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58 ManpowerGroup 2011 Annual Report Notes to Consolidated Financial Statements
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data
The following unaudited pro forma information reflects the results of ManpowerGroup’s operations for the years ended
December 31, 2010 and 2009 as if the COMSYS acquisition had been completed at the beginning of the respective period.
Pro forma adjustments have been made to illustrate the incremental impact on earnings of amortization expense related to
the acquired intangible assets, lost interest income that would have been earned on the cash proceeds used to acquire
COMSYS and the tax impact of these respective items.
2010 2009
Revenues from services
Pro forma $ 19,036.1 $ 16,688.0
As reported $ 18,866.5 $ 16,038.7
Net (loss) earnings
Pro forma $ (269.9) $ (27.9)
As reported $ (263.6) $ (9.2)
Net (loss) earnings per share — diluted
Pro forma $ (3.30) $ (0.34)
As reported $ (3.26) $ (0.12)
The unaudited pro forma information is provided for illustrative purposes only and does not represent what our Consolidated
Statements of Operations would have been if the transaction had actually occurred as of January 1, 2010 or 2009 and does
not represent our expected future Consolidated Statements of Operations.
From time to time, we acquire and invest in companies throughout the world, including franchises. Excluding Proservia
and COMSYS, the total cash consideration paid for acquisitions, net of cash acquired, for the years ended December 31,
2011, 2010 and 2009 was $19.6, $32.3 and $21.6, respectively. Goodwill and Intangible assets resulting from the remaining
2011 acquisitions were $12.9 and $4.5, respectively, as of December 31, 2011.
03.
Share-Based Compensation Plans
We account for share-based payments according to the accounting guidance on share-based payments. During 2011,
2010 and 2009, we recognized approximately $31.4, $24.1 and $17.5, respectively, in share-based compensation expense
related to stock options, deferred stock, and restricted stock, all of which is recorded in Selling and administrative
expenses. The total income tax benefit recognized related to share-based compensation during 2011, 2010 and 2009 was
$3.0, $3.7 and $3.2, respectively. Consideration received from share-based awards for 2011, 2010 and 2009 was $31.8,
$24.9 and $15.1, respectively. The excess income tax benefit recognized related to share-based compensation awards,
which is recorded in Capital in excess of par value, for 2011, 2010 and 2009 was approximately $3.1, $3.7 and $1.2,
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
Until May 3, 2011, all share-based compensation was granted under the 2003 Equity Incentive Plan of Manpower Inc.
(“2003 Plan”). Following this date, all share-based compensation has been granted under the 2011 Equity Incentive Plan of
Manpower Inc. (“2011 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 ratable vesting period of up to
four years and expire ten years from date of grant. As of December 31, 2011, no stock appreciation rights had been granted
or were outstanding.