Share-Based Compensation

6 Months Ended

Jul. 04, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Note 5—Share-Based Compensation

The table below summarizes the share-based compensation expense for the three and six months ended July 4, 2015 and June 28, 2014. This share-based compensation expense was recorded in SG&A expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Amended and Restated Cott Corporation Equity Incentive Plan, as amended (the “Equity Incentive Plan”), (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the Equity Incentive Plan (iii) “Stock options” mean non-qualified stock options granted under the Equity Incentive Plan or the Restated 1986 Common Share Option Plan, as amended (the “Option Plan”), as the case may be, and (iv) “Director share awards” mean common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors under the Equity Incentive Plan.


	For the Three Months Ended				For the Six Months Ended
(in millions of U.S. dollars)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Stock options	$	0.5	$	0.4	$	0.9	$	0.8
Performance-based RSUs		1.5		0.6		3.0		0.8
Time-based RSUs		0.7		0.7		1.2		1.4
Director share awards		1.0		0.4		1.0		0.4

Total	$	3.7	$	2.1	$	6.1	$	3.4

As of July 4, 2015, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows:


(in millions of U.S. dollars, except years)	Unrecognized share-based compensation expense as of July 4, 2015		Weighted average years expected to recognize compensation

Stock options	$	3.8		2.1
Performance-based RSUs		9.7		2.4
Time-based RSUs		3.6		1.8

Total	$	17.1

Stock option activity for the six months ended July 4, 2015 was as follows:


	Shares (in thousands)			Weighted average exercise price
Balance at January 3, 2015		1,221			7.77
Awarded		685			9.22
Exercised		(19	)		6.58

Outstanding at July 4, 2015		1,886		$	8.31

Exercisable at July 4, 2015		391		$	6.12

During the six months ended July 4, 2015, Performance-based RSU and Time-based RSU activity was as follows:


	Number of Performance- based RSUs (in thousands)			Weighted Average Grant-Date Fair Value		Number of Time-based RSUs (in thousands)			Weighted Average Grant-Date Fair Value

Balance at January 3, 2015		1,782		$	7.01		664		$	8.63
Awarded		320			9.22		212			9.22
Awarded in connection with modification		55			7.90		—			—
Issued		(255	)		6.87		—			—
Forfeited		(5	)		8.52		(21	)		8.51

Outstanding at July 4, 2015		1,897		$	7.42		855		$	8.78

Certain outstanding stock options were granted under the Option Plan, which was subsequently terminated in 2011. In connection with the termination of the Option Plan, outstanding options will continue in accordance with the terms of the Option Plan until exercised, forfeited or terminated, as applicable.