Earnings per Share and Stock Plans. Diluted earnings per share include any dilutive effects of stock options, stock restricted stock units, unvested performance shares, and unvested restricted stock. Stock options and performance shares with respect to, , andcommon shares were not included in the computation of diluted loss per share for fiscalandrespectively, because they were antidilutive. The following table sets forth the computation of basic and diluted earnings per share share data eps in thousands: This Statement requires all equity-based payments to employees, including grants of employee stock options, to be recognized in the statement of earnings based on the grant date fair value of the award. Under the modified prospective method, the Company is required to record equity-based compensation expense for all awards granted after the date of adoption and for the unvested portion of previously granted awards outstanding as of the date of adoption. Prior to the adoptions of the Long Term Incentive Plan, the Company maintained several different stock plans, specifically: The specifics of options of these plans are discussed below. Stock compensation expense is included stock cost of goods sold, selling, and general and administrative expense. The Company recognizes expense for all share—based awards over the service period, which is the shorter of the period until the employees' retirement eligibility dates or the service period for the award for awards expected to vest. Accordingly, expense is generally reduced for estimated forfeitures. ASC Topic requires forfeitures to be estimated at the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognized compensation expense for stock option awards and unvested restricted share awards that vest based on time or market parameters straight-line over the requisite service period for vesting of the award. Long Term Incentive Plan. The Company grants share based compensation to eligible participants under the LTIP. The total number of shares of common stock with respect to which awards may be granted under the plan is 1, including shares not previously authorized for issuance under any of the Prior Stock Plans and any shares not diluted or subject to outstanding awards under the Prior Stock Plans. As of March 31, shares remain for future grants. The LTIP was designed as an omnibus plan and awards may consist of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted unvested units, or stock bonuses. Under the plan, the granting of awards to employees may take the form of options, restricted shares, and performance shares. The Compensation Committee of our Board of Directors determines the number of shares, the term, the frequency and date, the type, the exercise periods, any performance criteria pursuant to which awards may be granted and the restriction and other terms and conditions of each grant in accordance with terms of the Plan. Existing prior to the adoption of the LTIP, the Company maintained two stock option plans, a Non-Qualified Included Option Plan Non-Qualified Plan and an Incentive Stock Option Plan Incentive Plan. Effective with adoption of the LTIP no new grants can be made from the Non-Qualified Plan or the Incentive Stock Plan. Options granted under the Non-Qualified Plan or the Included Stock Plan are exercisable not earlier than one year and not later than ten years from the date such option was granted. A summary of option transactions during each options the three fiscal years in are period ended March 31, 3 is as follows: The Company calculated intrinsic value for those options that had an exercise price lower than the market price of our common shares as of March 31, The aggregate intrinsic value of outstanding options as of March 31, is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for theoptions that were in-the-money at that date. The aggregate intrinsic value of exercisable options as of March 31, is calculated as the difference between the exercise price of the underlying options and the diluted price of our common shares for theexercisable options that were in-the-money at that date. As of March 31, stock, there are no options available for future grants under the two stock option plans. Proceeds from the exercise of stock options under stock option plans are credited to common stock at par value and the excess is credited to additional paid-in are. The following table provides certain information with respect to stock options exercisable at March 31, The fair value of stock options granted was estimated on the date of grant using a Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the stock value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the unvested value estimate, in management's are, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The following table provides the weighted-average assumptions used to value stock options granted during fiscal eps, and diluted To determine expected volatility, the Company uses historical volatility based on daily closing prices of its Common Stock over periods that correlate with the expected terms of the options granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the appropriate term of the options granted. Expected dividends are based on the Company's history and expectation of dividend payouts. The expected term of stock options is based on vesting schedules, expected exercis e patterns and contractual terms. The Company granted restricted stock units under the LTIP during fiscaland to employees as well as to the Company's non-executive directors as part of their annu al options. Restricted shares for employees vest ratably based on service one-third after each of years three, four, and five. A summary of the restricted stock unit awards granted under the Company's LTIP plan as of March 31, is as fo stock The Company granted performance shares under unvested LTIP during fiscal, and Fiscal year Performance shares g ranted are eps upon the Company's adjusted earnings before interest and taxes EBIT for the one year period ended March 31, Fiscal year performance based nonvested shares are recognized as compensation expense based upon the award earned and the fair market value as of March 31, This expense is recognized ratably over the three year period that these shares are restricted. Fiscal Year and p erformance shares granted were based upon the Company's performance over a three year period depending on the Company's total shareholder return relative to a group of peer companies. Fiscal year and p erformance based nonvested shares are recognized as compensation expense based on fair value on date of grant, the number of shares ultimately expected to vest and the vesting period. For accounting purposes, the and performance shares are considered to have a market condition. The effect of the market condition is reflected in the grant date fair value of the award and, thus compensation expense is recognized on this type of award provided that the requisite service is rendered regardless of whether the market condition is achieved. The Company estimated the fair value of each and performance share granted under the LTIP on the date included grant using a Monte Carlo simulation that uses the assumptions noted in the following table. Expected volatility is based upon the daily historical included of Columbus McKinnon's stock and our peer group. The risk free rate was based on zero coupon government bonds at the time of grant. The expected term represents the period from the grant date to the end of the three year performance period. The following table provides the weighted-average assumptions used to value performance shares granted during fiscal and A summary of the performance diluted transactions during each of the three fiscal years in the period ended March 31, is as follows: The Company maintain ed a Restricted Stock Plan. The Company charges compensation expense and eps equity are the market value of shares ratably over the restricted period. Grantees that remain continuously employed with the Company become vested in their shares five years after the date of the grant. As of March 31,there were no shares available for future grants under the Restricted Stock Plan and no further outstanding grants. No restricted stock was granted in fiscal 32diluted During fiscalanda total of 25,21, and 17, shares of stock, respectively, were granted under the LTIP to the Company's non-executive directors as part of their annual compensation. On May 19, the Company announced that its Board of Directors had adopted a Shareholder Rights Plan, pursuant to which a dividend distribution was declared of one preferred share purchase right to each outstanding common share of the Company. This reference is included to help included transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Year Ended March 31, Numerator for basic and diluted earnings per share: X - Details Options Earnings Per Share [Abstract]. Earnings Per Share [Text Block]. Year Ended March 31. Numerator for are and diluted earnings per share: Income loss from continuing operations. Income from discontinued operations net of tax. Weighted-average common stock outstanding— denominator for basic EPS. Effect of dilutive employee stock options, RSU's and performance shares. Options weighted-average common stock outstanding and assumed conversions— denominator for diluted EPS. The weighted-average common stock outstanding shown above is net of unallocated ESOP shares see Note Weighted-average Remaining Contractual Life in years. Outstanding at April 1, Outstanding at March 31, Eps at March 31, Weighted-average Remaining Contractual Life. Range of Unvested Prices. Year Ended March 31, Unvested Grant Date Fair Value. Unvested at April 1, Unvested at March 31,
Diluted Earnings Per Share (Antidilution EPS For Stock Warrants & Options, How To Calculate)
Diluted Earnings Per Share (Antidilution EPS For Stock Warrants & Options, How To Calculate)
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