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noteS to conSolidated Financial StatementS
The J. M. Smucker Company
Note 9
ShARe-bASed PAyMenTS
We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by our shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately, and along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2013, there were 7,092,083 shares available for future issuance under this plan. Under the 2010 Equity and Incentive Compensation Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares. Stock Options: The following table is a summary of our stock option activity and related information.
Options Weighted-Average Exercise Price
Outstanding at May 1, 2012 Exercised Outstanding and exercisable at April 30, 2013
124,841 (77,408) 47,433
$42.18 40.91 $44.26
At April 30, 2013, the weighted-average remaining contractual term for stock options outstanding and exercisable was 2.3 years and the aggregate intrinsic value of these stock options was $2.8. The total intrinsic value of options exercised during 2013, 2012, and 2011 was $3.4, $2.6, and $13.4, respectively. Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units.
Restricted Shares and Deferred Stock Units Weighted-Average Grant Date Fair Value Performance Units Weighted-Average Conversion Date Fair Value
Outstanding at May 1, 2012 Granted Converted Vested Forfeited Outstanding at April 30, 2013
990,990 109,770 99,455 (199,642) (15,359) 985,214
$55.95 76.37 76.37 59.01 57.36 $59.64
99,455 106,666 (99,455) — — 106,666
$ 76.37 100.54 76.37 — — $100.54
64 The J. M. Smucker Company
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