WeightWatchers 2012 Annual Report Download - page 103

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
December 29,
2012
December 31,
2011
January 1,
2011
Dividend yield ........................................... 1.6% 1.8% 1.8%
Volatility ............................................... 35.5% 33.6% 31.4%
Risk-free interest rate ..................................... 1.0% - 1.4% 1.5% - 2.8% 2.0% - 3.4%
Expected term (years) ..................................... 6.5 6.5 6.4
A summary of option activity under the Stock Plans for the year ended December 29, 2012 is presented
below:
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Yrs.)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2011 ............................ 2,025 $36.17
Granted ............................................. 663 $56.90
Exercised ............................................ (381) $33.31
Canceled ............................................ (68) $37.98
Outstanding at December 29, 2012 ............................ 2,239 $42.75 7.5 $25,959
Exercisable at December 29, 2012 ............................ 723 $35.45 5.6 $11,549
The weighted-average grant-date fair value of options granted was $16.60, $20.44 and $7.80 for the years
ended December 29, 2012, December 31, 2011and January 1, 2011, respectively. The total intrinsic value of
options exercised was $12,734, $27,808 and $462 for the years ended December 29, 2012, December 31, 2011
and January 1, 2011, respectively.
Cash received from options exercised during the years ended December 29, 2012, December 31,
2011and January 1, 2011 was $12,688, $42,040 and $39, 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 29, 2012 is presented below:
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 2011 ............................... 228 $39.93
Granted ................................................. 99 $55.54
Vested .................................................. (67) $22.48
Forfeited ................................................ (14) $45.98
Outstanding at December 29, 2012 ............................... 246 $50.67
The weighted-average grant-date fair value of RSUs granted was $55.54, $64.32 and $25.69 for the years
ended December 29, 2012, December 31, 2011and January 1, 2011, respectively. The total fair value of RSUs
vested during the years ended December 29, 2012, December 31, 2011and January 1, 2011 was $5,536,
$3,657and $2,341, respectively.
F-21