Sunbeam 2010 Annual Report Download - page 54

Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2010 (Dollars in millions, except per share data and unless otherwise indicated)
A summary of the Company’s restricted share activity for 2010, 2009 and 2008 is as follows:
For those restricted awards with common stock price thresholds, the weighted average grant date fair values of these awards were
$30.72, $10.99 and $17.30 for 2010, 2009 and 2008, respectively, based on the following assumptions:
For all other restricted share awards, the weighted average grant date fair values $31.00, $24.08 and $19.6 for the years ended
December 31, 2010, 2009 and 2008, respectively.
In 2010, the Company granted a total of approximately 2.4 million restricted share awards. As part of these awards, in January
2010, the Board authorized an annual grant of approximately 0.4 million restricted share awards to certain executive officers. These
awards had an aggregate grant date fair value of $11.2 and vested during the first three months of 2010 when the Company’s
weighted average share price exceeded certain thresholds. Additionally, in January 2010, the Board authorized a one-time grant of
approximately 1.4 million restricted share awards to certain executive officers. These awards, which had an aggregate grant date fair
value of $44.8, have a 5 year legal life and their restrictions lapse if and when the Company achieves certain performance targets.
The Company is currently not recognizing compensation expense on these awards as the achievement of the performance targets is
improbable. In 2010, the Company also granted approximately 0.6 million restricted share awards with an aggregate grant date fair
value of $17.9 that cliff vest upon the achievement of certain performance targets and an explicit service requirement.
In 2009, the Company granted a total of approximately 1.7 million restricted share awards. As part of these awards, in January 2009,
the Board approved the granting of 0.3 million restricted shares of the Company’s common stock to certain executive officers of
the Company. The grant date fair value of these awards was $10.99 per share with an aggregate fair value of $3.1 for the grant and
a vesting price of $12.88 per share. Additionally, in December 2009, the Board granted 0.6 million restricted share awards to certain
executive officers of the Company. These awards, which vested immediately, are subject to certain sales restrictions and had a grant
date fair value of $28.53 per share for an aggregate fair value of $17.1. The remaining 0.8 million restricted share awards had an
aggregate fair value of $15.9 and vest if the Company achieves certain earnings performance targets over a 3 year period.
In 2008, the majority of the restricted shares granted were primarily performance based awards which vest upon achievement of
certain internal performance measures and fulfillment of the explicit service periods.
As of December 31, 2010, there was $11.7 of unrecognized compensation cost related to non-vested share-based awards. Those
costs are expected to be recognized through 2013 over a weighted-average period of approximately 9 months.
2010 2009 2008
Expected volatility 49.4% 50.4% 37.0%
Risk-free interest rates 2.6% 1.4% 3.3%
Derived service periods (in years) 0.1 0.2 2.4
Shares
(in thousands)
Weighted
Average
Fair Value
Total Value
(in millions)
Outstanding as of December 31, 2007 2,048.7 $ 33.98 $ 69.6
Granted 277.4 19.51 5.4
Released/Vested (581.4) 30.18 (17.5)
Cancelled (286.0) 31.13 (8.9)
Outstanding as of December 31, 2008 1,458.7 33.30 48.6
Granted 1,654.3 21.83 36.1
Released/Vested (1,219.9) 24.63 (30.0)
Cancelled (129.5) 31.13 (4.0)
Outstanding as of December 31, 2009 1,763.6 28.70 50.7
Granted 2,387.3 30.95 73.9
Released/Vested (643.1) 30.33 (19.5)
Cancelled (85.2) 27.78 (2.4)
Outstanding as of December 31, 2010 3,422.6 $ 29.99 $ 102.7
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