Rayovac 2015 Annual Report Download - page 151

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SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
The Company measures the compensation expense of its stock-based compensation awards, which consist
of restricted stock units (“RSUs”), based on the fair value of the awards at the date of grant, and recognizes these
costs on a straight line basis over the requisite service period of the awards. The fair value of the RSUs is
determined based on the market price of the Company’s shares of common stock on the grant date.
During the year ended September 30, 2015, the Company granted 0.6 million RSUs, which include
0.1 million units that vested immediately or within 12 months, 0.2 unit million units that vest over a one year
period, and 0.3 million units that are performance-based and vest within a two-year period. During the year
ended September 30, 2014, the Company granted 0.7 million RSUs, which include 0.3 million units that vested
immediately or within 12 months, 0.1 million units that vest over a one year period and 0.3 million units that are
performance-based and vest within a two year period. During the year ended September 30, 2013, the Company
granted 0.7 million RSUs, which include 0.1 million that vest over a one year period and 0.6 million that are both
performance and time-based and vest over a one year performance-based period followed by a one year time-
based period.
Share based compensation expense recognized by SBH during the years ended September 30, 2015, 2014
and 2013 was $47.6 million, $46.8 million, and $43.9 million, respectively. Share based compensation expense
recognized by SB/RH during the years ended September 30, 2015, 2014 and 2013 was $41.8 million,
44.9 million and 43.1 million, respectively. Share based compensation expense is recognized as General and
Administrative Expenses on the Consolidated Statements of Operations. The remaining unamortized
compensation cost related to non-vested restricted stock units at September 30, 2015 is $28.1 million and $23.2
million for the SBH and SB/RH, respectively. The following is a summary of the RSU activity for the years
ended September 30, 2015, 2014 and 2013:
Spectrum Brands Holdings, Inc. SB/RH Holdings, LLC
Shares
Weighted
Average
Grant Date
Fair Value
Fair Value
at Grant Date Shares
Weighted
Average
Grant Date
Fair Value
Fair Value
at Grant Date
(in millions, except per share data)
Non-vested restricted stock units at
September 30, 2012 ................. 1.9 $28.45 $ 55.0 1.9 $28.45 $ 54.9
Granted ............................ 0.7 45.97 32.1 0.7 46.18 31.3
Forfeited ............................ (0.3) 30.36 (9.2) (0.3) 30.36 (9.1)
Vested ............................. (1.2) 28.25 (34.2) (1.2) 28.19 (34.0)
Non-vested restricted stock units at
September 30, 2013 ................. 1.1 39.11 $ 43.7 1.1 39.12 $ 43.1
Granted ............................ 0.7 75.50 50.5 0.6 75.82 48.6
Forfeited ............................ — 69.33 (0.4) — 69.33 (0.4)
Vested ............................. (1.0) 39.69 (37.8) (0.9) 39.34 (36.7)
Non-vested restricted stock units at
September 30, 2014 ................. 0.8 67.66 $ 56.0 0.8 67.90 $ 54.6
Granted ............................ 0.6 92.51 52.9 0.5 93.12 42.3
Forfeited ............................ (0.1) 85.16 (5.3) (0.1) 85.16 (5.3)
Vested ............................. (0.7) 69.00 (50.4) (0.7) 68.98 (49.5)
Non-vested restricted stock units at
September 30, 2015 ................. 0.6 87.50 $ 53.2 0.5 87.71 $ 42.1
137