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Stock-Based Compensation (Tables)
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12 Months Ended |
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Mar. 31, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Total stock-based compensation expense consists of the
following:
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31 March |
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(Millions of US dollars) |
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2015 |
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2014 |
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2013 |
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Liability Awards Expense
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$ |
3.3 |
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$ |
4.5 |
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$ |
3.8 |
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Equity Awards Expense
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9.2 |
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8.5 |
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7.0 |
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Total stock-based compensation expense
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$ |
12.5
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$ |
13.0 |
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$ |
10.8 |
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| Summary of Stock Options Available for Grant and Outstanding Options Activity |
The following table summarizes the Company’s shares available
for grant as options, restricted stock units or other equity
instruments under the LTIP and 2001 Equity Incentive Plan at
31 March 2015, 2014 and 2013:
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Shares
Available for
Grant |
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Balance at 31 March 2013
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24,503,783
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Granted
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(1,266,656) |
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New Shares Authorized
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710,000 |
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Balance at 31 March 2014
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23,947,127
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Granted
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(1,192,225) |
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New Shares Authorized
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2,000,000 |
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Balance at 31 March 2015
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24,754,902
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Stock Options
There were no stock options granted during the years ended
31 March 2015 and 2014. The following table summarizes the
Company’s stock options activity during the noted period:
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Outstanding Options |
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Number |
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Weighted
Average
Exercise
Price (A$) |
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Balance at 31 March 2013
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5,156,136
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7.94 |
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Exercised
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(4,056,860) |
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7.89 |
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Balance at 31 March 2014
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1,099,276
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8.11 |
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Exercised
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(587,496) |
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8.06 |
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Balance at 31 March 2015
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511,780
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8.17 |
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| Outstanding and Exercisable Options under 2001 Equity Incentive Plan and Long-Term Incentive Plan |
The following table summarizes outstanding and exercisable options
under both the 2001 Equity Incentive Plan and the LTIP as of
31 March 2015:
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Options
Outstanding |
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Options
Exercisable |
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Exercise
Price (A$) |
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Number |
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Weighted
Average
Remaining
Life (in Years) |
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Weighted
Average
Exercise
Price (A$) |
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Aggregate
Intrinsic
Value (A$) |
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Number |
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Weighted
Average
Exercise
Price (A$) |
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Aggregate
Intrinsic
Value (A$) |
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6.38
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103,080 |
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2.7 |
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6.38 |
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915,350 |
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103,080 |
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6.38 |
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915,350 |
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8.40
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223,700 |
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1.6 |
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8.40 |
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1,534,582 |
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223,700 |
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8.40 |
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1,534,582 |
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8.90
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185,000 |
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0.7 |
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8.90 |
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1,176,600 |
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185,000 |
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8.90 |
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1,176,600 |
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Total
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511,780
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$ |
3,626,532
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511,780
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$ |
3,626,532
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| Restricted Stock Unit Activity |
The following table summarizes the Company’s restricted stock
unit activity during the noted period:
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Restricted
Stock Units |
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Weighted
Average Fair
Value at Grant
Date (A$) |
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Non-vested at 31 March 2013
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4,004,368
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5.99 |
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Granted
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1,266,656 |
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9.11 |
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Vested
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(1,227,372) |
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5.42 |
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Forfeited
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(159,734) |
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6.38 |
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Non-vested at 31 March 2014
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3,883,918
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7.17 |
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Granted
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1,192,225 |
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11.00 |
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Vested
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(774,675) |
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6.63 |
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Forfeited
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(293,467) |
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6.90 |
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Non-vested at 31 March 2015
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4,008,001
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8.44 |
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| Assumptions Used for Restricted Stock Grants |
The following table includes the assumptions used for restricted
stock grants (market condition) valued during the year ended
31 March 2015 and 2014, respectively:
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| Vesting Condition: |
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Market |
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Market |
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FY15
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FY14
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Date of grant
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16 Sep 2014 |
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16 Sep 2013 |
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Dividend yield (per annum)
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4.5% |
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3.0% |
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Expected volatility
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37.4% |
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43.3% |
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Risk free interest rate
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1.6% |
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1.4% |
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Expected life in years
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3.0 |
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3.0 |
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JHX stock price at grant date (A$)
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12.42 |
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10.17 |
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Number of restricted stock units
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459,317 |
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489,888 |
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