Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.4.0.8
Share-Based Compensation
9 Months Ended
Jun. 30, 2013
Share-Based Compensation  
Share-Based Compensation

10.       Share-Based Compensation

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation costs

 

$

(1.0

)

$

0.2

 

$

5.0

 

$

7.1

 

Less impact of income tax

 

0.4

 

0.1

 

1.8

 

2.6

 

Share-based compensation costs, net of tax

 

$

(0.6

)

$

0.1

 

$

3.2

 

$

4.5

 

 

Share-based compensation related to our long-term performance-based stock awards is contingent upon the creation of shareholder value as measured by the cumulative cash returns and final period net operating profit after tax compared to the performance-based targets for each grant over a three-year period.  Related accruals are adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the three separate grants.  The decrease in share-based compensation expense from the prior year for both the three- and nine-month periods ending June 30, 2013, was driven by these adjustments.

 

During the nine months ended June 30, 2013, we made the following grants:

 

 

 

Number of
Units

 

Stock options

 

508,650

 

Time-based stock awards

 

81,780

 

Performance-based stock awards (maximum that can be earned)

 

778,942

 

 

Stock options granted had a weighted-average exercise price of $20.78 and a weighted-average grant date fair value of $4.91.  Our time-based stock awards and performance-based stock awards had a weighted-average grant date fair value of $22.70 and $20.76.