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0000950123-09-004196.txt : 20090526
0000950123-09-004196.hdr.sgml : 20090525
20090306145036
ACCESSION NUMBER: 0000950123-09-004196
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20090306
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AMSCAN HOLDINGS INC
CENTRAL INDEX KEY: 0001024729
STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD CONTAINERS & BOXES [2650]
IRS NUMBER: 133911462
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 80 GRASSLANDS ROAD
CITY: ELMSFORD
STATE: NY
ZIP: 10523
BUSINESS PHONE: 9143452020
MAIL ADDRESS:
STREET 1: 80 GRASSLANDS ROAD
CITY: ELMSFORD
STATE: NY
ZIP: 10523
CORRESP
1
filename1.htm
CORRESP
Amscan Inc. 80 Grasslands Road Elmsford, New York 10523 (914) 345-2020
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Mr. Ryan C. Milne
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March 6, 2009 |
Accounting Branch Chief |
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Division of Corporation Finance |
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Mail Stop 3561 |
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United States Securities and Exchange Commission |
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Washington, D.C. 20549 |
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Dear Mr. Milne,
Pursuant to our telephone conversation this week, we agree that it is not necessary to include in
our 10-Q all of the stock option disclosures which are required in our 10-K which a reader of our
10-Q is presumed to have read already. At the same time, we also agree that our stock option
compensation corrections made during 2008, as well as the proper 2008 compensation charges, are not
easy to follow.
In order to summarize both the disclosures about each type of option and the impact of the
corrections made in 2008, we believe the best approach is to provide you with the format which we
intend to use for our stock option footnote in our 2008 10-K which will be filed in a few weeks.
That footnote will be as shown below.
On May 1, 2004, the Company adopted the 2004 Equity Incentive Plan under
which the Company may grant incentive awards in the form of restricted and
unrestricted common stock options to purchase shares of the Companys common stock
(Company Stock Options) to certain directors, officers, employees and
consultants of the Company and its affiliates. A committee of the Companys board
of directors (the Committee), or the board itself in the absence of a Committee,
is authorized to make grants and various other decisions under the 2004 Equity
Incentive Plan. Unless otherwise determined by the Committee, any participant
granted an award under the 2004 Equity Incentive Plan must become a party to, and
agree to be bound by, the Companys stockholders agreement. Company Stock Options
reserved under the 2004 Equity Incentive Plan total 3,474.6898 and may include
incentive and nonqualified stock options. Company Stock Options are
nontransferable (except under certain limited circumstances) and, unless otherwise
determined by the Committee, vest over five years and have a term of ten years
from the date of grant.
The Company has three types of options rollover options, time-based
options, and performance-based options, which are each described below.
During the third quarter of 2008, a new investor acquired 38% of the outstanding
stock held by existing shareholders as well as 37 rollover options, 258 time-based
options, and 333 performance-based options held by optionholders, at a price of
$28,350 per share.
The performance-based options vest based on three factors which all must be met
(1) time (2) an initial public offering or change in control, and (3) achievement
of specified returns to the Companys shareholders.
Although this transaction did not result in a change in control, the Companys
majority shareholders decided to waive the requirements of change in control, and
permitted the time-vested portion of the performance-based options to be
exercisable. Additionally, for both performance-based and time-based options,
employees were permitted to have their net shares exercised settled for cash.
This waiver did not change the terms of the option plans for any remaining options
still outstanding, or obligate the Company to permit any future waiver of the
change in control requirement.
Rollover options
As described in all prior relevant 10-Ks, in 2004, the Companys CEO and
President exchanged vested options in the predecessor company for 98.18 vested
options to purchase common shares at $2,500 per share (the rollover options).
These options had intrinsic value of $737 and fair value of $880. Under Paragraph
84 of FIN 44, vested options granted by the acquiring company in exchange for
outstanding options of the target company should be considered part of the
purchase transaction and accounted for under FAS 141. The fair value is accounted
for as part of the purchase price of the target company.
Since these options were vested immediately and can be exercised upon death or
disability of the executives and put back to the company, they are reflected as
redeemable common securities on the Companys consolidated balance sheet.
However, these options have an additional condition, whereby they may be put back
to the Company at fair market value upon retirement. Because the terms of the
rollover options could extend beyond the retirement dates of these two executives,
it is possible that they could exercise these options within 6 months of the
specified retirement date and then put the immature shares back to the company at
retirement less than 6 months later. FIN 44, Paragraphs 68 requires variable
accounting for awards with puts that than can be exercised within 6 months of the
issuance of the shares.
Therefore, regardless of the probability of this occurrence, changes in market
value of the shares should be expensed as additional stock compensation because
the put, even if not probable, is within the control of the employee.
The Company did not consider this condition, because they considered that a change
in control was probable before 2014 and, as a result, the put of immature shares
was not ever probable. Since probability is not relevant under the guidance of FIN
44, Paragraph 68 requires that future changes in market value after issue must
follow variable accounting and be marked to market.
Therefore, the Company should have charged pretax earnings for $736 in 2004, $221
in 2005, and $638 in 2007. Since the Company had been marking to market these
securities through a debit to equity and a corresponding increase to the
redeemable securities, as such the balance sheet was properly stated.
During 2008, the reduction in liability caused by the exercise of 37 of these
options in the transaction referenced earlier, net of the increase in valuation of
the remaining 61.18 options, resulted in a net credit to pretax earnings of $210.
Time-based options
In April 2005, the Company granted 722 time-based options (TBOs) to key
employees and its outside directors, exercisable at a strike price of $10,000. The
Company used a minimum value method under SFAS No. 123, as amended by SFAS No.
148, Accounting for Stock-Based Compensation Transition and Disclosure, to
determine the fair value of the Company Stock Options granted in April 2005,
together with the following assumptions: dividend yield of 0%, risk-free interest
rate of 3.1%, forfeitures, expected cancellation of 3%, and an expected life of
four years. The estimated fair value of the options granted in 2005 is amortized
on a straight line
basis to
compensation expense, net of taxes, over the vesting period of four years.
The Company recorded compensation expense of approximately $201, $201 and $201 in
general and administrative expenses during the years ended December 31, 2008, 2007
and 2006, respectively.
On January 1, 2006, the Company adopted Statement of Financial Accounting
Standards (SFAS) No. 123(R) Share-Based Payment, which is a revision of SFAS
No. 123 Accounting for Stock-Based Compensation as amended. SFAS No. 123(R)
establishes standards for the accounting for transactions where an entity
exchanges its equity for goods or services and transactions that are based on the
fair value of the entitys equity instruments or that may be settled by the
issuance of those equity instruments. SFAS No. 123(R) focuses primarily on
accounting for transactions in which an entity obtains employee services in
share-based payment transactions. Generally, the fair value approach in SFAS No.
123(R) is similar to the fair value approach described in SFAS No. 123.
The Company adopted SFAS No. 123(R) using the prospective method. Since the
Companys common stock is not publicly traded, the options granted in 2005 under
SFAS No. 123 continue to be expensed under the provisions of SFAS No. 123 using a
minimum value method. Options issued subsequent to January 1, 2006 are expensed
under the provisions of SFAS No. 123(R).
Since January 11, 2006, the Company granted an additional 489.50 TBOs,
exercisable at a strike price of $12,000 per share, 187 TBOs exercisable at a
strike price of $14,250 per share, 20 TBOs exercisable at a strike price of
$17,500 per share, and 76.5 TBOs exercisable at a strike price of $20,750 , 5
TBOs exercisable at a strike price of $22,340, and 45.28 TBOs exercisable at a
strike price of $28,350 to key eligible employees and outside directors. In
addition, in connection with the acquisition of Party America, certain Party
America employees elected to roll their options to purchase Party America common
stock into fully vested TBOs. As a result, the Company issued 19.023 fully vested
TBOs exercisable at strike prices of $6.267 and $10.321 per share and with a fair
market value of $170. The fair value of these options was recorded as part of the
purchase price allocations.
The Company recorded compensation expense of $1,088, $887, and $530 during
the years ended December 31, 2008, 2007, and 2006 related to the options granted
since 2006 under SFAS No. 123(R), in general and administrative expenses. The fair
value of each grant is estimated on the grant date using a Black-Scholes option
valuation model based on the assumptions in the following table.
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Expected dividend rate
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Risk free interest rate
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1.76% to 5.08%
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Price volatility
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15.00 |
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Weighted average expected life
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7.5 |
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Forfeiture rate
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7.75 |
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The weighted average expected lives (estimated period of time outstanding)
was estimated using the the Companys best estimate for determining the expected
term. Expected volatility was based on implied historical volatility of an
applicable Dow Jones Industrial Average sector index for a period equal to the
stock options expected life.
Performance-based options
In April 2005, the Company granted 760 performance based options (PBOs)
to key employees and its outside directors, exercisable at a strike price of
$10,000. Under
the PBO feature, the ability to exercise vested option awards is
contingent upon the occurrence of an initial public offering of the Companys
common stock or a change in control of the Company and the achievement of
specified investment returns to the Companys shareholders.
Since January 11, 2006, the Company granted an additional 890.50 PBOs
exercisable at a strike price of $12,000 per share, 314 PBOs exercisable at a
strike price of $14,250 per share, 30 PBOs exercisable at a strike price of
$17,500 per share, 76.5 PBOs exercisable at a strike price of $20,750, 185 PBOs
exercisable at a strike price of $22,340, and 70.62 PBOs exercisable at a strike
price of $28,350 to key eligible employees and outside directors.
Prior to 2008, the Company had accounted for PBOs on the same basis as
described above for TBOs. Paragraph 44 of SFAS 123( R ) requires that if a
performance condition is not probable of achievement, no compensation expense is
recorded. The Company believed that a change in control was probable, and
therefore that the options should be accounted for under the same provisions of
FAS 123 and 123(R). However, that accounting was incorrect.
While a change in control performance condition is not specifically discussed
in FAS 123 or FAS 123(R), EITF 96-5, Recognition of Liabilities for Contractual
Termination Benefits or Changing Benefit Plan Assumptions in Anticipation of a
Business Combination requires that compensation cost should not be recognized
until a business combination is consummated. This approach should be applied to
other types of liquidity events, including initial public offerings and change in
control events.
Since the performance condition of a change in control cannot be assessed as
probable before it occurs, no compensation expense should have been recorded for
these options in prior periods.
The stock compensation amounts that had been recognized in prior years for
performance-based options were $153 in 2005, $709 in 2006, and $1,140 in 2007.
For the performance-based options that were exercised as a result of the
transaction noted above, the waiver of the change in control requirement resulted
in a vesting of these options. Therefore, the performance condition for those
exercised options was met immediately upon exercise. Therefore, the effect of the
vesting and settlement must be accounted for currently as stock compensation. The
fair value of the performance-based options at exercise required to be charged to
earnings is $5,639.
Summary
As a result of the Companys errors noted above regarding rollover options
and performance-based options, reported pretax earnings were overstated by $736 in
2004 and $43 in 2005, and were understated by $488 in 2006 and $502 in 2007. The
Company determined that the net errors in previously reported pretax earnings were
not material to any prior year presented. Therefore, prior years were not
restated.
SFAS No. 123R also requires that excess tax benefits related to stock option
exercises be reflected as financing cash inflows instead of operating cash
inflows. The tax benefit for the 295 exercised time-based options exceeded the net
deferred tax assets recognized in the stock compensation charge by $1,823. That
excess benefit has been
reflected as a financing cash inflow, and has been reflected on the balance
sheet as additional paid-in capital.
The following table summarizes the changes in outstanding options under the
Equity Incentive Plan for the years ended December 31, 2006, 2007 and 2008:
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Average |
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Average Fair Market |
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Exercise |
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Value of Options at |
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Options |
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Price |
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Grant Date |
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Outstanding at December 31, 2005 |
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1,580.18 |
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$ |
9,534 |
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Granted |
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1,409.02 |
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11,929 |
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4,060 |
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Exercised |
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(1.00 |
) |
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10,000 |
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Canceled |
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(130.00 |
) |
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11,000 |
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Outstanding at December 31, 2006 |
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2,858.20 |
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$ |
10,648 |
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Granted |
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704.00 |
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15,929 |
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5,341 |
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Exercised |
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(14.52 |
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14,250 |
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Canceled |
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(148.54 |
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11,259 |
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Outstanding at December 31, 2007 |
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3,399.14 |
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11,700 |
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Granted |
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305.90 |
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24,617 |
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5,736 |
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Exercised |
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(627.90 |
) |
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14,283 |
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Canceled |
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(144.54 |
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10,193 |
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Outstanding at December 31, 2008 |
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2,932.60 |
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13,240 |
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Exercisable at December 31, 2008 |
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700.90 |
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10,370 |
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Sincerely,
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Thomas J. Reinebach |
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Vice President-Finance |
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-----END PRIVACY-ENHANCED MESSAGE-----