WeightWatchers 2013 Annual Report Download - page 109

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
The weighted-average grant-date fair value of all options granted was $11.37, $16.60 and $20.44 for the
years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. The total intrinsic
value of Time Vesting Options exercised was $9,858, $12,734 and $27,808 for the years ended December 28,
2013, December 29, 2012 and December 31, 2011, respectively.
Cash received from Time Vesting Options exercised during the years ended December 28,
2013, December 29, 2012 and December 31, 2011 was $16,187, $12,688 and $42,040, respectively.
Restricted Stock Units
Pursuant to the restricted stock components of the Stock Plans, the Company’s Board of Directors authorized
the Company to enter into agreements under which certain employees received RSUs. The RSUs are exercisable
based on the terms outlined in the agreements. 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 28, 2013 is presented below:
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 29, 2012 ............................... 246 $50.67
Granted ................................................. 155 $38.40
Vested .................................................. (63) $27.08
Forfeited ................................................ (85) $56.23
Outstanding at December 28, 2013 ............................... 253 $47.11
The weighted-average grant-date fair value of RSUs granted was $38.40, $55.54 and $64.32 for the years
ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. The total fair value of
RSUs vested during the years ended December 28, 2013, December 29, 2012 and December 31, 2011 was
$1,705, $5,536 and $3,657, respectively.
10. Income Taxes
The following tables summarize the Company’s consolidated provision for US federal, state and foreign
taxes on income:
December 28,
2013
December 29,
2012
December 31,
2011
Current:
US federal ............................................ $ 60,556 $ 99,437 $121,860
State ................................................. 9,583 12,719 18,298
Foreign .............................................. 25,121 20,614 13,299
$ 95,260 $132,770 $153,457
Deferred:
US federal ............................................ $ 31,801 $ 23,002 $ 23,410
State ................................................. 3,634 2,629 2,675
Foreign .............................................. (55) 1,134 (794)
$ 35,380 $ 26,765 $ 25,291
Total tax provision ..................................... $130,640 $159,535 $178,748
F-23