Vistaprint 2014 Annual Report Download - page 81

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77
A summary of our RSA activity and related information for the fiscal year ended June 30, 2014 is as follows:
RSAs
Weighted-
Average
Grant Date Fair
Value
Aggregate
Intrinsic
Value
Unvested at the beginning of the period . . . . . . . . . . . . . . . . . . . . . . . 253,171 $ 31.29
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——
Vested and distributed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253,171) 31.29
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——
Unvested at the end of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . —$ —$ —
Share-based compensation
Total share-based compensation costs were $27,786, $32,928 and $25,413 for the years ended June 30,
2014, 2013 and 2012, respectively. See footnote 8 for information related to a liability based award issued in
conjunction with our acquisition of Pixartprinting. Share-based compensation costs capitalized as part of software
and website development costs were $254, $130 and $101 for the years ended June 30, 2014, 2013 and 2012,
respectively.
As of June 30, 2014, there was $40,443 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 2.7 years.
13. Employees’ Savings Plans
Defined contribution plans
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 4 years.
We expensed $8,178, $7,158 and $5,301 for our government mandated and defined contribution plans in
the years ended June 30, 2014, 2013 and 2012, respectively. Our expenses from these plans have increased
during the year ended June 30, 2014 due to increased headcount, as well as the full year impact of our business
acquisitions during the prior period.
Defined benefit plan
We currently have one defined benefit plan that covers substantially all of our employees in Switzerland.
Our Swiss plan is a government-mandated retirement fund with benefits generally earned based on years of service
and compensation during active employment; however, the level of benefits varies within the Plan. Eligibility is
determined in accordance with local statutory requirements. Under this plan, both we and certain of our employees
with annual earnings in excess of government determined amounts are required to make contributions into a fund
managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to
the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary,
and gender. As of June 30, 2014, the plan had an unfunded net pension obligation of approximately $3,338 and
plan assets which totaled approximately $11,602. For the years ended June 30, 2014, 2013 and 2012 we
recognized expense totaling $1,921, $1,417, and $1,030, respectively, related to our Swiss plan.
Form 10-K