The Performance Stock awarded on June 4, 2013 will "cliff" vest on the third annual anniversary of the date that the performance goal is met. The performance goal will be met as of the end of the calendar quarter when the Company has averaged $0.3125 diluted earnings per share (split adjusted) for four consecutive quarters or $1.25 total diluted earnings per share (split adjusted) over a period of four consecutive quarters.
Restricted Stock granted on June 4, 2013 will vest in 33 1/3% installments over three years each June 4th.
The reporting person received shares as a result of the Company declaring a 2-for-1 stock split to shareholders of record as of May 22, 2013 and made payable June 12, 2013.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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