XML 30 R33.htm IDEA: XBRL DOCUMENT v2.4.1.9
Shareholders' equity (Tables)
 12 Months Ended
Dec. 28, 2014
Shareholders' Equity and Share-based Payments [Abstract]  
Earnings (Loss) Per Share (Basic and Diluted)
Our earnings per share (basic and diluted) for 2014, 2013, and 2012 are presented below:
In thousands, except per share amounts
 
2014
2013
2012
Net income attributable to
Gannett Co., Inc.
$
1,062,171

$
388,680

$
424,280

Weighted average number of common shares outstanding (basic)
226,292

228,541

232,327

Effect of dilutive securities
 
 
 
Restricted stock
2,624

2,839

2,552

Performance shares
1,999

1,649

944

Stock options
992

1,160

867

Weighted average number of common shares outstanding (diluted)
231,907

234,189

236,690

Earnings per share (basic)
$
4.69

$
1.70

$
1.83

Earnings per share (diluted)
$
4.58

$
1.66

$
1.79
Assumptions Used to Estimate Fair Value of Option Awards
The following assumptions were used to estimate the fair value of performance share awards and stock options:
Performance Shares Granted During
2014
2013
2012
Expected term
3 yrs.
3 yrs.
3 yrs.
Expected volatility
39.32%
40.80%
69.47%
Risk-free interest rate
0.78%
0.36%
0.41%
Expected dividend yield
2.70%
4.44%
2.39%

Stock Options Granted During(a)
 
2013
2012
Average expected term
 
4.5 yrs.
4.5 yrs.
Expected volatility

61.94%
65.74 - 66.95%
Weighted average volatility

61.94%
66.56%
Risk-free interest rates

0.75%
0.84%
Expected dividend yield

3.00%
5.00%
Weighted average expected dividend

3.00%
5.00%
(a) No stock options were granted after 2013
Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income (Loss) for Equity Awards
The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards:
In thousands, except per share amounts
 
2014
2013
2012
Restricted stock and RSUs
$
17,754

$
18,105

$
14,362

Performance shares
14,850

12,331

7,991

Stock options and other
1,278

3,001

4,255

Total stock-based compensation
33,882

33,437

26,608

Income tax benefit
12,875

12,706

10,111

Stock-based compensation, net of tax
$
21,007

$
20,731

$
16,497

Per diluted share impact
$
0.09

$
0.09

$
0.07
Summary of Restricted Stock and RSU Awards
A summary of restricted stock and RSU awards is presented below: 
2014 Restricted Stock and RSU Activity
Shares
Weighted
average
fair value
Outstanding and unvested at beginning of year
4,193,985

$
13.92

Granted
1,048,516

$
27.26

Settled
(1,263,702
)
$
15.92

Canceled
(401,201
)
$
16.13

Outstanding and unvested at end of year
3,577,598

$
16.97

2013 Restricted Stock and RSU Activity
Shares
Weighted
average
fair value
Outstanding and unvested at beginning of year
4,069,509

$
12.98

Granted
1,588,628

$
15.80

Settled
(1,035,256
)
$
13.95

Canceled
(428,896
)
$
13.40

Outstanding and unvested at end of year
4,193,985

$
13.92

2012 Restricted Stock and RSU Activity
Shares
Weighted
average
fair value
Outstanding and unvested at beginning of year
3,731,033

$
10.73

Granted
1,937,512

$
12.33

Settled
(997,584
)
$
3.29

Canceled
(601,452
)
$
11.95

Outstanding and unvested at end of year
4,069,509

$
12.98
Schedule of Nonvested Performance-based Units Activity
A summary of our performance shares awards is presented below:
2014 Performance Shares Activity
Target number of shares
Weighted average fair value
Outstanding and unvested at beginning of year
1,760,488

$
16.92

Granted
436,340

$
37.31

Canceled
(96,713
)
$
21.41

Outstanding and unvested at end of year
2,100,115

$
20.95

2013 Performance Shares Activity
Target number of shares
Weighted average fair value
Outstanding and unvested at beginning of year
982,452

$
14.23

Granted
813,783

$
20.12

Canceled
(35,747
)
$
15.86

Outstanding and unvested at end of year
1,760,488

$
16.92


2012 Performance Shares Activity
Target number of shares
Weighted average fair value
Outstanding and unvested at beginning of year
—

$
—

Granted
1,109,873

$
14.21

Canceled
(127,421
)
$
14.12

Outstanding and unvested at end of year
982,452

$
14.23
Summary of Stock Option Awards
A summary of our stock option awards is presented below:
2014 Stock Option Activity
Shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term
(in years)
Aggregate
intrinsic
value
Outstanding at beginning of year
5,575,401

$
29.76

3.2
$
46,988,804

Exercised
(968,891
)
$
14.47

 
 
Canceled/expired
(1,599,852
)
$
53.89

 
 
Outstanding at end of year
3,006,658

$
21.84

2.8
$
37,497,113

Options exercisable at year end
2,818,658

$
22.23

2.7
$
34,543,513

2013 Stock Option Activity
Shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term
(in years)
Aggregate
intrinsic
value
Outstanding at beginning of year
11,344,018

$
43.50

3.2
$
16,902,892

Granted
22,558

$
20.48

 
 
Exercised
(1,598,902
)
$
13.44

 
 
Canceled/expired
(4,192,273
)
$
73.11

 
 
Outstanding at end of year
5,575,401

$
29.76

3.2
$
46,988,804

Options exercisable at year end
4,574,619

$
32.85

2.8
$
33,348,296

Weighted average grant date fair value of options granted during the year
$
8.20

 
 
 
2012 Stock Option Activity
Shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term
(in years)
Aggregate
intrinsic
value
Outstanding at beginning of year
20,340,291

$
47.66

3.5
$
17,184,761

Granted
109,699

$
14.33

 
 
Exercised
(2,716,637
)
$
9.38

 
 
Canceled/expired
(6,389,335
)
$
70.76

 
 
Outstanding at end of year
11,344,018

$
43.50

3.2
$
16,902,892

Options exercisable at year end
8,942,897

$
51.35

2.6
$
8,845,944

Weighted average grant date fair value of options granted during the year
$
5.43

 
 
 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
The elements of our Accumulated Other Comprehensive Loss consisted of pension, retiree medical and life insurance liabilities and foreign currency translation gains. The following tables summarize the components of, and changes in, Accumulated Other Comprehensive Loss (net of tax and noncontrolling interests):
In thousands of dollars
2014
Retirement Plans
Foreign Currency Translation
Total
Balance at beginning of year
$
(921,232
)
$
427,177

$
(494,055
)
Other comprehensive income before reclassifications
(276,219
)
(36,064
)
(312,283
)
Amounts reclassified from accumulated other comprehensive income
27,569

—

27,569

Balance at end of year
$
(1,169,882
)
$
391,113

$
(778,769
)
In thousands of dollars
2013
Retirement Plans
Foreign Currency Translation
Total
Balance at beginning of year
$
(1,119,263
)
$
418,122

$
(701,141
)
Other comprehensive income (loss)
156,974

9,055

166,029

Amounts reclassified from accumulated other comprehensive income
41,057

—

41,057

Balance at end of year
$
(921,232
)
$
427,177

$
(494,055
)
In thousands of dollars
2012
Retirement Plans
Foreign Currency Translation
Total
Balance at beginning of year
$
(995,854
)
$
400,015

$
(595,839
)
Other comprehensive income (loss)
(123,409
)
18,107

(105,302
)
Balance at end of year
$
(1,119,263
)
$
418,122

$
(701,141
)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Loss related to these postretirement plans include the following:
In thousands of dollars
 
2014
2013
Amortization of prior service credit
$
(4,082
)
$
(1,599
)
Amortization of actuarial loss
46,489

64,381

Settlement charge
—

3,077

Total reclassifications, before tax
42,407

65,859

Income tax effect
(14,838
)
(24,802
)
Total reclassifications, net of tax
$
27,569

$
41,057