Rayovac 2009 Annual Report Download - page 174

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The Predecessor Company granted approximately 1,689 shares of restricted stock during Fiscal 2007. Of these grants, approximately 194 shares were
time−based and would vest either 100% after three years or on a pro rata basis over a three−year period and 1,495 shares were purely performance−based
and would vest only upon achievement of certain performance goals. The total market value of the restricted shares on the date of grant was approximately
$12,750. All vesting dates were subject to the recipient’s continued employment with the Company, except as otherwise permitted by the Predecessor Board
or if the employee was terminated without cause.
The fair value of restricted stock is determined based on the market price of the Company’s shares on the grant date. A summary of the status of the
Successor Company’s non−vested restricted stock as of September 30, 2009 is as follows:
Restricted Stock Shares
Weighted
Average
Grant Date
Fair Value Fair Value
Restricted stock at September 30, 2008 (Predecessor Company) 1,873 $ 10.74 $ 20,111
Granted 229 0.66 150
Vested (545) 12.12 (6,609)
Forfeited (82) 13.54 (1,114)
Extinguished and deemed cancelled in accordance with Plan (1,475) 8.50 (12,538)
Restricted stock at September 30, 2009 (Successor Company) — $ —
The following table summarizes the Predecessor Company’s stock option transactions for the eleven month period ended August 30, 2009, Fiscal
2008 and Fiscal 2007:
2009 2008 2007
Options
Weighted−
Average
Exercise
Price Options
Weighted−
Average
Exercise
Price Options
Weighted−
Average
Exercise
Price
Outstanding, beginning of period 510 $ 15.06 1,510 $ 15.82 1,911 $ 14.65
Granted — — — — — —
Exercised — — — — (149) 4.39
Forfeited (87) 16.90 (1,000) 16.18 (252) 13.68
Extinguished and deemed cancelled in accordance with Plan (423) 14.69 — — — —
Outstanding, end of period — $ — 510 $ 15.06 1,510 $ 15.82
Options exercisable, end of period — $ — 420 $ 15.30 1,384 $ 15.98
During September 2009, the Successor Company’s board of directors approved the 2009 Spectrum Brands Inc. Incentive Plan (the “2009 Plan”). Up
to 3,333 shares of common stock, net of forfeitures and cancellations, may be issued under the 2009 Plan. No shares were granted under the 2009 Plan as of
September 30, 2009, however, subsequent to September 30, 2009, 629 shares of time based restricted stock have been granted to certain employees and
non−employee directors.
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