XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation
 6 Months Ended
Jun. 30, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

 

                                 
    Three months
ended June 30,		     Six months ended
June 30,		  
    2012     2011     2012     2011  
    (in thousands)  

Restricted stock/performance-based restricted stock (“PBRS”)

   $ 971     $ 937     $ 1,720     $ 1,615  

Performance unit incentive plan (“PUP”)

     434       194       672       259  

Stock options

     153       183       302       330  

Restricted stock units/PBRS units

     79       46       160       89  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total share-based compensation before income tax benefit

     1,637       1,360       2,854       2,293  

Income tax benefit

     (591 )      (480 )      (1,031 )      (801 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total share-based compensation, net of income tax benefit

   $ 1,046     $ 880     $ 1,823     $ 1,492  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

In addition, $95,000 and $124,000 of costs associated with share-based compensation were included in restructuring charges during the six months ended June 30, 2012 and 2011, respectively.

Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity:

 

                                 
    Restricted Stock     PBRS  
    Shares     Weighted-Average
Grant Date
Fair Value		     Shares     Weighted-Average
Grant Date
Fair Value		  

Balance at January 1, 2012

     572,022     $ 20.36       416     $ 15.36  

Granted

     166,750       20.46       —         —    

Vested

     (189,071 )      17.99       (416 )      15.36  

Forfeited

     (3,450 )      25.31       —         —    
   

 

 

            

 

 

          

Balance at June 30, 2012

     546,251       21.18       —         —    
   

 

 

            

 

 

          

The unamortized cost of all outstanding restricted stock awards as of June 30, 2012 was $5.6 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.3 years. During the six months ended June 30, 2012 and 2011, the Company repurchased 50,894 shares for $1.0 million and 28,627 shares for $679,000, respectively, related to tax withholding requirements on vested share-based awards. As of June 30, 2012, there were 1,055,907 total shares available for future grant.

Liability-Based Awards. The following table summarizes the liability-based award activity:

 

                                                 
    Restricted Stock Units     PBRS Units     PUP Awards  
    Units     Weighted-Average
Grant Date
Fair Value		     Units     Weighted-Average
Grant Date
Fair Value		     Units     Weighted-Average
Grant Date
Fair Value		  

Balance at January 1, 2012

     38,600     $ 19.07       1,956     $ 15.36       95,500     $ 23.02  

Granted

     15,350       20.60       —         —         115,100       20.60  

Vested

     (13,100 )      15.36       (1,956 )      15.36       —         —    
   

 

 

            

 

 

            

 

 

          

Balance at June 30, 2012

     40,850       20.84       —         —         210,600       21.70  
   

 

 

            

 

 

            

 

 

          

As of June 30, 2012 and December 31, 2011, Viad had liabilities of $343,000 and $475,000, respectively, related to restricted stock unit and PBRS unit liability awards. A portion of the 2009 PBRS unit awards vested effective December 31, 2009 and cash payouts of $35,000 and $52,000 were distributed in January 2012 and January 2011, respectively. Similarly, a portion of the 2009 restricted stock unit awards vested in February 2012 and cash payouts of $257,000 were distributed in February 2012.

As of June 30, 2012 and December 31, 2011, Viad had liabilities of $1.4 million and $714,000, respectively, related to PUP awards. There were no PUP awards which vested during the six months ended June 30, 2012 or 2011. Furthermore, there were no cash settlements of PUP awards during the six months ended June 30, 2012 or 2011.

Stock Options. The following table summarizes stock option activity:

 

                         
    Shares     Weighted-
Average
Exercise  Price		     Options
Exercisable		  

Options outstanding at January 1, 2012

     584,201     $ 23.32       396,688  

Exercised

     (4,562 )      19.57          

Forfeited or expired

     (191,881 )      26.18          
   

 

 

                  

Options outstanding at June 30, 2012

     387,758       21.95       293,905  
   

 

 

                  

The total unrecognized cost related to non-vested stock option awards was $384,000 as of June 30, 2012, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately one year. No stock options were granted during the six months ended June 30, 2012.

 

In addition to the above, Viad had stock options outstanding which were granted to employees of MoneyGram International, Inc. (“MoneyGram”) prior to the spin-off of that company in 2004. As of June 30, 2012, there were 2,402 of such options both outstanding and exercisable at an exercise price of $19.57. The weighted-average remaining contractual life of these options was less than one year. No options were exercised by MoneyGram participants during the six months ended June 30, 2012.