Vistaprint 2008 Annual Report Download - page 85

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VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2008, 2007 and 2006
(in thousands, except share and per share data)
A summary of the Company’s unvested restricted share unit activity and related information for
the fiscal year ended June 30, 2008 is as follows:
Restricted Share
Units
Weighted-
Average
Grant Date
Fair Value
Unvested at the beginning of the period ................................ 609,829 $30.77
Granted ............................................................. 1,007,674 33.22
Vested and distributed ................................................ (273,848) 35.84
Forfeited/cancelled ................................................... (71,524) 35.39
Unvested at the end of the period...................................... 1,272,131 $31.36
The Company had an aggregate of 2,741,890 common shares available for future award under
all of its share-based compensation plans as of June 30, 2008.
The total fair value of shares vested during the fiscal year ended June 30, 2008, 2007 and 2006
was $9,813, $3,518 and $0, respectively. The total intrinsic value of options exercised during the fiscal
years ended June 30, 2008, 2007 and 2006 was $16,870, $54,763 and $46,421, respectively.
9. Employees’ Savings Plan
The Company has a defined contribution retirement plan that complies with Section 401(k) of the
Internal Revenue Code. Substantially all employees in the U.S. are eligible to participate in the plan.
Under the provisions of the plan, employees may voluntarily contribute up to 15% of eligible
compensation, subject to IRS limitations. The Company matches 50% of each participant’s voluntary
contributions, subject to a maximum Company contribution of 3% of the participant’s eligible
compensation. Employee contributions are fully vested when contributed. Company matching
contributions vest over four years. The Company contributed and expensed $988, $608 and $396 in
the years ended June 30, 2008, 2007 and 2006, respectively.
10. Income Taxes
The components of the provision for income taxes are as follows:
Year Ended June 30,
2008 2007 2006
Current:
U.S. Federal...................................................... $ 4,544 $1,388 $(163)
U.S. State ........................................................ 781 368 6
Non-U.S. ......................................................... 965 (166) 722
Total current .......................................................... 6,290 1,590 565
Deferred:
U.S. Federal...................................................... (2,099) (268) 218
U.S. State ........................................................ (688) (80) —
Non-U.S. ......................................................... 758 1,638 —
Total deferred......................................................... (2,029) 1,290 218
Total ................................................................. $ 4,261 $2,880 $ 783
81
Form 10-K