ManpowerGroup 2012 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2012 ManpowerGroup annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 90

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90

A summary of the performance share units detail by grant year is as follows:
2010 2011 February 2012 July 2012
Grant Date February 18,
2010
February 16,
2011
February 15,
2012
July 1,
2012
Performance Period (Years) 2010–2011 2011 2012 2012–2014
Vesting Date(s) 100% on
December 31,
2011
50% on
December 31,
2012 and 2013
50% on
December 31,
2013 and 2014
50% on
December 31,
2015 and 2016
Payout Levels (in units):
Threshold Award 53,621 63,655 88,907 68,056
Target Award 107,242 127,310 177,814 136,112
Outstanding Award 214,484 254,620 355,628 272,224
Units Forfeited in 2012 (at Target Award level) 2,500 5,668 19,137 18,824
Shares Issued in 2012 196,125 106,394 — —
Shares Subject to Holding Period as of
December 31, 2012 — 94,756 170,701 —
% of the Target Performance Level based on
the Average Operating Profit Margin over the
Performance Period 183% 158% 96% N/A
We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award
being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in
selling and administrative expenses. We have recognized total compensation expense of $9.6, $11.3 and $5.3 in 2012,
2011 and 2010, respectively, related to the performance share units.
OTHER STOCK PLANS
Under the 1990 Employee Stock Purchase Plan, designated employees meeting certain service requirements may purchase
shares of our common stock through payroll deductions. These shares may be purchased at their fair market value on a
monthly basis. The current plan is non-compensatory according to the accounting guidance on share-based payments.
We also maintain the Savings Related Share Option Scheme for United Kingdom employees with at least one year of
service. The employees are offered the opportunity to obtain an option for a specified number of shares of common stock
at not less than 85% of its market value on the day prior to the offer to participate in the plan. Options vest after either three,
five or seven years, but may lapse earlier. Funds used to purchase the shares are accumulated through specified payroll
deductions over a 60-month period. We recognized $0.2 of expense for shares purchased under the plan in 2012 and
2011, and a benefit of $0.2 in 2010 due to forfeitures.
04.
Net Earnings (Loss) Per Share
The calculation of net earnings (loss) per share — basic was as follows:
Year Ended December 31 2012 2011 2010
Net earnings (loss) available to common shareholders $ 197.6 $ 251.6 $ (263.6)
Weighted-average common shares outstanding (in millions) 79.5 81.6 81.0
Total $ 2.49 $ 3.08 $ (3.26)
The calculation of net earnings (loss) per share — diluted was as follows:
Year Ended December 31 2012 2011 2010
Net earnings (loss) available to common shareholders $ 197.6 $ 251.6 $ (263.6)
Weighted-average common shares outstanding (in millions) 79.5 81.6 81.0
Effect of dilutive securities — stock options (in millions) 0.3 0.7 —
Effect of other share-based awards (in millions) 0.3 0.5 —
80.1 82.8 81.0
Total $ 2.47 $ 3.04 $ (3.26)
65
Notes to Consolidated Financial Statements ManpowerGroup 2012 Annual Report