XML 77 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stock Based Compensation And Incentive Performance Plans | 3 Months Ended
--- | ---
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Based Compensation And Incentive Performance Plans | STOCK BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS The Company has two shareholder-approved plans, the Amended and Restated 2002 Long Term Incentive and Stock Award Plan and the 2000 Directors Stock Plan, under which the Company’s officers, senior management, other key employees, consultants and directors may be granted options to purchase the Company’s common stock or other forms of equity-based awards. Compensation cost and related income tax benefits recognized in the Condensed Consolidated Statements of Income for stock based compensation plans were as follows:
| Three Months Ended September 30,
| 2013 |  | 2012
Compensation cost (included in selling, general and administrative expense) | $ | 3,237 |  |  | $ | 2,892 |
Related income tax benefit | $ | 1,235 |  |  | $ | 1,097 |
Stock Options A summary of our stock option activity for the three months ended September 30, 2013 is as follows:
| Number of Options | Weighted Average Exercise Price | Weighted Average Contractual Life (years) | Aggregate Intrinsic Value
Options outstanding at June 30, 2013 | 1,778,752 |  | $18.88 |  |
Exercised | (29,831 | ) | $19.44 |  |
Options outstanding at September 30, 2013 | 1,748,921 |  | $18.88 | 2.4 | $ | 101,853 |
Options exercisable at September 30, 2013 | 1,705,596 |  | $18.90 | 2.4 | $ | 99,301 |
| Three Months ended September 30,
| 2013 |  | 2012
Intrinsic value of options exercised | $ | 1,754 |  |  | $ | 11,610 |
Cash received from stock option exercises | $ | 580 |  |  | $ | 4,417 |
Tax benefit recognized from stock option exercises | $ | 684 |  |  | $ | 3,583 |
At September 30, 2013, there was $31 of unrecognized compensation expense related to stock option awards, which will be recognized over a weighted average period of approximately 0.1 years. Restricted Stock A summary of our restricted stock and restricted share units activity for the three months ended September 30, 2013 is as follows:
| Number of Shares and Units |  | Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock and restricted share units at June 30, 2013 | 773,568 |  |  | $42.44
Granted | 8,078 |  |  | $72.79
Vested | (23,294 | ) |  | $50.27
Forfeited | (2,595 | ) |  | $43.77
Non-vested restricted stock and restricted share units at September 30, 2013 | 755,757 |  |  | $42.52
| Three Months Ended September 30,
| 2013 |  | 2012
Fair value of restricted stock and restricted share units granted | $ | 588 |  |  | $ | 16,151 |
Fair value of shares vested | $ | 1,794 |  |  | $ | 388 |
Tax benefit recognized from restricted shares vesting | $ | 700 |  |  | $ | 144 |
On July 3, 2012, the Company entered into a Restricted Stock Agreement (the “Agreement”) with Irwin D. Simon, the Company’s Chairman, President and Chief Executive Officer. The Agreement provides for a grant of 400,000 shares of restricted stock (the “Shares”), the vesting of which is both market and time-based. The market condition is satisfied in increments of 100,000 Shares upon the Company’s common stock achieving four share price targets. On the last day of any forty-five (45) consecutive trading day period during which the average closing price of the Company’s common stock on the NASDAQ Global Select Market equals or exceeds the following prices: $62.50, $72.50, $82.50 and $100.00, respectively, the market condition for each increment of 100,000 Shares will be satisfied. The market conditions must be satisfied prior to June 30, 2017. Once each market condition has been satisfied, a tranche of 100,000 Shares will vest in equal amounts annually over a five-year period commencing on the first anniversary of the achievement of the market condition. Except in the case of a change of control, termination without cause, death or disability (each as defined in Mr. Simon’s Employment Agreement), the unvested Shares are subject to forfeiture unless Mr. Simon remains employed through the applicable market and time vesting periods. The grant date fair value for each tranche was separately estimated based on a Monte Carlo simulation that calculated the likelihood of goal attainment and the time frame most likely for goal attainment. The total grant date fair value of the Shares was estimated to be $16,151. On September 28, 2012, the first market condition was satisfied, and on August 27, 2013, the second market condition was satisfied. As such, the first two tranches of 100,000 Shares are expected to vest in equal amounts over the five-year period commencing on the first anniversary of the date the market condition for the respective tranche was satisfied. At September 30, 2013, $17,428 of unrecognized stock-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards, inclusive of the Shares, is expected to be recognized over a weighted-average period of approximately 2.7 years. Long-Term Incentive Plan The Company maintains a long-term incentive program (the “LTI Plan”). The LTI Plan currently consists of one two-year performance-based long-term incentive plan (the “2013-2014 LTIP”) that provides for a combination of equity grants and performance awards that can be earned over the two year period. Participants in the LTI Plan include our executive officers, including the Chief Executive Officer, and certain other key executives. The Compensation Committee administers the LTI Plan and is responsible for, among other items, establishing the target values of awards to participants and selecting the specific performance factors for such awards. At the end of each performance period, the Compensation Committee determines, at its sole discretion, the specific payout to each participant. Such awards may be paid in cash and/or unrestricted shares of the Company’s common stock at the discretion of the Compensation Committee, provided that any such stock-based awards shall be issued pursuant to and be subject to the terms and conditions of the Amended and Restated 2002 Long Term Incentive and Stock Award Plan, as in effect and as amended from time to time. Upon the adoption of the 2013-2014 LTIP, the Compensation Committee granted an initial award to each participant in the form of equity-based instruments (restricted stock or restricted share units), for a portion of the individual target awards (the “Initial Equity Grants”). A portion of these Initial Equity Grants are subject to time vesting requirements and a portion are also subject to the achievement of minimum performance goals. The Initial Equity Grants are expensed over the respective vesting periods on a straight-line basis. The payment of the actual awards earned at the end of the applicable performance period, if any, will be reduced by the value of the Initial Equity Grants. The Compensation Committee determined that the target values previously set under the LTI Plan covering the 2012 and 2013 fiscal years (the “2012-2013 LTIP”) were achieved and approved the payment of awards to the participants. After deducting the value of the Initial Equity Grants, the awards related to the 2012-2013 LTIP totaled $7,356 (which were settled by the issuance of 95,484 unrestricted shares of the Company’s common stock in the first quarter of fiscal 2014). The Company has recorded expense (in addition to the stock based compensation expense associated with the Initial Equity Grants) of $2,284 and $1,835 for the three months ended September 30, 2013 and 2012, respectively, related to LTI plans.

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration