E-Z-GO 2013 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2013 E-Z-GO 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 102

  • 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

66Textron Inc. Annual Report • 2013
The stock option activity under the Plan in 2013 is provided below:
(Options in thousands)
Number of
Options
Weighted-
Average
Exercise
Price
Outstanding at beginning of year 9,484 $ 27.98
Granted 2,169 28.47
Exercised (1,408) (23.38)
Canceled, expired or forfeited (1,227) (37.13)
Outstanding at end of year 9,018 $ 27.57
Exercisable at end of year 4,362 $ 27.23
At December 28, 2013, our outstanding options had an aggregate intrinsic value of $88 million and a weighted-average remaining
contractual life of six years. Our exercisable options had an aggregate intrinsic value of $47 million and a weighted-average
remaining contractual life of five years at December 28, 2013. The total intrinsic value of options exercised during 2013, 2012 and
2011 amounted to $10 million, $11 million and $2 million, respectively.
Restricted Stock Units
In 2013 and 2012, we issued restricted stock units settled in both cash and stock (vesting one-third each in the third, fourth and
fifth year following the year of the grant), which included the right to receive dividend equivalents. The fair value of these units is
based solely on the trading price of our common stock on the grant date and is recognized ratably over the vesting period. During
2009 through 2011, we issued restricted stock units settled in cash that vested in equal installments over five years. In 2008,
restricted stock unit awards generally were payable in shares of common stock (vesting one-third each in the third, fourth and fifth
year following the year of the grant). The 2013 activity for restricted stock units is provided below:
Units Payable in Stock Units Payable in Cash
(Shares/Units in thousands)
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Number of
Units
Weighted-
Average Grant
Date Fair Value
Outstanding at beginning of year, nonvested 710 $ 29.94 2,540 $ 20.79
Granted 257 28.47 596 28.43
Vested (146) (40.36) (720) (17.19)
Forfeited (41) (27.87) (391) (23.85)
Outstanding at end of year, nonvested 780 $ 27.56 2,025 $ 23.73
The fair value of the restricted stock awards that vested and/or amounts paid under these awards during the respective periods is as
follows:
(In millions) 2013 2012 2011
Fair value of awards vested $ 26 $ 35 $ 41
Cash paid 23 25 23
Performance Share Units
The fair value of share-based compensation awards accounted for as liabilities includes performance share units, which are paid in
cash in the first quarter of the year following vesting. Payouts under performance share units vary based on certain performance
criteria generally set for each year of a three-year performance period. The performance share units vest at the end of three years.
The fair value of these awards is based on the trading price of our common stock and is remeasured at each reporting period date.
The 2013 activity for our performance share units is as follows:
(Units in thousands)
Number of
Units
Weighted-
Average
Grant Date
Fair Value
Outstanding at beginning of year, nonvested 875 $ 27.14
Granted 421 28.47
Vested (344) (26.25)
Forfeited (57) (27.44)
Outstanding at end of year, nonvested 895 $ 28.08