Rayovac 2012 Annual Report Download - page 103

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
In conjunction with the Merger, SB Holdings adopted the Spectrum Brands Holdings, Inc. 2007 Omnibus
Equity Award Plan (formerly known as the Russell Hobbs Inc. 2007 Omnibus Equity Award Plan, as amended
on June 24, 2008) (the “2007 RH Plan”). Prior to October 21, 2010, up to 600 shares of common stock, net of
forfeitures and cancellations, could have been issued under the RH Plan. After October 21, 2010, no further
awards may be made under the 2007 RH Plan.
On October 21, 2010, SB Holdings’ Board of Directors adopted the Spectrum Brands Holdings, Inc. 2011
Omnibus Equity Award Plan (the “2011 Plan”), which was approved at the Annual Meeting of Stockholders on
March 1, 2011. Up to 4,626 shares of common stock of SB Holdings, net of cancellations, may be issued under
the 2011 Plan.
Total stock compensation expense associated with restricted stock awards recognized by the Company
during Fiscal 2012 was $29,164 or $18,956, net of taxes. The amounts before tax are included in General and
administrative expenses in the accompanying Consolidated Statements of Operations, of which $131 or $85 net
of taxes, related to the accelerated vesting of certain awards to terminated employees.
Total stock compensation expense associated with restricted stock units recognized by the Company during
Fiscal 2011 was $30,389 or $19,753, net of taxes. The amounts before tax are included in General and
administrative expenses in the accompanying Consolidated Statements of Operations, of which $467 or $304 net
of taxes, related to the accelerated vesting of certain awards to terminated employees.
Total stock compensation expense associated with restricted stock awards recognized by the Company
during Fiscal 2010 was $16,676 or $10,839, net of taxes. The amounts before tax are included in General and
administrative expenses and Restructuring and related charges in the accompanying Consolidated Statements of
Operations, of which $2,141 or $1,392 net of taxes, was included in Restructuring and related charges primarily
related to the accelerated vesting of certain awards to terminated employees.
The Company granted approximately 863 restricted stock units during Fiscal 2012. Of these grants, 160
restricted stock units are time-based and vest over a period ranging from one year to two years. The remaining
703 restricted stock units are both performance and time-based and vest over a one year performance-based
period followed by a one year time-based period. The total market value of the restricted stock units on the date
of the grant was approximately $24,408.
The Company granted approximately 1,674 restricted stock units 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 restricted stock units 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 stock units on the date of the grant was approximately $48,530.
93