WeightWatchers 2011 Annual Report Download - page 102

Download and view the complete annual report

Please find page 102 of the 2011 WeightWatchers 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 130

  • 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

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
A summary of option activity under the Stock Plans for the year ended December 31, 2011 is presented below:
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Yrs.)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2011 ............................... 2,728 $35.65
Granted ............................................. 295 $63.38
Exercised ............................................ (976) $43.05
Canceled ............................................ (22) $30.51
Outstanding at December 31, 2011 ............................ 2,025 $36.17 7.4 $40,705
Exercisable at December 31, 2011 ............................ 553 $45.08 5.4 $ 5,493
The weighted-average grant-date fair value of options granted was $20.44, $7.80 and $6.00 for the years
ended December 31, 2011, January 1, 2011 and January 2, 2010 respectively. The total intrinsic value of options
exercised was $27,808, $462 and $536 for the years ended December 31, 2011, January 1, 2011 and January 2,
2010, respectively.
Cash received from options exercised during the years ended December 31, 2011, January 1, 2011 and
January 2, 2010 was $42,040, $39 and $50, respectively. The tax benefits realized from options exercised and
RSUs vested totaled $11,309, $516 and $1,190 for the years ended December 31, 2011, January 1, 2011 and
January 2, 2010, respectively.
Restricted Stock Units
Pursuant to the restricted stock components of the Stock Plans, the Company has granted RSUs to certain
employees. The RSUs vest over a period of three to five years. The fair value of RSUs is determined using the
closing market price of the Company’s common stock on the date of grant. A summary of RSU activity under the
Stock Plans for the year ended December 31, 2011 is presented below:
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at January 1, 2011 .................................. 226 $31.37
Granted ................................................. 91 $64.32
Vested .................................................. (82) $44.36
Forfeited ................................................ (7) $32.33
Outstanding at December 31, 2011 ............................... 228 $39.93
The weighted-average grant-date fair value of RSUs granted was $64.32, $25.69 and $19.86 for the years
ended December 31, 2011, January 1, 2011 and January 2, 2010, respectively. The total fair value of RSUs
vested during the years ended December 31, 2011, January 1, 2011 and January 2, 2010 was $3,657, $2,341 and
$6,098, respectively.
F-18