Rayovac 2013 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2013 Rayovac 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 154

  • 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
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
A summary of the Company’s restricted stock and restricted stock unit award activity for Fiscal 2013 and
Fiscal 2012, and the non-vested awards outstanding as of September 30, 2013 is as follows:
Restricted Stock Awards Shares
Weighted
Average
Grant Date
Fair Value
Fair Value at
Grant Date
Restricted stock awards at September 30, 2011 .............. 123 $24.20 $ 2,977
Vested .............................................. (110) 23.75 (2,613)
Restricted stock awards at September 30, 2012 .............. 13 $28.00 $ 364
Vested .............................................. (13) 28.00 (364)
Restricted stock awards at September 30, 2013 .............. — $ — $ —
Restricted Stock Units Shares
Weighted
Average
Grant Date
Fair Value
Fair Value at
Grant Date
Non-vested restricted stock units at September 30, 2011 ....... 1,645 $28.97 $ 47,656
Granted ............................................. 863 28.28 24,408
Forfeited ............................................ (57) 28.49 (1,624)
Vested .............................................. (520) 29.83 (15,509)
Non-vested restricted stock units at September 30, 2012 ....... 1,931 $28.45 $ 54,931
Granted ............................................. 700 45.97 32,176
Forfeited ............................................ (302) 30.36 (9,168)
Vested .............................................. (1,211) 28.25 (34,216)
Non-vested restricted stock units at September 30, 2013 ....... 1,118 $39.11 $ 43,723
(w) Restructuring and Related Charges
Restructuring charges are recognized and measured in accordance with 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 retention bonuses, and contract termination costs consisting primarily of lease termination costs. Related
charges, as defined by the Company, include, but are not limited to, other costs directly associated with exit and
integration activities, including impairment of property and other assets, departmental costs of full-time
incremental integration employees, and any other items related to the exit or integration activities. Costs for such
activities are estimated by management after evaluating detailed analyses of the costs to be incurred. The
Company presents restructuring and related charges on a combined basis. (See also Note 14, “Restructuring and
Related Charges”, for a more complete discussion of restructuring initiatives and related costs).
(x) Acquisition and Integration Related Charges
Acquisition and integration related charges reflected in Operating expenses include, but are not limited to,
transaction costs such as banking, legal, accounting and other professional fees directly related to both
consummated acquisitions and acquisition targets, termination and related costs for transitional and certain other
employees, integration related professional fees and other post business combination expenses associated with
mergers and acquisitions.
93