The closing stock price on September 30th marked the end of the 2016 SSP Award Year. The stock price closed at $40.61 which is higher than the $32.53 closing stock price on October 1, 2015 at the beginning of the award year. As a result, the stock price appreciation component of the SSP for this award year will pay out. Additionally, the award also includes a dividend equivalent component for dividends declared during the award year, the last of which was just declared on Friday, Sep 30th and was for $0.48 per share. That makes four dividend declarations during the Award Year with each declaration being for $0.48 per share.
The calculation per employee is:
Stock Appreciation $40.61 – $32.53 = $8.08
150 units x $8.08 = $1212
Dividend $0.48 x 4 quarters = $1.92
150 units x $1.92 = $288
Total Award $1212 + $288 = $1500.00
For A1 pay cycle it will be paid on the 11/18/16 paycheck.
For B1 pay cycle it will be paid on the 11/23/16 paycheck.”