XML 72 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
Common Stock and Equity Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2015
Share-based Compensation [Abstract]  
Common Stock Share Activity
UGI Common Stock share activity for Fiscal 2013, Fiscal 2014 and Fiscal 2015 follows:
 
Issued
 
Treasury
 
Outstanding
Balance, September 30, 2012
173,436,891

 
(4,506,259
)
 
168,930,632

Issued:
 
 
 
 
 
Employee and director plans
238,800

 
3,933,507

 
4,172,307

Dividend reinvestment plan
—

 
93,253

 
93,253

Shares reacquired - employee and director plans
—

 
(1,552,905
)
 
(1,552,905
)
Balance, September 30, 2013
173,675,691

 
(2,032,404
)
 
171,643,287

Issued:
 
 
 
 
 
Employee and director plans
94,950

 
2,928,140

 
3,023,090

Repurchases of Common Stock
—

 
(1,227,654
)
 
(1,227,654
)
Shares reacquired - employee and director plans
—

 
(1,164,942
)
 
(1,164,942
)
Balance, September 30, 2014
173,770,641

 
(1,496,860
)
 
172,273,781

Issued:
 
 
 
 
 
Employee and director plans
36,350

 
1,155,376

 
1,191,726

Repurchases of Common Stock
—

 
(1,000,000
)
 
(1,000,000
)
Shares reacquired - employee and director plans
—

 
(77,004
)
 
(77,004
)
Balance, September 30, 2015
173,806,991

 
(1,418,488
)
 
172,388,503
Stock Option Awards
Stock option transactions under equity-based compensation plans during Fiscal 2013, Fiscal 2014 and Fiscal 2015 follow:
 
Shares
 
Weighted
Average
Option Price
 
Total
Intrinsic
Value
 
Weighted
Average
Contract Term
(Years)
Shares under option — September 30, 2012
12,086,658

 
$
17.75

 
$
41.4

 
6.1
Granted
2,275,350

 
$
22.38

 
 
 
 
Canceled
(134,754
)
 
$
20.34

 
 
 
 
Exercised
(4,033,302
)
 
$
16.39

 
$
35.4

 
 
Shares under option — September 30, 2013
10,193,952

 
$
19.28

 
$
69.6

 
6.8
Granted
1,665,600

 
$
27.93

 
 
 
 
Canceled
(86,707
)
 
$
22.76

 
 
 
 
Exercised
(2,815,555
)
 
$
17.44

 
$
37.4

 
 
Shares under option — September 30, 2014
8,957,290

 
$
21.44

 
$
113.3

 
7.0
Granted
1,336,985

 
$
37.70

 
 
 
 
Canceled
(85,365
)
 
$
30.45

 
 
 
 
Exercised
(953,533
)
 
$
19.10

 
$
15.4

 
 
Shares under option — September 30, 2015
9,255,377

 
$
23.97

 
$
104.5

 
6.6
Options exercisable — September 30, 2013
5,871,091

 
$
17.95

 
 
 
 
Options exercisable — September 30, 2014
5,073,347

 
$
19.45

 
 
 
 
Options exercisable — September 30, 2015
6,050,946

 
$
20.74

 
$
85.4

 
5.8
Options not exercisable — September 30, 2015
3,204,431

 
$
30.05

 
$
19.1

 
8.3
Additional Information Relating to Stock Options Outstanding and Exercisable
The following table presents additional information relating to stock options outstanding and exercisable at September 30, 2015:

 
Range of exercise prices
 
Under
$20.00
 
$20.01 -
$25.00
 
$25.01 -
$30.00
 
Over
$30.00
Options outstanding at September 30, 2015:
 
 
 
 
 
 
 
Number of options
2,956,873

 
3,178,416

 
1,713,903

 
1,406,185

Weighted average remaining contractual life (in years)
4.9

 
6.3

 
8.1

 
9.2

Weighted average exercise price
$
18.21

 
$
21.47

 
$
27.46

 
$
37.45

Options exercisable at September 30, 2015:
 
 
 
 
 
 
 
Number of options
2,835,673

 
2,475,420

 
634,602

 
105,251

Weighted average exercise price
$
18.15

 
$
21.38

 
$
27.29

 
$
35.93
Assumptions Used for Valuing Option Grants
The assumptions we used for valuing option grants during Fiscal 2015, Fiscal 2014 and Fiscal 2013 are as follows:

 
2015
 
2014
 
2013
Expected life of option
5.75 years
 
5.75 years
 
5.75 years
Weighted average volatility
19.5%
 
24.3%
 
24.9%
Weighted average dividend yield
2.5%
 
2.9%
 
3.6%
Expected volatility
19.1% -19.5%
 
23.7% - 24.4%
 
24.4% - 24.9%
Expected dividend yield
2.5%
 
2.7% - 2.9%
 
3.2% - 3.7%
Risk free rate
1.5% - 1.8%
 
1.8% - 2.0%
 
0.8% - 1.7%
Weighted Average Assumptions Used to Determine the Fair Value of UGI Performance Unit Awards and Related Compensation Costs
The following table summarizes the weighted average assumptions used to determine the fair value of UGI Performance Unit awards and related compensation costs:
 
Grants Awarded in Fiscal
 
2015
 
2014
 
2013
Risk free rate
1.1
%
 
0.8
%
 
0.4
%
Expected life
3 years

 
3 years

 
3 years

Expected volatility
15.9
%
 
20.3
%
 
21.1
%
Dividend yield
2.3
%
 
2.7
%
 
3.3
%
UGI Performance Unit Award Activity
The following table summarizes UGI Unit award activity for Fiscal 2015:
 
Total
 
Vested
 
Non-Vested
 
Number of
UGI
Units
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
 
Number of
UGI
Units
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
 
Number of
UGI
Units
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
September 30, 2014
1,306,181

 
$
20.58

 
781,231

 
$
16.60

 
524,950

 
$
26.51

UGI Performance Units:
 
 
 
 
 
 
 
 
 
 
 
Granted
140,923

 
$
38.43

 
22,942

 
$
38.51

 
117,981

 
$
38.41

Forfeited
(18,144
)
 
$
30.16

 
—

 
$
—

 
(18,144
)
 
$
30.16

Vested
—

 
$
—

 
290,678

 
$
24.60

 
(290,678
)
 
$
24.60

Unit awards paid
(263,966
)
 
$
19.10

 
(263,966
)
 
$
19.10

 
—

 
$
—

UGI Stock Units:
 
 
 
 
 
 
 
 
 
 
 
Granted (a)
39,801

 
$
37.39

 
38,101

 
$
37.37

 
1,700

 
$
37.75

Forfeited
(1,125
)
 
$
29.84

 
—

 
$
—

 
(1,125
)
 
$
29.84

Vested
—

 
$
—

 
2,250

 
$
22.86

 
(2,250
)
 
$
22.86

Unit awards paid
(67,419
)
 
$
17.04

 
(67,419
)
 
$
17.04

 
—

 
$
—

September 30, 2015
1,136,251

 
$
23.78

 
803,817

 
$
20.19

 
332,434

 
$
32.28

(a)
Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2014 and Fiscal 2013 were 44,814 and 51,038, respectively.
Schedule of Payment for UGI Performance Unit and UGI Stock Unit Awards in Shares and Cash
During Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company paid UGI Performance Unit and UGI Stock Unit awards in shares and cash as follows:
 
2015
 
2014
 
2013
UGI Performance Unit awards:
 
 
 
 
 
Number of original awards granted
294,300

 
331,038

 
328,025

Fiscal year granted
2012

 
2011

 
2010

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued
188,418

 
174,168

 
97,622

Cash paid
$
13.3

 
$
3.1

 
$
1.6

UGI Stock Unit awards:
 
 
 
 
 
Number of original awards granted
67,419

 
34,639

 
54,269

Payment of awards:
 
 
 
 
 
Shares of UGI Common Stock issued
44,034

 
22,604

 
35,274

Cash paid
$
0.8

 
$
0.4

 
$
0.5
Weighted Average Assumption Used to Determine the Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs
The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards subject to market-based conditions and related compensation costs:
 
Grants Awarded in Fiscal Year
 
2015
 
2014
 
2013
Risk-free rate
0.9
%
 
0.8
%
 
0.4
%
Expected life
3 years

 
3 years

 
3 years

Expected volatility
19.2
%
 
21.1
%
 
20.7
%
Dividend yield
6.8
%
 
7.5
%
 
8.2
%
AmeriGas Common Unit Based Award Activity
The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2015:
 
Total
 
Vested
 
Non-Vested
 
Number of
AmeriGas
Partners
Common
Units
Subject
to Award
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
 
Number of
AmeriGas
Partners
Common
Units
Subject
to Award
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
 
Number of
AmeriGas
Partners
Common
Units
Subject
to Award
 
Weighted
Average
Grant Date
Fair Value
(per Unit)
September 30, 2014
200,235

 
$
44.82

 
37,207

 
$
44.27

 
163,028

 
$
44.95

AmeriGas Performance Units:


 


 


 


 


 


  Granted
65,525

 
$
64.02

 
3,290

 
$
64.85

 
62,235

 
$
63.97

  Forfeited
(12,110
)
 
$
55.09

 
—

 
$
—

 
(12,110
)
 
$
55.09

  Vested
—

 
$
—

 
39,516

 
$
46.39

 
(39,516
)
 
$
46.39

  Performance criteria not met
(37,981
)
 
$
48.24

 
(37,981
)
 
$
48.24

 
—

 
$
—

AmeriGas Stock Units:
 
 
 
 
 
 
 
 
 
 
 
  Granted
14,811

 
$
47.65

 
8,011

 
$
48.93

 
6,800

 
$
46.13

  Forfeited
(4,177
)
 
$
50.89

 
—

 
$
—

 
(4,177
)
 
$
50.89

  Vested
—

 
$
—

 
30,577

 
$
47.57

 
(30,577
)
 
$
47.57

  Awards paid
(33,720
)
 
$
47.65

 
(33,720
)
 
$
47.65

 
—

 
$
—

September 30, 2015
192,583

 
$
49.70

 
46,900

 
$
44.97

 
145,683

 
$
51.22
AmeriGas Common Unit Based Awards in Common Units and Cash
During Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows:
 
2015
 
2014
 
2013
AmeriGas Performance Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted
55,750

 
41,251

 
48,150

Fiscal year granted
2012

 
2011

 
2010

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued
—

 
—

 
—

Cash paid
$
—

 
$
—

 
$
—

AmeriGas Stock Unit awards:
 
 
 
 
 
Number of Common Units subject to original awards granted
42,532

 
72,023

 
35,934

Payment of awards:
 
 
 
 
 
AmeriGas Partners Common Units issued
21,509

 
40,842

 
23,192

Cash paid
$
0.8

 
$
1.4

 
$
0.6