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Stock Compensation | 6 Months Ended
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Apr. 01, 2012
Stock Compensation [Abstract] |
Stock Compensation | (10) Stock Compensation The Company recognized consolidated stock compensation expense for the three and six month periods ended April 1, 2012 and April 3, 2011 as follows:
|  | Three Months |  |  | Six Months |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Stock compensation expense |  | $ | 7,363 |  |  | $ | 8,703 |  |  | $ | 11,813 |  |  | $ | 14,346 |
Related tax benefit |  |  | 2,432 |  |  |  | 3,036 |  |  |  | 3,967 |  |  |  | 5,000 |
Noncontrolling interest |  |  | 1,910 |  |  |  | 2,565 |  |  |  | 3,229 |  |  |  | 4,226 |
Net |  | $ | 3,021 |  |  | $ | 3,102 |  |  | $ | 4,617 |  |  | $ | 5,120 |
The amounts before taxes and non-controlling interest are principally included in “Selling, general and administrative expenses” in the accompanying Condensed Consolidated Statements of Operations. HGI HGI granted approximately 2,000 and 2,075 stock option awards during the three and six month periods ended April 1, 2012, respectively. All of these grants are time based, and vest over periods of 3 to 4 years. The total fair value of the stock option grants on their respective grant dates was approximately $3,589. HGI granted approximately 700 and 768 restricted stock awards during the three and six month periods ended April 1, 2012, respectively. All of these grants are time based, and vest over periods of 7 months to 3 years. The total fair value of the restricted stock grants on their respective grant dates was approximately $3,719. HGI granted approximately 22 restricted stock unit awards during the six month period ended April 1, 2012. There were no restricted stock units granted during the three months ended April 1, 2012. All of these grants are time based, and vest over periods of 7 months to 1 year. The total fair value of the restricted stock grants on their respective grant dates was approximately $100. The fair values of restricted stock and restricted stock unit awards are determined based on the market price of HGI’s common stock on the grant date. The fair value of stock option awards is determined using the Black-Scholes option pricing model. The following assumptions were used in the determination of these grant date fair values using the Black-Scholes option pricing model:
|  | 2012
Risk-free interest rate |  | 1.12% - 1.19%
Assumed dividend yield |  | —
Expected option term |  | 6 years
Volatility |  | 33% - 35%
A summary of HGI’s outstanding stock-based awards as of April 1, 2012, and changes during the six month period, are as follows:
Stock Option Awards |  | Options |  |  | Weighted Average Exercise Price |
HGI stock options outstanding at September 30, 2011 |  |  | 143 |  |  | $ | 6.77 |
Granted |  |  | 2,075 |  |  |  | 4.85 |
Exercised |  |  | (8 | ) |  |  | 3.33 |
Forfeited or expired |  |  | — |  |  |  | — |
HGI stock options outstanding at April 1, 2012 |  |  | 2,210 |  |  |  | 4.98 |
Exercisable at April 1, 2012 |  |  | 87 |  |  |  | 6.99 |
Vested or expected to vest at April 1, 2012 |  |  | 2,210 |  |  |  | 4.98 |
The weighted-average remaining contractual term of outstanding stock option awards was 9.74 years.
Restricted Stock Awards |  | Shares |  |  | Weighted Average Grant Date Fair Value |
HGI restricted stock outstanding at September 30, 2011 |  |  | — |  |  | $ | — |
Granted |  |  | 768 |  |  |  | 4.84 |
Exercised |  |  | — |  |  |  | — |
Forfeited or expired |  |  | — |  |  |  | — |
HGI restricted stock outstanding at April 1, 2012 |  |  | 768 |  |  |  | 4.84 |
Vested or expected to vest at April 1, 2012 |  |  | 768 |  |  |  | 4.84 |
Restricted Stock Units |  | Units |  |  | Weighted Average Grant Date Fair Value |
HGI restricted stock units outstanding at September 30, 2011 |  |  | — |  |  | $ | — |
Granted |  |  | 22 |  |  |  | 4.61 |
Exercised |  |  | — |  |  |  | — |
Forfeited or expired |  |  | — |  |  |  | — |
HGI restricted share units outstanding at April 1, 2012 |  |  | 22 |  |  |  | 4.61 |
Vested or expected to vest at April 1, 2012 |  |  | 22 |  |  |  | 4.61 |
Spectrum Brands Spectrum Brands granted approximately 13 and 717 restricted stock units during the three and six month periods ended April 1, 2012, respectively. Of these grants, 18 restricted stock units are time based and vest over a one year period. The remaining 699 restricted stock units are performance and time-based and vest over a two year period. The total fair value of the restricted stock units on the dates of the grants was approximately $19,280. The fair values of restricted stock awards and restricted stock units are determined based on the market price of Spectrum Brands’ common stock on the grant date. A summary of the Spectrum Brands’ non-vested restricted stock awards and restricted stock units as of April 1, 2012, and changes during the six month period, is as follows:
Restricted Stock Awards |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Fair Value at Grant Date |
Spectrum Brands restricted stock awards at September 30, 2011 |  |  | 123 |  |  | $ | 24.20 |  |  | $ | 2,977 |
Vested |  |  | (97 | ) |  |  | 23.19 |  |  |  | (2,249 | )
Spectrum Brands restricted stock awards at April 1, 2012 |  |  | 26 |  |  |  | 28.00 |  |  | $ | 728 |
Restricted Stock Units |  | Units |  |  | Weighted Average Grant Date Fair Value |  |  | Fair Value at Grant Date |
Spectrum Brands restricted stock units at September 30, 2011 |  |  | 1,645 |  |  | $ | 28.97 |  |  | $ | 47,656 |
Granted |  |  | 717 |  |  |  | 26.89 |  |  |  | 19,280 |
Forfeited |  |  | (45 | ) |  |  | 28.27 |  |  |  | (1,272 | )
Vested |  |  | (393 | ) |  |  | 28.76 |  |  |  | (11,301 | )
Spectrum Brands restricted stock units at April 1, 2012 |  |  | 1,924 |  |  |  | 28.26 |  |  | $ | 54,363 |
FGL On November 2, 2011, FGL’s compensation committee (on behalf of its board of directors) approved a long-term stock-based incentive plan that permits the grant of options to purchase shares of FGL common stock to key employees of FGL. On November 2, 2011, FGL’s compensation committee also approved a dividend equivalent plan that permits holders of these options the right to receive a payment in cash in an amount equal to the ordinary dividends declared and paid or debt service payments to HGI by FGL in each calendar year starting in the year in which the dividend equivalent is granted through the year immediately prior to the year in which the dividend equivalent vests with respect to a participant’s option shares. On January 6, 2012, FGL granted 205 stock option awards under the terms of the plan. These stock options vest over a period of 3 years and expire on the seventh anniversary of the grant. The total fair value of the grants on their respective grant dates was approximately $623. The following assumptions were used in the determination of these grant date fair values using the Black-Scholes option pricing model:
|  | 2012
Risk-free interest rate |  | 0.8%
Assumed dividend yield |  | 10.0%
Expected option term |  | 4.5 years
Volatility |  | 35.0%
A summary of FGL’s outstanding stock options as of April 1, 2012, and changes during the six month period, is as follows:
Stock Option Awards |  | Options |  |  | Weighted Average Exercise Price |
FGL stock options outstanding at September 30, 2011 |  |  | — |  |  | $ | — |
Granted |  |  | 205 |  |  |  | 38.14 |
Exercised |  |  | — |  |  |  | — |
Forfeited or expired |  |  | — |  |  |  | — |
FGL stock options outstanding at April 1, 2012 |  |  | 205 |  |  |  | 38.14 |
Exercisable at April 1, 2012 |  |  | — |  |  |  | — |
Vested or expected to vest at April 1, 2012 |  |  | 160 |  |  |  | 38.14 |

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