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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2011
Stockholders' Equity [Abstract] |
Stockholders' Equity | Note 18 Stockholders’ Equity Dividends The following table shows our total cash dividends paid in the three years ended December 31, 2011.
|  | Total Cash Dividends Paid |  | Total Cash Dividends Paid per Common Share |
2009 |  |  |  | $ | 75.7 |  |  |  |  | $ | 0.48 |
2010 |  |  |  |  | 79.7 |  |  |  |  |  | 0.50 |
2011 |  |  |  |  | 87.4 |  |  |  |  |  | 0.52 |
Total |  |  |  | $ | 242.8 |  |  |  |  |  |  |
On February 16, 2012, our Board of Directors declared a quarterly cash dividend of $0.13 per common share payable on March 16, 2012 to stockholders of record at the close of business on March 2, 2012. The estimated amount of this dividend payment is $25 million based on 192 million shares of our common stock issued and outstanding as of January 31, 2012. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) The dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our consolidated balance sheets. Our new Credit Facility and the Notes contain covenants that restrict our ability to declare or pay dividends. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends. Information about the SARs issued in connection with the Diversey acquisition is included in Note 3, “Acquisition of Diversey Holdings, Inc.’’ Common Stock The following is a summary of changes during the three years ended December 31, 2011 in shares of our common stock:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Changes in common stock: |  |  |  |  |  |  |  |  |  |  |  |
Number of shares, beginning of year |  |  | 169,272,636 |  |  |  | 168,749,681 |  |  |  | 168,111,815 |
Shares issued as part of the consideration for the Diversey acquisition |  |  | 31,699,946 |  |  |  | — |  |  |  | — |
Restricted stock shares awarded for 2009 Two-Year PSU awards |  |  | 1,114,139 |  |  |  | — |  |  |  | — |
Restricted stock shares issued for new awards under the 2005 Contingent Stock Plan |  |  | 308,650 |  |  |  | 403,360 |  |  |  | 516,650 |
Shares granted and issued under the Directors Stock Plan |  |  | 18,630 |  |  |  | 12,500 |  |  |  | 16,289 |
Restricted stock shares and units issued for SLO awards |  |  | 24,515 |  |  |  | 12,895 |  |  |  | 3,627 |
Shares issued for vested restricted stock units |  |  | 90,100 |  |  |  | 94,200 |  |  |  | 101,300 |
Number of shares issued, end of year |  |  | 202,528,616 |  |  |  | 169,272,636 |  |  |  | 168,749,681 |
Changes in common stock in treasury: |  |  |  |  |  |  |  |  |  |  |  |
Number of shares held, beginning of year |  |  | 9,967,129 |  |  |  | 9,811,507 |  |  |  | 10,229,288 |
Purchase of shares during the period |  |  | — |  |  |  | 429,458 |  |  |  | — |
Profit sharing contribution partially paid in stock |  |  | — |  |  |  | (346,362 | ) |  |  | (535,000 | )
Restricted stock repurchased, withheld or forfeited |  |  | 499,302 |  |  |  | 72,526 |  |  |  | 117,219 |
Number of shares held, end of year |  |  | 10,466,431 |  |  |  | 9,967,129 |  |  |  | 9,811,507 |
2005 Contingent Stock Plan The 2005 Contingent Stock Plan is our sole long-term equity compensation program for officers and employees. The 2005 Contingent Stock Plan provides for awards of equity-based compensation, including restricted stock, restricted stock units, performance share units and cash awards measured by share price, to our executive officers and other key employees, as well as U.S.-based key consultants. During the three years ended December 31, 2011, under the 2005 Contingent Stock Plan, we granted restricted stock, restricted stock units and cash awards, in addition to the SLO and PSU awards described below. An employee or consultant selected by the Organization and Compensation Committee of our Board of Directors to receive an award may accept the award during the period specified by us, provided the participant’s relationship to us has not changed. Awards made under the 2005 Contingent Stock Plan are restricted as to disposition by the holders for a period of at least three years after award, except for SLO and PSU awards, which are described below. In the event of termination of employment of a participant before lapse of the restriction, the awards under the 2005 Contingent Stock Plan are forfeited on the date of termination unless (i) the termination results from the participant’s death or permanent and total disability, or (ii) the Compensation Committee affirmatively determines not to seek forfeiture of the award in whole or in part. The forfeiture provision of the 2005 Contingent Stock Plan expires upon vesting of the awards, except that these provisions of the 2005 Contingent Stock Plan lapse sooner upon certain terminations of employment following a change in control. Amended 2005 Contingent Stock Plan The amended 2005 Contingent Stock Plan, which was approved by our stockholders in 2008, provides for the issuance of a total of 12 million shares of common stock for awards under the 2005 Contingent Stock Plan, which was last approved by our stockholders in May 2011, and accommodates awards to be made under our executive compensation program adopted in the first half of 2008. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) Under our executive compensation program, we have the ability to grant to our executive officers and a small number of other key executives (1) stock leverage opportunity awards, known as SLO awards, as part of our annual incentive plan and (2) annual performance share unit awards, known as PSU awards, as part of our long term incentive program. Other employees are eligible to receive awards of restricted stock, restricted stock units and cash awards as long term incentive compensation under the 2005 Contingent Stock Plan. Our executive officers and other key executives may also receive awards of restricted stock or restricted stock units from time to time. For both restricted stock awards and units, we record compensation expense in marketing, administrative and development expenses on the consolidated statements of operations with a corresponding credit to additional paid-in capital within stockholders’ equity based on the fair value of our common stock at the award grant date. For cash awards, we record a liability, which is reflected in other liabilities on the consolidated balance sheets, and record compensation expense based on the fair value of the award at the end of each reporting period. The amount of the liability for cash awards is re-measured at each reporting period based on the then current stock price and the effects of the stock price changes are recognized as compensation expense. At December 31, 2011, the liability related to cash awards was $0.5 million. The following tables show the details of the non-vested awards under the 2005 Contingent Stock Plan, excluding SLO and PSU awards.
Non-vested Restricted Stock Shares Awards |  | 2011 |  |  | Weighted- Average per Share Market Value on Grant Date |
Number of non-vested restricted stock shares, beginning of year |  |  | 1,188,346 |  |  | $ | 19.78 |
Restricted stock shares issued for new awards during the year |  |  | 308,650 |  |  |  | 25.30 |
Restricted stock shares vested during the year |  |  | (271,936 | ) |  |  | 23.45 |
Restricted stock shares forfeited during the year |  |  | (41,400 | ) |  |  | 17.44 |
Number of non-vested restricted stock shares, end of year |  |  | 1,183,660 |  |  | $ | 20.45 |
The non-vested restricted stock shares included above had a weighted-average remaining contractual life of approximately 1.3 years at December 31, 2011.
Non-vested Restricted Stock Units Awards |  | 2011 |  |  | Weighted- Average per Share Market Value on Grant Date |
Number of non-vested restricted stock units, beginning of year |  |  | 301,950 |  |  | $ | 20.13 |
Restricted stock units issued for new awards during the year |  |  | 133,650 |  |  |  | 24.40 |
Restricted stock units vested during the year |  |  | (90,100 | ) |  |  | 22.51 |
Restricted stock units forfeited during the year |  |  | (3,500 | ) |  |  | 20.37 |
Number of non-vested restricted stock units, end of year |  |  | 342,000 |  |  | $ | 21.17 |
SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) The non-vested restricted stock units included above had a weighted-average remaining contractual life of approximately 1.5 years at December 31, 2011.
Non-vested Cash Awards |  | 2011 |
Number of non-vested cash awards, beginning of year |  |  | 51,000 |
Cash awards issued for new awards during the year |  |  | 30,550 |
Cash awards vested during the year |  |  | (22,200 | )
Cash awards forfeited during the year |  |  | (1,300 | )
Number of non-vested cash awards, end of year |  |  | 58,050 |
The non-vested cash awards included above had a weighted-average remaining contractual life of approximately 1.7 years at December 31, 2011. The 2005 Contingent Stock Plan permits withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. A summary of the changes in common shares available for awards under the 2005 Contingent Stock Plan follows:
|  | 2011(1) |  |  | 2010(1) |  |  | 2009(1) |
Number of shares available, beginning of year |  |  | 4,997,297 |  |  |  | 5,578,005 |  |  |  | 6,078,597 |
Additional restricted stock shares available due to 2011 amendment to the 2005 Contingent Stock Plan |  |  | 4,000,000 |  |  |  | — |  |  |  | — |
Restricted stock shares issued for new awards |  |  | (308,650 | ) |  |  | (403,360 | ) |  |  | (516,650 | )
Restricted stock units awarded |  |  | (133,650 | ) |  |  | (115,150 | ) |  |  | (106,200 | )
Restricted stock shares issued for SLO awards |  |  | (6,080 | ) |  |  | (12,895 | ) |  |  | (3,627 | )
Restricted stock units awarded for SLO awards |  |  | (28,516 | ) |  |  | (134,329 | ) |  |  | (11,034 | )
Restricted stock shares awarded for 2009 Two-Year PSU awards |  |  | (1,114,139 | ) |  |  | — |  |  |  | — |
Restricted stock shares forfeited |  |  | 41,400 |  |  |  | 19,133 |  |  |  | 38,431 |
Restricted stock units forfeited |  |  | 3,500 |  |  |  | 12,500 |  |  |  | 19,700 |
Restricted stock shares withheld for taxes |  |  | 457,902 |  |  |  | 53,393 |  |  |  | 78,788 |
Number of shares available, end of year |  |  | 7,909,064 |  |  |  | 4,997,297 |  |  |  | 5,578,005 |
Weighted average per share market value of awards on grant date |  | $ | 24.93 |  |  | $ | 21.46 |  |  | $ | 16.33 |
(1) | The SLO and PSU awards are discussed below.
Directors Stock Plan Non-cash compensation included on the consolidated statements of stockholders’ equity includes expense associated with shares issued to non-employee directors in the form of awards under our 2002 Stock Plan for Non-Employee Directors, which our stockholders approved at the 2002 annual meeting. In May 2011, our stockholders approved an amendment to the 2002 Directors Stock Plan increasing the number of shares of common stock reserved for issuance under the plan by 0.2 million shares to a total of 0.4 million shares. The 2002 Directors Stock Plan provides for annual grants of shares to non-employee directors, and interim grants of shares to eligible directors elected at times other than at an annual meeting, as all or part of the annual or interim retainer fees for non-employee directors. Shares previously granted under the plan were granted at a price equal to the par value of the shares; however, the plan was amended in December 2008 to eliminate the cash payment of the par value for future grants. During 2002, we adopted a plan that permits non-employee directors to elect to defer all or part of their annual retainer until the non-employee director retires from the Board of Directors. The non-employee director can elect to defer the portion of the annual retainer payable in shares of stock. If a non-employee director makes this election, the non-employee director may also elect to defer the portion, if any, of the annual retainer payable in cash. Cash dividends on deferred shares are credited to the non-employee director’s deferred cash account on the applicable dividend payment date. We record the excess of fair value over the price at which shares are issued under this plan in marketing, administrative and development expenses on the consolidated statements of operations, and this expense was $0.7 million in 2011 and $0.5 million in 2010 and 2009. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) A summary of the changes in shares available for the 2002 Directors Stock Plan follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Number of shares available, beginning of year |  |  | 49,548 |  |  |  | 74,120 |  |  |  | 97,390 |
Additional shares available due to 2011 amendment to the Directors Stock Plan |  |  | 200,000 |  |  |  | — |  |  |  | — |
Shares granted and issued |  |  | (18,630 | ) |  |  | (12,500 | ) |  |  | (16,289 | )
Shares granted and deferred |  |  | (7,762 | ) |  |  | (12,072 | ) |  |  | (6,981 | )
Number of shares available, end of year |  |  | 223,156 |  |  |  | 49,548 |  |  |  | 74,120 |
Weighted average per share market value of stock on grant date |  | $ | 25.77 |  |  | $ | 21.72 |  |  | $ | 19.34 |
Other Common Stock Issuances We have historically issued shares of our common stock under our 2005 Contingent Stock Plan to selected U.S.-based consultants as compensation under consulting agreements for research and development projects. We record the cost associated with these issuances on a straight-line basis based on each of the issuances’ vesting schedule. Amortization expense related to these issuances was immaterial in each of the three years ended December 31, 2011. Share-based Incentive Compensation We record share-based incentive compensation expense in marketing, administrative and development expenses on our consolidated statements of operations with a corresponding credit to additional paid-in capital within stockholders’ equity based on the fair value of the share-based incentive compensation awards at the date of grant. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. For the 2011 three-year PSU awards, 2010 three-year PSU awards and the 2009 three-year PSU awards, to the extent the expected performance against the targets has improved or worsened, the cumulative amount accrued to date is adjusted up or down. These share-based incentive compensation programs are described in more detail below. The table below shows our total share-based incentive compensation expense.
|  | 2011 |  |  | 2010 |  |  | 2009 |
2011 Three-year PSU Awards |  | $ | 3.0 |  |  | $ | — |  |  | $ | — |
2010 Three-year PSU Awards |  |  | 6.0 |  |  |  | 3.0 |  |  |  | — |
2009 Two-year PSU Awards |  |  | (0.7 | ) |  |  | 10.4 |  |  |  | 14.1 |
2009 Three-year PSU Awards |  |  | 7.4 |  |  |  | 7.0 |  |  |  | 9.4 |
SLO Awards |  |  | 0.3 |  |  |  | 1.0 |  |  |  | 2.9 |
Other long-term share-based incentive compensation programs |  |  | 9.0 |  |  |  | 9.2 |  |  |  | 12.4 |
Total share-based incentive compensation expense |  | $ | 25.0 |  |  | $ | 30.6 |  |  | $ | 38.8 |
Associated tax benefits recognized |  | $ | 9.3 |  |  | $ | 11.3 |  |  | $ | 14.5 |
The following table shows the estimated amount of total share-based incentive compensation expense expected to be recognized on a straight-line basis over the remaining respective vesting periods by program at December 31, 2011.
|  | 2012 |  |  | 2013 |  |  | 2014 |  |  | Total |
2011 Three-year PSU Awards |  | $ | 2.9 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 5.7 |
2010 Three-year PSU Awards |  |  | 4.1 |  |  |  | — |  |  |  | — |  |  |  | 4.1 |
SLO Awards |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Other long-term share-based incentive compensation programs |  |  | 8.8 |  |  |  | 5.3 |  |  |  | 1.5 |  |  |  | 15.6 |
Total share-based incentive compensation expense |  | $ | 15.9 |  |  | $ | 8.1 |  |  | $ | 1.5 |  |  | $ | 25.5 |
For the 2011 three-year PSU awards and the 2010 three-year PSU awards, the estimated amount of this future share-based incentive compensation expense will fluctuate based on: 1) the expected level of achievement of the respective goals and measures considered probable in future quarters, which impacts the number of shares that could be issued; and 2) the future price of our common stock, which impacts the expense related to additional discretionary shares. The discussion that follows provides further details of our share-based incentive compensation programs. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) Performance Share Unit Awards As part of our long term incentive program adopted in 2008, during the first 90 days of each year, the Organization and Compensation Committee of our Board of Directors, or Compensation Committee, has approved Performance Share Unit (PSU) awards for our executive officers and other selected key executives, which include for each officer or executive a target number of shares of common stock and performance goals and measures that will determine the percentage of the target award that is earned following the end of the performance period. Following the end of the performance period, participants will also receive a cash payment in the amount of the dividends (without interest) that would have been paid during the performance period on the number of shares that they have earned. As of December 31, 2011, we have accrued $2.6 million for these dividends in other current liabilities on our consolidated balance sheet. 2011 Three-year PSU Awards In March 2011, the Compensation Committee approved awards with a three-year performance period beginning January 1, 2011. The Compensation Committee established principal performance goals, which are 1) three-year cumulative volume growth of net trade sales and 2) three-year average return on invested capital ("ROIC"). These performance goals are outlined in further detail in the Proxy Statement for our 2011 Annual Meeting of Stockholders. The targeted number of shares of common stock that can be earned is 384,714 shares for these 2011 PSU awards. If the threshold level is achieved for either of the two performance goals mentioned above, then the number of shares earned for each participant can be increased (if the additional goal mentioned below is achieved) or decreased (if the additional goal mentioned below is not achieved) by up to 10% of the target level at the discretion of the Compensation Committee, or an aggregate of 38,471 shares for all participants. The additional goal is a 2013 safety result of a total recordable incident rate (a workplace safety indicator) ("TRIR") of 1.20 or better, excluding facilities acquired during the performance period. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares depending on the level of achievement of the performance goals and measures, plus or minus the 38,471 additional discretionary shares mentioned above. The expense included in the table above was calculated using a grant date common stock share price of $26.18 per share on March 11, 2011 and is based on management's estimate as of December 31, 2011 of the level of probable achievement of the performance goals and measures, which was determined to be at the target level, or 100% achievement (192,357 shares, net of forfeitures), for the ROIC goal and below the target level, or 74% achievement (142,344 shares, net of forfeitures), for the volume goal. 2010 Three-year PSU Awards In March 2010, the Compensation Committee approved awards with a three-year performance period beginning January 1, 2010. The Compensation Committee established principal performance goals, which are 1) three-year cumulative volume growth of net trade sales and 2) three-year average ROIC. These performance goals are outlined in further detail in the Proxy Statement for our 2011 Annual Meeting of Stockholders. The targeted number of shares of common stock that can be earned is 416,160 shares for these 2010 PSU awards. If the threshold level is achieved for either of the two performance goals mentioned above, then the number of shares earned for each participant can be increased (if the additional goal mentioned below is achieved) or decreased (if the additional goal mentioned below is not achieved) by up to 10% of the target level at the discretion of the Compensation Committee, or an aggregate of 41,616 shares for all participants. The additional goal is a 2012 safety result of TRIR of 1.20 or better, excluding facilities acquired during the performance period. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares depending on the level of achievement of the performance goals and measures, plus or minus the 41,616 additional discretionary shares mentioned above. The expense included in the table above was calculated using a grant date common stock share price of $20.88 per share on March 8, 2010 and is based on management's estimate as of December 31, 2011 of the level of probable achievement of the performance goals and measures, which was determined to be at the maximum level, or 200% achievement (416,160, net of forfeitures) for the volume goal and at the target level, or 100% achievement (208,080 shares, net of forfeitures) for the ROIC goal. 2009 Three-year PSU Awards The targeted number of shares of common stock that can be earned is 578,432 for the 2009 three-year PSU award. The total number of shares to be issued for each PSU for the three-year awards can range from zero to 200% of the target number of shares depending on the level of achievement of the operating profit performance goals and measures. If the threshold level is achieved for the operating performance goals and measures, then the number of shares earned for each participant can be increased (if the additional goals mentioned below are achieved) or decreased (if the additional goals mentioned below are not achieved) by up to 10% of the target level at the discretion of the Compensation Committee, or an aggregate of 57,843 shares for all participants. The additional goals are 1) average quarterly inventory days on hand starting December 31, 2008 through the performance period below the average quarterly days on hand for the period December 31, 2007 through December 31, 2008; and 2) a safety result for the final year of the performance period of TRIR of 1.30 or better, excluding facilities acquired during the performance period. These provisions are outlined in further detail in the Proxy Statement for our 2010 Annual Meeting of Stockholders. Probable achievement of the operating profit performance goals and measures based on management’s estimate as of December 31, 2011 was determined to be at the maximum level, or 200% achievement (1,156,865 shares, net of forfeitures). The expense included in the table above for the shares related to the achievement of the operating performance goals and measures was calculated using a common stock share price of $20.88 per share on March 8, 2010. The expense included in the table above for the shares related to the additional goals was calculated using a common stock share price of $17.21 on December 31, 2011, because of their discretionary nature. 2009 Two-year PSU Awards In February 2011, we issued 1,114,139 shares of common stock for the 2009 two-year PSU awards. These awards were based on the achievement of the operating profit performance goals and measures at the maximum level, or 200% achievement in the two-year performance period of 2009 through 2010. We concurrently acquired 408,751 of these shares of common stock as withholding from employees to satisfy their minimum tax withholding obligations, as provided for in our 2005 contingent stock plan. These acquired shares are held in common stock in treasury at a fair market value on the date acquired of $12 million. Stock Leverage Opportunity Awards Before the start of each performance year, each of our executive officers and other selected key executives is eligible to elect to receive all or a portion of his or her annual cash bonus for that year, in increments of 25% of the annual bonus, as an award of restricted stock or restricted stock units under the 2005 contingent stock plan in lieu of cash. The portion provided as an equity award may be given a premium to be determined by the Compensation Committee each year and will be rounded up to the nearest whole share. The stock price used in the calculation of the number of shares will be the closing sale price of our common stock on the New York Stock Exchange on the first trading day of the performance year. The award will be granted following the end of the performance year and after determination by the Compensation Committee of the amount of the annual bonus award for each executive officer and other selected key executive who has elected to take all or a portion of his or her annual bonus as an equity award, but no later than the March 15 following the end of the performance year. The equity award will be made in the form of an award of restricted stock or restricted stock units that will vest on the second anniversary of the grant date or earlier in the event of death, disability or retirement from employment with us, and the shares subject to the award will not be transferable by the recipient until the later of vesting or the second anniversary of the grant date. If the recipient ceases to be employed by us before vesting, then the shares will be forfeited, except for certain circumstances following a change in control. The award will be made in the form of restricted stock unless the award would be taxable to the recipient before the shares become transferable by the recipient, in which case the award will be made in the form of restricted stock units. Recipients who hold SLO awards in the form of restricted stock receive dividends. Recipients who hold SLO awards in the form of restricted stock units receive a cash payment in the amount of the dividends (without interest) on the shares they have earned at about the same time that shares are issued to them following the period of restriction. As of December 31, 2011, we have accrued for these dividends in other current liabilities on our consolidated balance sheet and the amount was immaterial. For 2011, the Compensation Committee set the SLO award premium at 25%. The 2011 SLO target awards comprise an aggregate of 77,926 restricted stock shares and restricted stock units as of December 31, 2011. For 2010, the Compensation Committee set the SLO award premium at 25%. The 2010 SLO awards that were issued on March 13, 2011 comprised an aggregate of 34,596 restricted stock shares and restricted stock units. We record compensation expense for these awards in marketing, administrative and development expenses on the consolidated statement of operations with a corresponding credit to additional paid-in-capital within stockholders’ equity, based on the fair value of the awards at the end of each reporting period, which reflects the effects of stock price changes. For the year ended December 31, 2011, compensation expense related to the 2011 SLO awards was recognized based on the extent to which the performance goals and measures for our 2011 annual cash bonuses were considered probable of achievement at December 31, 2011. This expense is being recognized over a fifteen month period on a straight-line basis since a majority of the awards will vest at grant date, which will be no later than March 15, 2012, due to the retirement eligibility provision. For the year ended December 31, 2010, compensation expense related to the 2010 SLO awards was recognized based on the extent to which the performance goals and measures for 2010 annual cash bonuses were considered probable of achievement at December 31, 2010. This expense was recognized over a fifteen month period on a straight-line basis since a majority of the awards vested at grant date, which was March 13, 2011, due to the retirement eligibility provision. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) Other Long-term Share-based Incentive Compensation Under our 2005 contingent stock plan, the Compensation Committee may grant our employees awards of restricted stock, restricted stock units and cash awards measured by share price as long-term share-based incentive compensation. Our executive officers and other key executives may also receive awards of restricted stock or restricted stock units from time to time.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 21: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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