired Vitae, a leading professional placement fi rm in the Netherlands, for total consideration, net of cash
acquired, of $114.7 (€72.6). Goodwill and intangible assets related to this transaction were $87.6 and $15.9, respectively, as of
December 31, 2009 and $85.4 and $23.6, respectively, as of December 31, 2008.
03.
Stock Compensation Plans
We account for share-based payments according to the accounting guidance on share-based payments. During 2009,
2008 and 2007 we recognized approximately $17.5, $21.1 and $26.0, respectively, in share-based compensation expense
related to stock options, deferred stock, restricted stock, and the stock purchase plan (other than 2009), all of which is
recorded in Selling and Administrative Expenses. The total income tax benefi t recognized related to share-based
compensation during 2009, 2008 and 2007 was $3.2, $3.2 and $3.3, respectively. Consideration received from stock-
based awards for 2009, 2008 and 2007 was $15.1, $12.2 and $35.0, respectively. The excess income tax benefi t recognized
related to share-based compensation awards, which is recorded in Capital in Excess of Par Value, for 2009, 2008 and 2007
was approximately $1.2, $0.3 and $5.3, respectively. We recognize compensation expense on grants of share-based
compensation awards on a straight-line basis over the vesting period of each award.
STOCK OPTIONS
All share-based compensation is currently granted under our 2003 Equity Incentive Plan of Manpower Inc. (“2003 Plan”).
Options and stock appreciation rights are granted at a price not less than 100% of the fair market value of the common stock
at the date of grant. Generally, options are granted with a vesting period of up to four years and expire ten years from date of
grant. As of December 31, 2009, 2008 and 2007 no stock appreciation rights had been granted or were outstanding.
A summary of stock option activity is as follows:
Shares (000)
Wtd. Avg. Exercise
Price Per Share
Wtd. Avg.
Remaining
Contractual Term
(years)
Aggregate Intrinsic
Value (in millions)
Outstanding, January 1, 2007 4,497 $ 41
Granted 835 77
Exercised (703) 36 $ 31
Expired or cancelled (250) 51
Outstanding, December 31, 2007 4,379 $ 48 6.5
Vested or expected to vest, December 31, 2007 4,298 $ 48 6.4
Exercisable, December 31, 2007 2,300 $ 37 5.1
Outstanding, January 1, 2008 4,379 $ 48
Granted 980 56
Exercised (161) 36 $ 3
Expired or cancelled (171) 57
Outstanding, December 31, 2008 5,027 $ 50 6.2
Vested or expected to vest, December 31, 2008 4,940 $ 49 6.0
Exercisable, December 31, 2008 2,868 $ 42 4.8
Outstanding, January 1, 2009 5,027 $ 50
Granted 1,349 31
Exercised (339) 33 $ 5
Expired or cancelled (179) 53
Outstanding, December 31, 2009 5,858 $ 46 6.1 $ 67
Vested or expected to vest, December 31, 2009 5,767 $ 46 6.1
Exercisable, December 31, 2009 3,330 $ 47 4.4 $ 35