Vistaprint 2012 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2012 Vistaprint 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 148

  • 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
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

75
Share-based compensation
Total share-based compensation costs were $25,413, $21,677 and $22,380 for the years ended June 30,
2012, 2011 and 2010, respectively. Share-based compensation costs capitalized as part of software and website
development costs were $101, $347 and $530 for the years ended June 30, 2012, 2011 and 2010, respectively.
As of June 30, 2012, there was $68,569 of total unrecognized compensation cost related to non-vested,
share-based compensation arrangements, net of estimated forfeitures. This cost is expected to be recognized over
a weighted average period of 3.2 years.
10. Employees’ Savings Plan
We maintain certain government mandated and defined contribution plans throughout the world. The most
significant is our defined contribution retirement plan in the U.S. (the “Plan”) that complies with Section 401(k) of the
Internal Revenue Code. Substantially all employees in the U.S. are eligible to participate in the Plan. Under the
provisions of the Plan, employees may voluntarily contribute up to 80% of eligible compensation, subject to IRS
limitations. We match 50% of each participant’s voluntary contributions, subject to a maximum company contribution
of 3% of the participant’s eligible compensation. Employee contributions are fully vested when contributed.
Company matching contributions vest over 4 years.
We expensed $6,325, $4,515 and $3,560 for our government mandated and defined contribution plans in
the years ended June 30, 2012, 2011 and 2010, respectively. Our expenses from these plans have increased
during the year ended June 30, 2012 due to the organic growth in our employee base, as well as the business
acquisitions during the period.
11. Income Taxes
The following is a summary of our income before taxes by geography:
Year Ended June 30,
2012 2011 2010
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,851 $ 13,247 $ 10,250
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,994 77,875 64,764
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,845 $ 91,122 $ 75,014
The components of the provision (benefit) for income taxes are as follows:
Year Ended June 30,
2012 2011 2010
Current:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,053 $ 3,025 $ 5,607
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525 1,521 1,366
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,559 2,894 2,530
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,137 7,440 9,503
Deferred:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,151) 628 (1,797)
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (625) 18 (289)
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,510) 927 (144)
(4,286) 1,573 (2,230)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,851 $ 9,013 $ 7,273
Form 10-K