Rayovac 2011 Annual Report Download - page 112

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
The Successor Company granted approximately 1,674 shares of restricted stock during Fiscal 2011. Of these
grants, 93 restricted stock units are time-based and vest over a period ranging from one year to three years. The
remaining 1,581 shares are restricted stock units that are both performance and time-based and vest as follows:
(i) 699 stock units vest over a one year performance based period followed by a one year time-based period and
(ii) 882 stock units vest over a two year performance based period followed by a one year time-based period. The
total market value of the restricted shares on the date of the grant was approximately $48,530.
The Successor Company granted approximately 939 shares of restricted stock during Fiscal 2010. Of these
grants, 271 restricted stock units were granted in conjunction with the Merger and are time-based and vest over a
one year period. The remaining 668 shares are restricted stock grants that are time based and vest as follows:
(i) 18 shares vest over a one year period; (ii) 611 shares vest over a two year period; and (iii) 39 shares vest over
a three year period. The total market value of the restricted shares on the date of the grant was approximately
$23,299.
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 awards and
restricted stock units as of September 30, 2011 is as follows:
Restricted Stock Awards Shares
Weighted
Average
Grant Date
Fair Value
Fair Value at
Grant Date
Restricted stock awards at September 30, 2009 .............. — $ — $ —
Granted ............................................. 668 23.43 15,648
Vested .............................................. (222) 23.15 (5,140)
Restricted stock awards at September 30, 2010 .............. 446 $23.56 $10,508
Vested .............................................. (323) 23.32 (7,531)
Restricted stock awards at September 30, 2011 .............. 123 $24.20 $ 2,977
Restricted Stock Units Shares
Weighted
Average
Grant Date
Fair Value
Fair Value at
Grant Date
Restricted stock units at September 30, 2009 ................ — $ — $ —
Granted ............................................. 271 28.23 7,651
Vested .............................................. (22) 28.32 (623)
Restricted stock units at September 30, 2010 ................ 249 $28.22 $ 7,028
Granted ............................................. 1,674 29.00 48,530
Forfeited ............................................. (43) 29.46 (1,267)
Vested .............................................. (235) 28.23 (6,635)
Restricted stock units at September 30, 2011 ................ 1,645 $28.97 $47,656
(v) Restructuring and Related Charges
Restructuring charges are recognized and measured according to the provisions of ASC Topic 420: “Exit or
Disposal Cost Obligations,” (“ASC 420”). Under ASC 420, restructuring charges include, but are not limited to,
termination and related costs consisting primarily of one-time termination benefits such as severance costs and
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