|
Employee Benefits and Share Option Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Fair Value of Profits Interests |
The fair value
of the profits interests was computed using a binomial (lattice)
model using the following assumptions:
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Year Ended December
31, |
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| |
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2012 |
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2011 |
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|
2010 |
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|
Dividend yield
|
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
Expected stock price
volatility
|
|
|
50.00 |
% |
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|
50.00 |
% |
|
|
50.00 |
% |
|
Risk-free interest
rate
|
|
|
1.36 |
% |
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|
1.41 |
% |
|
|
1.41 |
% |
|
Expected unit
life
|
|
|
3 years |
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|
3 years |
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|
3 years |
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|
| Information Related to Profits Interests Pursuant to Profit Sharing Agreement |
Pertinent
information covering the profits interests pursuant to the Profits
Sharing Agreement was as follows:
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Number of
Management
NCL
Corporation Units (1)
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TBUs
Weighted-
Average
Price |
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PBUs
Weighted-
Average
Price |
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| |
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TBUs |
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PBUs |
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|
Outstanding as of
December 31, 2011
|
|
|
2,087,283 |
|
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|
3,328,541 |
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|
$ |
3.53 |
|
|
$ |
3.42 |
|
|
Granted
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|
186,052 |
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|
186,052 |
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|
$ |
3.44 |
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|
$ |
5.98 |
|
|
Forfeited
|
|
|
(7,781 |
) |
|
|
(18,856 |
) |
|
$ |
3.18 |
|
|
$ |
3.72 |
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|
Outstanding as of
December 31, 2012
|
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|
2,265,554 |
|
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|
3,495,737 |
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$ |
3.53 |
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|
$ |
3.56 |
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Vested as of
December 31, 2012
|
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|
1,425,258 |
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|
966,064 |
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$ |
3.86 |
|
|
$ |
3.41 |
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|
Non-vested as of
December 31, 2012
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|
840,296 |
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|
2,529,674 |
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$ |
2.96 |
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$ |
3.61 |
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| (1) |
Share amounts reflect the
exchange of profits interest for Management NCL Corporate Units in
connection with the Corporate Reorganization. |
|
| Amounts Related to Shipboard Retirement Plan |
The amounts
related to the Shipboard Retirement Plan were as follows (in
thousands):
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Year Ended
December 31, |
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2012 |
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2011 |
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2010 |
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Pension
expense:
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Service cost
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|
$ |
1,367 |
|
|
$ |
1,072 |
|
|
$ |
980 |
|
|
Interest cost
|
|
|
604 |
|
|
|
531 |
|
|
|
481 |
|
|
Amortization of prior
service cost
|
|
|
378 |
|
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|
378 |
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|
378 |
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Amortization of actuarial
loss (gain)
|
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|
13 |
|
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|
— |
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(29 |
) |
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Total pension
expense
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|
$ |
2,362 |
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|
$ |
1,981 |
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$ |
1,810 |
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Change in projected
benefit obligation:
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Projected benefit
obligation at beginning of year
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|
$ |
13,329 |
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|
$ |
9,478 |
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$ |
8,017 |
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Service cost
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|
1,367 |
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|
1,072 |
|
|
|
980 |
|
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Interest cost
|
|
|
604 |
|
|
|
531 |
|
|
|
481 |
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Actuarial loss
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|
1,721 |
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|
2,993 |
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|
— |
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Direct benefit
payments
|
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|
(800 |
) |
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|
(745 |
) |
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|
— |
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Projected benefit
obligation at end of year
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|
$ |
16,221 |
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$ |
13,329 |
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$ |
9,478 |
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Amounts recognized in
the consolidated balance sheets:
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Projected benefit
obligation
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$ |
16,221 |
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$ |
13,329 |
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$ |
9,478 |
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Amounts recognized in
accumulated other comprehensive income (loss):
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Prior service
cost
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|
$ |
(6,427 |
) |
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$ |
(6,805 |
) |
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$ |
(7,183 |
) |
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Accumulated actuarial gain
(loss)
|
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|
(3,320 |
) |
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|
(1,612 |
) |
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|
1,381 |
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Accumulated other
comprehensive income (loss)
|
|
$ |
(9,747 |
) |
|
$ |
(8,417 |
) |
|
$ |
(5,802 |
) |
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|
| Pension Benefits Future Payments in Next Five Years |
The pension
benefits expected to be paid in each of the next five years and in
aggregate for the five years thereafter are as follows (in
thousands):
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Year
|
|
Amount |
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|
2013
|
|
$ |
716 |
|
|
2014
|
|
|
767 |
|
|
2015
|
|
|
794 |
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|
2016
|
|
|
807 |
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|
2017
|
|
|
873 |
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|
Next five years
|
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|
5,607 |
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|