Vistaprint 2011 Annual Report Download - page 75

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A summary of our unvested RSU activity and related information for the fiscal year ended
June 30, 2011 is as follows:
RSUs
Weighted-
Average
Grant Date Fair
Value
Aggregate
Intrinsic
Value
Unvested at the beginning of the period . . . . . . . . . . 848,800 $ 38.96
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,047 41.77
Vested and distributed . . . . . . . . . . . . . . . . . . . . . . . (427,599) 36.87
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (61,064) 36.21
Unvested at the end of the period . . . . . . . . . . . . . . . 782,184 $ 41.83 $ 37,428
The weighted average fair value of RSUs granted during the fiscal years ended June 30, 2011,
2010 and 2009 was $41.77, $51.06, and $28.37, respectively. The total intrinsic value of RSUs vested
during the fiscal years ended June 30, 2011, 2010 and 2009 was $19,277, $19,456, and $12,589,
respectively.
Share-based compensation
Total share-based compensation costs were $21,677, $22,380 and $19,473 for the years
ended June 30, 2011, 2010 and 2009, respectively. Share-based compensation costs capitalized as
part of software and website development costs were $347, $530 and $994 for the years ended
June 30, 2011, 2010 and 2009, respectively.
At June 30, 2011, there was $36,948 of total unrecognized compensation cost related to non-
vested, share-based compensation arrangements, net of estimated forfeitures. This cost is expected
to be recognized over a weighted average period of 2.6 years.
9. Employees’ Savings Plan
We maintain certain government mandated and defined contribution plans throughout the
world. The most significant is our defined contribution retirement plan in the U.S. (the “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 80% of eligible compensation, subject to IRS limitations. We match 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.
We expensed $4,515, $3,560 and $2,524 for our government mandated and defined
contribution plans in the years ended June 30, 2011, 2010 and 2009, respectively.
10. Income Taxes
The following is a summary of our income before taxes by geography:
2011 2010 2009
Year Ended June 30,
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,247 $ 10,250 $ 9,402
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,875 64,764 51,701
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91,122 $ 75,014 $ 61,103
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