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This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Stock
Unit Awards
Restricted stock units (RSUs) of Hanesbrands’ stock are
granted to certain Company employees and non-employee directors
to incent performance and retention over periods ranging from
one to three years. Upon the achievement of defined goals, the
RSUs are converted into shares of the Company’s common
stock on a
one-for-one
basis and issued to the grantees. All RSUs vest solely upon
continued future service to the Company. The cost of these
awards is determined using the fair value of the shares on the
date of grant, and compensation expense is recognized over the
period during which the grantees provide the requisite service
to the Company. A summary of the changes in the restricted stock
unit awards outstanding under the Hanesbrands OIP during the
quarter ended September 30, 2006 is presented below:
As of September 30, 2006, the Company had unrecognized
compensation expense related to stock unit awards of $34,284.
Table of Contents
HANESBRANDS
Notes to
Condensed Combined and Consolidated Financial
Statements — (Continued)
(unaudited)
(dollars and shares in thousands, except per share data)
For all share-based payments under the Hanesbrands OIP, during
the quarter ended September 30, 2006 the Company recognized
total compensation expense of $314 and recognized a tax benefit
of $122. The Company satisfies the requirement for common shares
for share-based payments to employees by issuing newly
authorized shares.
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