Jamba Juice 2014 Annual Report Download - page 78

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These PSUs are RSUs with performance requirements based on external performance criteria, and were granted to Plan participants at the levels of Vice
President and above. These PSUs vesting schedule is based on the Company’s total shareholder return (TSR), relative to a defined group of peer companies
over a three-year performance period. The Company records expenses related to the PSUs with criteria based on market performance by recognizing grant
date fair value over the service period. Fair value was determined using Monte Carlo Simulation Analysis, which incorporated the Company’s TSR relative to
the defined peer group at the end of each of the three years of performance. No market based performance stock units vested during fiscal 2014 and 2013.
The aggregate grant date fair value of the PSUs granted during fiscal 2014, 2013 and 2012 was $1.2 million, $0.7 million and $0.9 million, respectively.
The aggregate intrinsic value of the PSUs outstanding as of December 30, 2014 and December 31, 2013, was $1.9 million and $1.5 million, respectively.
Share-based compensation expense was $3.1 million, $2.6 million, and $2.1 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and is
included in cost of goods sold and general and administrative expenses in the consolidated statements of operations. No income tax benefit was recorded in
fiscal 2014, 2013 and 2012. At December 30, 2014, non-vested share-based compensation for stock options and restricted stock awards, net of forfeitures
totaled $4.1 million. This expense will be recognized over the remaining weighted average vesting period of approximately two years.

On October 29, 2014, the Board of Directors authorized the repurchase of up to $25 million of shares of common stock (the "2014 Stock Repurchase
Program") over an 18-month period. During the fourth quarter of fiscal 2014, the Company repurchased in the open market 910,813 shares under this program
at an aggregate cost of $12.0 million. Shares purchased under the 2014 Stock Repurchase Program are considered treasury stock until retired.The following
table presents information related to repurchases of shares of the Company's common stock during the fourth quarter of 2014.

 

 




  





October 29, 2014 – November 25, 2014 401,526 $ 12.66 401,526 $ 19,915,000
November 26, 2014 – December 30, 2014 509,287 $ 13.56 509,287 $ 13,009,000
Total 910,813 $ 13.17 910,813
(1) The amounts exclude commission costs.
F-22