Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.4.1.9
Share-Based Compensation
3 Months Ended
Dec. 31, 2014
Compensation Related Costs [Abstract]  
Share-based compensation
Share-Based Compensation
 
 
Three Months Ended
December 31,
 
2014
 
2013
Share-based compensation costs
$
2.2

 
$
1.7

Less impact of income tax benefit
0.8

 
0.6

Share-based compensation costs, net of tax
$
1.4

 
$
1.1


 
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.  For certain performance-based awards, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants. 
 
During the three months ended December 31, 2014, we made the following grants:
 
 
Number of
Units
Stock options
360,903

Time-based stock awards
13,962

Performance-based stock awards (maximum that can be earned)
474,599


 
Stock options granted had a weighted-average exercise price of $32.66 and a weighted-average grant date fair value of $4.88.  Our time-based stock awards and performance-based stock awards had a weighted-average grant date fair value of $32.48 and $19.45.  Included in the performance-based stock awards granted in the first quarter of fiscal 2015 are 150,464 units whose payout level is based upon the Company’s total shareholder return as it relates to the performance of companies in its compensation peer group over a three-year measurement period.  These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date.