Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.4.0.3
Stock-Based Compensation (Tables)
12 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense consists of the following:

 

     Years Ended 31 March  
(Millions of US dollars)    2016      2015      2014  

Liability Awards Expense

     $ 4.8         $ 3.3       $ 4.5   

Equity Awards Expense

     10.3         9.2         8.5   
  

 

 

 

Total stock-based compensation expense

     $     15.1         $     12.5       $     13.0   
  

 

 

 
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 Plan at 31 March 2016, 2015 and 2014:

 

     Shares
Available for
Grant
 

Balance at 31 March 2014

         23,947,127      
  

 

 

 

Granted

     (1,192,225)     

New Shares Authorized

     2,000,000      
  

 

 

 

Balance at 31 March 2015

     24,754,902      
  

 

 

 

Granted

     (1,410,560)     

New Shares Authorized

     5,000,000      

Forfeitures Available for Re-grant

     74,466      
  

 

 

 

Balance at 31 March 2016

     28,418,808      
  

 

 

 

Stock Options

There were no stock options granted during the years ended 31 March 2016 and 2015. The following table summarizes the Company’s stock options activity during the noted period:

 

     Outstanding Options      
     Number      Weighted
Average
Exercise
Price (A$)
 

Balance at 31 March 2014

          1,099,276            8.11   
  

 

 

    

Exercised

     (587,496)           8.06   
  

 

 

    

Balance at 31 March 2015

     511,780            8.17   
  

 

 

    

Exercised

     (333,287)           8.54   

Forfeited

     (74,466)           7.85   
  

 

 

    

Balance at 31 March 2016

     104,027            7.22   
  

 

 

    
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 Plan and the LTIP as of 31 March 2016:

 

            Options Outstanding         Options Exercisable  
Exercise
Price (A$)
          Number     Weighted
Average
Remaining
Life (in Years)
    Weighted
Average
Exercise
Price (A$)
    Aggregate
Intrinsic
Value (A$)
        Number     Weighted
Average
Exercise
Price (A$)
    Aggregate
Intrinsic
Value (A$)
 

6.38

        60,527          1.7        6.38        694,850            60,527          6.38        694,850     

8.40

        43,500          0.6        8.40        411,510            43,500          8.40        411,510     
     

 

 

       

 

 

     

 

 

     

 

 

 

Total

            104,027              $     1,106,360                104,027            $     1,106,360     
     

 

 

       

 

 

     

 

 

     

 

 

 
Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit activity during the noted period:

 

     Restricted
Stock Units
     Weighted
Average Fair
Value at Grant
Date (A$)
 

Non-vested at 31 March 2014

         3,883,918            7.17   
  

 

 

    

Granted

     1,192,225            11.00   

Vested

     (774,675)           6.63   

Forfeited

     (293,467)           6.90   
  

 

 

    

Non-vested at 31 March 2015

     4,008,001            8.44   
  

 

 

    

Granted

     1,410,560            14.95   

Vested

     (1,219,352)           7.28   

Forfeited

     (149,755)           9.92   
  

 

 

    

Non-vested at 31 March 2016

     4,049,454            11.00   
  

 

 

    
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 2016 and 2015, respectively:

 

Vesting Condition:    Market      Market  
    

FY16

    

FY15

 

Date of grant

     16 Sep 2015         16 Sep 2014   

Dividend yield (per annum)

     3.8%         4.5%   

Expected volatility

     36.8%         37.4%   

Risk free interest rate

     1.5%         1.6%   

Expected life in years

     3.0         3.0   

JHX stock price at grant date (A$)

     17.76         12.42   

Number of restricted stock units

     579,262         459,317