Baskin Robbins 2015 Annual Report Download - page 94

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-84-
A summary of the changes in the Company’s restricted stock units during fiscal year 2015 is presented below:
Number of
shares
Weighted
average grant-
date fair value
Weighted
average
remaining
contractual
term (years)
Aggregate
intrinsic
value
(in millions)
Nonvested restricted stock units at December 27, 2014 122,483 $ 43.40 1.5
Granted 87,307 46.21
Vested (61,879) 42.66
Forfeited (9,564) 44.55
Nonvested restricted stock units at December 26, 2015 138,347 45.42 1.4 $ 5.9
The fair value of each restricted stock unit is determined on the date of grant based on our closing stock price. As of
December 26, 2015, there was $3.5 million of total unrecognized compensation cost related to restricted stock units, which is
expected to be recognized over a weighted average period of approximately 1.6 years. The total grant-date fair value of
restricted stock units vested during fiscal years 2015, 2014, and 2013 was $2.6 million, $1.8 million, and $448 thousand,
respectively.
2011 Plan nonvested (restricted) shares
During fiscal year 2014, the Company granted restricted shares of 27,096. The restricted shares vest in full on July 31, 2016
based on a service condition, and have a grant-date fair value of $51.67 per share, which was determined on the date of grant
based on the Company’s closing stock price. During fiscal year 2015, the Company granted restricted shares of 21,101. The
restricted shares vest in equal installments in February 2018 and 2019 based on a service condition, and have a grant-date fair
value of $47.39 per share, which was determined on the date of grant based on the Company’s closing stock price. As of
December 26, 2015, there was $1.1 million of total unrecognized compensation cost related to these restricted shares, which is
expected to be recognized over a weighted average period of approximately 2.4 years.
In addition, during fiscal year 2014, the Company granted 150,000 contingently issuable restricted shares. The contingently
issuable restricted shares are eligible to vest on December 31, 2018, subject to a service condition and a market vesting
condition linked to the level of total shareholder return received by the Company’s shareholders during the performance period
measured against the median total shareholder return of the companies in the S&P 500 Composite Index. The contingently
issuable restricted shares were valued based on a Monte Carlo simulation model to reflect the impact of the total shareholder
return market condition, resulting in a grant-date fair value of $37.94 per share. As of December 26, 2015, there was $3.5
million of total unrecognized compensation cost related to these restricted shares, which is expected to be recognized over a
period of approximately 3.0 years.
As of December 26, 2015, total 2011 Plan restricted shares of 198,197 remained unvested.
(15) Earnings per Share
The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share
amounts):
Fiscal year ended
December 26,
2015
December 27,
2014
December 28,
2013
Net income attributable to Dunkin’ Brands—basic and diluted $ 105,227 176,357 146,903
Weighted average number of common shares:
Common—basic 96,045,232 105,398,899 106,501,733
Common—diluted 97,131,674 106,705,778 108,217,011
Earnings per common share:
Common—basic $ 1.10 1.67 1.38
Common—diluted 1.08 1.65 1.36
The weighted average number of common shares in the common diluted earnings per share calculation includes the dilutive
effect of 1,086,442, 1,306,879, and 1,715,278 equity awards for fiscal years 2015, 2014, and 2013, respectively, using the
treasury stock method. The weighted average number of common shares in the common diluted earnings per share calculation
for all periods excludes all contingently issuable equity awards outstanding for which the contingent vesting criteria were not