Coach 2014 Annual Report Download - page 72
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Service-based Restricted Stock Unit Awards (“RSUs”)
A summary of service-based RSU activity during the year ended June 28, 2014 is as follows:
Granted
Vested
Forfeited
At June 28, 2014, $92,437 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-
average period of 1.0 year.
The weighted-average grant-date fair value of share awards granted during fiscal 2014, fiscal 2013 and fiscal 2012 was $52.93, $54.49 and $62.84,
respectively. The total fair value of shares vested during fiscal 2014, fiscal 2013 and fiscal 2012 was $78,692, $93,319 and $99,488, respectively.
Performance-based Restricted Stock Unit Awards (“PRSU”)
The Company grants performance-based share awards to key executives, the vesting of which is subject to the executive’s continuing employment and
the Company's achievement of certain performance goals. A summary of performance-based share award activity during the year ended June 28, 2014 is as
follows:
Granted
Change due to performance condition achievement
Vested
Forfeited
At June 28, 2014, $14,535 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-
average period of 1.4 years.
The weighted-average grant-date fair value of share awards granted during fiscal 2014, fiscal 2013 and fiscal 2012 was $32.53, $50.55 and $62.07,
respectively. The total fair value of awards that vested during fiscal 2014 was $23,754. There were no vestings of performance-based shares during fiscal
2013 or fiscal 2012.
During fiscal 2014, the Company granted 241 shares of common stock with a fair value of $6,814 to selected executives as retention PRSU awards with a
maximum potential number of shares issued and fair value (excluding dividends) of 321 shares and $9,085, respectively. These shares are included within the
PRSU tables above. The shares of common stock under these PRSU awards will be earned and distributed based on performance criteria which compares the
Company’s total stockholder return over the performance period to the total stockholder return of the companies included in the Standard & Poor’s 500 Index
on the date of grant (excluding the Company). The grant date fair value of the PRSU awards was determined utilizing a Monte Carlo simulation and the
following assumptions: expected volatility of 32.61%, risk-free interest rate of 0.63%, and dividend yield of 0.00%.
In fiscal 2014, fiscal 2013 and fiscal 2012, the cash tax benefit realized for the tax deductions from all RSUs (service and performance-based) was
$33,523, $26,097 and $30,740, respectively.
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