Abercrombie & Fitch 2011 Annual Report Download - page 80

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ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Stock Appreciation Rights
The weighted-average estimated fair value of stock appreciation rights granted during the fifty-two
weeks ended January 28, 2012, January 29, 2011 and January 30, 2010, and the weighted-average
assumptions used in calculating such fair value, on the date of grant, were as follows:
Fiscal Year
Chairman and Chief Executive
Officer Other Executive Officers All Other Associates
2011 2010 2009 2011 2010 2009 2011 2010 2009
Grant date market
price ............ $56.86 $44.86 $28.42 $54.87 $44.86 $25.77 $55.12 $44.32 $26.43
Exercise price ....... $56.86 $44.86 $32.99 $54.87 $44.86 $25.77 $55.12 $44.32 $26.43
Fair value .......... $22.99 $16.96 $ 9.67 $22.29 $16.99 $10.06 $21.98 $16.51 $10.00
Assumptions:
Price volatility ..... 53% 50% 47% 53% 51% 52% 55% 53% 53%
Expected term
(Years) ........ 4.6 4.7 5.6 4.7 4.5 4.5 4.1 4.1 4.1
Risk-free interest
rate ........... 1.8% 2.3% 2.5% 2.0% 2.3% 1.6% 1.7% 2.0% 1.6%
Dividend yield .... 1.5% 2.1% 2.4% 1.6% 2.1% 1.7% 1.6% 2.1% 1.7%
Below is a summary of stock appreciation rights activity for the fifty-two weeks ended January 28, 2012:
Stock Appreciation Rights
Number of
Underlying
Shares
Weighted-Average
Exercise Price
Aggregate
Intrinsic Value
Weighted-Average
Remaining
Contractual Life
Outstanding at January 29, 2011 ............ 7,136,189 $34.08
Granted:
Chairman and Chief Executive Officer . . . 1,879,195 56.86
Other Executive Officers .............. 217,000 54.87
All Other Associates .................. 156,700 54.93
Exercised ............................ (290,375) 32.98
Forfeited or cancelled ................... (59,375) 41.24
Outstanding at January 28, 2012 ............ 9,039,334 $39.66 $91,273,761 5.2
Stock appreciation rights exercisable at
January 28, 2012 ....................... 857,232 $36.89 $ 8,863,886 5.2
Stock appreciation rights expected to become
exercisable in the future as of January 28,
2012 ................................ 8,098,051 $39.90 $82,011,681 5.2
The total intrinsic value of stock appreciation rights exercised during the fifty-two weeks ended
January 28, 2012 was $11.0 million. The total intrinsic value of stock appreciation rights exercised during
the fifty-two weeks ended January 29, 2011 was $1.8 million.
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