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These excerpts taken from the USTR 10-K filed Feb 27, 2009. Accounting For Stock-Based Compensation Prior to January 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued to Employees, and related Interpretations, as permitted by Statement of Financial Accounting Standards ("SFAS") No. 123, Accounting for Stock-Based Compensation ("SFAS No. 123"). Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), Share-Based Payment ("SFAS No. 123(R)"), using the modified-prospective transition method. The Company's adoption of SFAS No. 123(R) did not result in any cumulative effect of an accounting change. Under this modified-prospective transition method, compensation cost recognized in 2006 includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123, and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS No. 123(R). Results for prior periods have not been restated. The Company recorded pre-tax expense of $9.0 million ($5.6 million after-tax), or $0.24 per basic and diluted share, for share-based compensation for the year ended December 31, 2008. The Company recorded pre-tax expense of $8.9 million ($5.4 million after-tax), or $0.20 per basic and $0.19 per diluted share, for share-based compensation for the year ended December 31, 2007. The Company recorded pre-tax expense of $8.0 million ($5.0 million after-tax), or $0.16 per basic and diluted share, for share-based compensation for the year ended December 31, 2006. The following tables summarize the intrinsic value of options outstanding, exercisable, and exercised for the applicable periods listed below: Intrinsic Value of Options
Intrinsic Value of Options Exercised
61
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 3. Share-Based Compensation (Continued) The following tables summarize the intrinsic value of restricted shares outstanding and vested for the applicable periods listed below: Intrinsic Value of Restricted Shares
Intrinsic Value of Restricted Shares Vested
As of December 31, 2008, there was $16.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted. This cost is expected to be recognized over a weighted-average period of 2.0 years. SFAS No. 123(R), Share-Based Payment ("SFAS No. 123(R)"), requires that cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) be classified as financing cash flows. For the years ended December 31, 2008, 2007 and 2006, respectively, the $0.1 million, $9.5 million and $4.6 million excess tax benefits classified as financing cash inflows on the Consolidated Statement of Cash Flows would have been classified as operating cash inflows if the Company had not adopted SFAS No. 123(R). Historically, the majority of awards issued under these plans have been stock options with service-type conditions. The Company began utilizing restricted stock awards in its annual award grant in September 2007. Accounting For Stock-Based Compensation Prior to January 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principles Effective The Intrinsic Value of Options
Intrinsic Value of Options Exercised
61
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 3. Share-Based Compensation (Continued) The following tables summarize the intrinsic value of restricted shares outstanding and vested for the applicable periods listed below: Intrinsic Value of Restricted Shares
Intrinsic Value of Restricted Shares Vested
As of December 31, 2008, there was $16.1 million of total unrecognized compensation cost related to non-vested share-based SFAS Historically, These excerpts taken from the USTR 10-K filed Feb 29, 2008. Accounting For Stock-Based Compensation Prior to January 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued to Employees, and related Interpretations, as permitted by Statement of Financial Accounting Standards ("SFAS") No. 123, Accounting for Stock-Based Compensation ("SFAS No. 123"). Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), Share-Based Payment ("SFAS No. 123(R)"), using the modified-prospective-transition method. The Company's adoption of SFAS No. 123(R) did not result in any cumulative effect of an accounting change. Under this modified-prospective transition method, compensation cost recognized in 2006 includes: (a) compensation cost for all share-based payments granted prior to, but not yet 57 vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123, and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS No. 123(R). Results for prior periods have not been restated. The Company recorded a pre-tax charge of $8.9 million ($5.4 million after-tax), or $0.20 per basic and $0.19 per diluted share, for share-based compensation for the year ended December 31, 2007. The Company recorded a pre-tax charge of $8.0 million ($5.0 million after-tax), or $0.16 per basic and diluted share, for share-based compensation for the year ended December 31, 2006. The total intrinsic value of options exercised, outstanding and exercisable for the year ended December 31, 2007 totaled $28.2 million, $11.4 million and $11.3 million, respectively. During 2006, total intrinsic value of options exercised, outstanding and exercisable was $12.7 million, $27.3 million and $21.9 million, respectively. Total intrinsic value of restricted stock vested totaled $0.5 million and $1.0 million for the year ended December 31, 2007 and 2006, respectively. As of December 31, 2007, there was $17.9 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted. This cost is expected to be recognized over a weighted-average period of 2.2 years. Prior to the adoption of SFAS No. 123(R), the Company presented all tax benefits of deductions resulting from the exercise of stock options as operating cash flows in the Company's Statement of Cash Flows. SFAS No. 123(R) requires that cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) be classified as financing cash flows. For the years ended December 31, 2007 and 2006, respectively, the $9.5 million and $4.6 million excess tax benefits classified as a financing cash inflows on the Consolidated Statement of Cash Flows would have been classified as an operating cash inflow if the Company had not adopted SFAS No. 123(R). Historically, the majority of awards issued under these plans have been stock options with service-type conditions. In September 2007, the Company utilized both stock options and restricted stock in its annual award grant. Accounting For Stock-Based Compensation Prior to January 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principles Board ("APB") Opinion Effective 57 vested Prior Historically, This excerpt taken from the USTR 10-Q filed Nov 7, 2007. Accounting For Stock-Based Compensation Prior to January 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principles Board (“APB”) Opinion No. 25, Accounting for Stock Issued to Employees, and related Interpretations, as permitted by Statement of Financial Accounting Standards (“SFAS”) No. 123, Accounting for Stock-Based Compensation (“SFAS No. 123”). Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), Share-Based Payment (“SFAS No. 123(R)”), using the modified-prospective-transition method. The Company’s adoption of SFAS No. 123(R) did not result in any cumulative effect of an accounting change. Under this modified-prospective transition method, compensation cost recognized in the nine-month period ended September 30, 2007 includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123, and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS No. 123(R). Results for prior periods have not been restated. The Company recorded a pre-tax charge of $2.6 million ($1.6 million after-tax), or $0.06 per diluted share for share-based compensation during the third quarter of 2007. During the nine months ended September 30, 2007, the Company recorded a pre-tax charge of $6.6 million ($4.0 million after-tax), or $0.14 per diluted share for share-based compensation. During the three months ended September 30, 2006, the Company recorded a pre-tax charge of $1.8 million ($1.1 million after-tax), or $0.04 per diluted share for share-based compensation. During the nine months ended September 30, 2006, the Company recorded a pre-tax charge of $5.9 million ($3.6 million after-tax), or $0.11 per diluted share for share-based compensation. Total intrinsic value of options exercised for the three and nine months
12
ended September 30, 2007 totaled $0.6 million and $16.6 million, respectively. During the same comparable three and nine-month periods in 2006, total intrinsic value of options exercised were $3.2 million and $9.9 million, respectively. Total intrinsic value of restricted stock vested for the nine-month periods ended September 30, 2007 and September 30, 2006 totaled $0.3 million and $1.0 million, respectively. As of September 30, 2007, there was $20.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted. This cost is expected to be recognized over a weighted-average period of 2.4 years. Prior to the adoption of SFAS No. 123(R), the Company presented all tax benefits of deductions resulting from the exercise of stock options and vesting of restricted stock as operating cash flows in the Company’s Statement of Cash Flows. SFAS No. 123(R) requires that cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for share-based compensation (excess tax benefits) be classified as financing cash flows. The $5.5 million excess tax benefit classified as a financing cash inflow on the Consolidated Statement of Cash Flows would have been classified as an operating cash inflow if the Company had not adopted SFAS No. 123(R). Historically, the majority of awards issued under these plans have been stock options with service-type conditions. In September 2007, the Company utilized both stock options and restricted stock in its annual award grant. This excerpt taken from the USTR 10-Q filed May 8, 2006. Accounting for Stock-Based
Compensation (“SFAS No. 123”). Under this prior accounting
treatment, the Company recorded a nominal amount of compensation expense for
the first quarter of 2005, since the respective options granted had an exercise
price equal to the market value of the underlying common stock on the date of
grant.
Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123(R), This excerpt taken from the USTR 10-Q filed Oct 31, 2005. Accounting for Stock-Based
Compensation, the Company accounts for its stock options using the “intrinsic
value” method permitted by Accounting Principles Board (“APB”) Opinion No. 25,
This excerpt taken from the USTR 10-Q filed Aug 9, 2005. Accounting for Stock-Based Compensation,
the Company accounts for its stock options using the “intrinsic value” method
permitted by Accounting Principles Board (“APB”) Opinion No. 25, This excerpt taken from the USTR 10-Q filed May 10, 2005. Accounting for Stock-Based Compensation,
the Company accounts for its stock options using the “intrinsic value” method
permitted by Accounting Principles Board (“APB”) Opinion No. 25, | EXCERPTS ON THIS PAGE:
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