v2.4.0.6
Stockholders' Equity and Noncontrolling Interests
 12 Months Ended
Mar. 31, 2013
Stockholders' Equity and Noncontrolling Interests

15. Stockholders’ Equity and Noncontrolling Interests

Preferred Stock and Common Stock

The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2013 and 2012, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance.

The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2011, 2012 and 2013, respectively:

 

Shares outstanding as of March 31, 2010

      48,581,832   

Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes

      1,452,521   
  

 

 

  

Shares outstanding as of March 31, 2011

      50,034,353   

Purchase of treasury stock

      (2,646,885 ) 

Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes

      412,661   
  

 

 

  

Shares outstanding as of March 31, 2012

      47,800,129   

Purchase of treasury stock

      (683,192 ) 

Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes

      723,267   
  

 

 

  

Shares outstanding as of March 31, 2013

      47,840,204   
  

 

 

  

Treasury Stock

In fiscal 2013 and 2012, the Company purchased 683,192 shares of its common stock for $22,593 and 2,646,885 shares for $58,383, respectively. At March 31, 2013 and 2012, the Company held 5,130,077 and 4,446,885 shares as treasury stock.

 

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income are as follows:

 

     Beginning
Balance		     Before-Tax
Amount		     Tax Benefit
(Expense)		     Net-of-Tax
Amount		     Ending
Balance		  

March 31, 2013

           

Pension funded status adjustment

    $ (8,982 )    $ (5,382 )    $ 1,195      $ (4,187 )    $ (13,169 ) 

Net unrealized gain (loss) on derivative instruments

      1,175        (3,141 )      1,134        (2,007 )      (832 ) 

Foreign currency translation adjustment

      81,900        (27,244 )      —         (27,244 )      54,656   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income

    $ 74,093      $ (35,767 )    $ 2,329      $ (33,438 )    $ 40,655   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

March 31, 2012

           

Pension funded status adjustment

    $ (3,512 )    $ (7,311 )    $ 1,841      $ (5,470 )    $ (8,982 ) 

Net unrealized gain (loss) on derivative instruments

      4,436        (5,170 )      1,909        (3,261 )      1,175   

Foreign currency translation adjustment

      114,256        (32,356 )      —         (32,356 )      81,900   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income

    $ 115,180      $ (44,837 )    $ 3,750      $ (41,087 )    $ 74,093   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

March 31, 2011

           

Pension funded status adjustment

    $ (5,479 )    $ 2,761      $ (794 )    $ 1,967      $ (3,512 ) 

Net unrealized gain (loss) on derivative instruments

      (5,034 )      14,721        (5,251 )      9,470        4,436   

Foreign currency translation adjustment

      77,717        36,539        —         36,539        114,256   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income

    $ 67,204      $ 54,021      $ (6,045 )    $ 47,976      $ 115,180   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Noncontrolling Interests

During fiscal 2013, the Company acquired the remaining 40% of noncontrolling interest of EAS Germany GmbH previously owned by GAIA Akkumulatorenwerke GmbH (“GAIA”), a wholly owned subsidiary of Lithium Technology Corporation (“LTC”) for $2,131. The noncontrolling interest related to the fiscal 2012 acquisition of EAS Germany GmbH.

 

Redeemable Noncontrolling Interests

During fiscal 2012, the Company acquired a controlling financial interest in Powertech Batteries and Energy Leader Batteries India Limited (Note 2). The minority partners of both Powertech Batteries and Energy Leader Batteries India Limited have options exercisable to require the redemption of the shares owned by them, which if exercised, would make the Company the sole owner of these entities. The noncontrolling interests in both of these entities are reported by the Company as redeemable noncontrolling interests and classified as mezzanine equity (temporary equity) on the Consolidated Balance Sheets. The redeemable noncontrolling interests are reported at their estimated redemption value.

The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2012 and 2013, respectively:

 

Balance as of March 31, 2011

    $ —     

Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited

      9,916   

Net losses attributable to redeemable noncontrolling interests

      (170 ) 

Foreign currency translation adjustment

      36   
  

 

 

  

Balance as of March 31, 2012

    $ 9,782   

Net losses attributable to redeemable noncontrolling interests

      (1,429 ) 

Loan to equity conversion by redeemable noncontrolling interests

      3,901   

Foreign currency translation adjustment

      (1,159 ) 
  

 

 

  

Balance as of March 31, 2013

    $ 11,095