Harbinger Group Inc.
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10-K
HRG GROUP, INC. filed this Form 10-K on 11/23/2016
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NOTE 16 - SHARE BASED COMPENSATION
On October 21, 2010, the Board adopted the Spectrum Brands Holdings, Inc. 2011 Omnibus Equity Award Plan (the “Equity Plan”). During the year ended September 30, 2014, the Equity Plan was amended to increase the number of shares issuable under the Equity Plan to 5,626 shares of common stock of the Company, net of cancellations.
The Company measures the compensation expense of its stock-based compensation awards, which consist of restricted stock units (“RSUs”), based on the fair value of the awards at the date of grant, and recognizes these costs on a straight line basis over the requisite service period of the awards. The fair value of the RSUs is determined based on the market price of the Company’s shares of common stock on the grant date.
During the year ended September 30, 2016, the Company granted 0.6 million RSUs, which include 0.4 million units that vested immediately or within 12 months, and 0.2 million units that are performance-based and vest within a two-year period. During the year ended September 30, 2015, the Company granted 0.6 million RSUs, which include 0.1 million units that vested immediately or within 12 months, 0.2 unit million units that vest over a one year period, and 0.3 million units that are performance-based and vest within a two-year period. During the year ended September 30, 2014, the Company granted 0.7 million RSUs, which include 0.3 million units that vested immediately or within 12 months, 0.1 million units that vest over a one year period and 0.3 million units that are performance-based and vest within a two year period. Share based compensation expense recognized by SBH during the years ended September 30, 2016, 2015 and 2014 was $64.4 million, $47.6 million, and $46.8 million, respectively.
Share based compensation expense recognized by SB/RH during the years ended September 30, 2016, 2015 and 2014 was $59.3 million, $41.8 million and $44.9 million, respectively. Share based compensation expense is recognized as General and Administrative Expenses on the Consolidated Statements of Income. The remaining unamortized compensation cost related to non-vested RSUs at September 30, 2016 is $18.1 million and $16.7 million for the SBH and SB/RH, respectively. The following is a summary of the RSU activity for the years ended September 30, 2016, 2015 and 2014:
 
 
SBH
 
SB/RH
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
 
 
 
 
 
Average
 
 
 
 
 
Average
 
 
 
 
 
 
Grant Date
 
Fair Value
 
 
 
Grant Date
 
Fair Value
(in millions, except per share data)
 
Shares
 
Fair Value
 
at Grant Date
 
Shares
 
Fair Value
 
at Grant Date
At September 30, 2013
 
1.1

 
$
39.11

 
$
43.7

 
1.1

 
$
39.12

 
$
43.1

Granted
 
0.7

 
75.50

 
50.5

 
0.6

 
75.82

 
48.6

Forfeited
 
—

 
69.33

 
(0.4
)
 
—

 
69.33

 
(0.4
)
Vested
 
(1.0
)
 
39.69

 
(37.8
)
 
(0.9
)
 
39.34

 
(36.7
)
At September 30, 2014
 
0.8

 
67.66

 
56.0

 
0.8

 
67.90

 
54.6

Granted
 
0.6

 
92.51

 
52.9

 
0.5

 
93.12

 
42.3

Forfeited
 
(0.1
)
 
85.16

 
(5.3
)
 
(0.1
)
 
85.16

 
(5.3
)
Vested
 
(0.7
)
 
69.00

 
(50.4
)
 
(0.7
)
 
68.98

 
(49.5
)
At September 30, 2015
 
0.6

 
87.50

 
53.2

 
0.5

 
87.71

 
42.1

Granted
 
0.6

 
94.88

 
56.0

 
0.6

 
95.00

 
54.1

Forfeited
 
(0.1
)
 
92.26

 
(6.6
)
 
(0.1
)
 
92.26

 
(6.6
)
Vested
 
(0.5
)
 
86.97

 
(47.8
)
 
(0.5
)
 
86.78

 
(44.3
)
At September 30, 2016
 
0.6

 
94.97

 
$
54.8

 
0.5

 
96.92

 
$
45.3


S-45
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