Harris Teeter 2009 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2009 Harris Teeter 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 119

  • 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
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119

26
to “Outstanding Equity Awards at Fiscal Year-End for 2009”. The assumptions used in the calculation
of these amounts are included in the note entitled “Stock Options and Stock Awards” in the Notes to
Consolidated Financial Statements included within the Company’s Annual Report on Form 10-K for the
fiscal year ended September 27, 2009, except that for the purposes of this table the estimates of forfeitures
related to service-based vesting conditions have been disregarded.
(2) The aggregate dollar amount of the expense recognized in Fiscal 2009 for outstanding stock options was
determined in accordance with the provisions of FAS 123(R), but without regard to any estimated forfeitures
related to service-based vesting provisions. There were no actual forfeitures by any of the NEOs listed in
the table during the fiscal year ended September 27, 2009. For more information on the outstanding stock
options held by the NEOs, please refer to “Outstanding Equity Awards at Fiscal Year-End for 2009”. The
assumptions used in the calculation of these amounts are included in the note entitled “Stock Options and
Stock Awards” in the Notes to Consolidated Financial Statements included within the Company’s Annual
Report on Form 10-K for the fiscal year ended September 27, 2009, except that for the purposes of this table
the estimates of forfeitures related to service-based vesting conditions have been disregarded.
(3) This column represents Incentive Bonuses paid to the NEOs. In accordance with the Securities and Exchange
Commission requirements, Incentive Bonuses paid are “performance-based” and therefore are reported in
the Non-Equity Incentive Plan Compensation column. As described in the “Compensation Discussion and
Analysis” section, such cash incentive bonuses are paid to the NEOs when specific performance measures
are achieved and the payment is approved by the Compensation Committee. These amounts were paid in
November 2009 with respect to the Company’s performance in Fiscal 2009.
(4) The amounts listed are attributable to the change in actuarial present value for the Pension Plan and the SERP
from September 29, 2008 through September 27, 2009. For a discussion of the assumptions underlying this
valuation, please refer to the note to the table entitled “Pension Benefits for 2009”. The Company’s non-
qualified deferred compensation plan does not provide above-market or preferential earnings on deferred
compensation, and therefore, in accordance with Securities and Exchange Commission rules, there were
no changes of value attributable to nonqualified deferred compensation earnings. A positive change in
the actuarial present value of the benefits under the Pension Plan and the SERP can occur due to changes
in the discount rate. Messrs. Dickson, Woodlief, Morganthall and Jackson had a positive change in the
actuarial accrued present value of the benefits under the Pension Plan and the SERP in an amount equal
to $1,233,000, $445,000, $961,000 and $372,000, respectively, due to a decrease in the discount rate from
7.90% for Fiscal 2008 to 5.75% for the Pension Plan and 5.60% in the SERP for Fiscal 2009.
(5) All other compensation for each of the NEOs consists of the following:
Thomas W.
Dickson John B. Woodlief
Frederick J.
Morganthall, II Fred A. Jackson
Executive Bonus Insurance Plan ($) ........... 26,108 47,100 34,338 44,594
Ruddick Retirement and Savings Plan ($) . . . . . . 16,400 13,580 13,800 12,510
Executive Long Term Disability Plan ($) ....... 6,778 2,918 3,336 3,224
Key Employee Life Insurance Plan ($) ......... 18,473 14,628 15,236 10,698
Country Club Dues (a)($) ................... 8,100 — — —
Aircraft Usage (a)($) ....................... 9,977 — — —
Tax Reimbursement ($) . . . . . . . . . . . . . . . . . . . . 22,630 30,780 20,877 26,383
Dividends on unvested
Restricted Stock Awards ($) .............. 27,422 14,048 14,826 6,048
Ruddick Corporation Flexible
Deferral Plan ($) . . . . . . . . . . . . . . . . . . . . . . . 4,400 11,380 11,900 2,818
(a) This amount represents the incremental value of perquisites reportable under the Securities and Exchange
Commission rules.