Abercrombie & Fitch 2013 Annual Report Download - page 61

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61
Stock Appreciation Rights
The weighted-average estimated fair value of stock appreciation rights granted during Fiscal 2012, Fiscal 2011 and Fiscal
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
2012 2011 2010 2012 2011 2010 2012 2011 2010
Grant date market price — $ 56.86 $ 44.86 $ 52.89 $ 54.87 $ 44.86 $ 51.31 $ 55.12 $ 44.32
Exercise price — $ 56.86 $ 44.86 $ 52.89 $ 54.87 $ 44.86 $ 51.31 $ 55.12 $ 44.32
Fair value — $ 22.99 $ 16.96 $ 23.53 $ 22.29 $ 16.99 $ 21.90 $ 21.98 $ 16.51
Assumptions:
Price volatility — 53% 50% 56% 53% 51% 61% 55% 53%
Expected term (years) — 4.6 4.7 5.0 4.7 4.5 4.1 4.1 4.1
Risk-free interest rate — 1.8% 2.3% 1.3% 2.0% 2.3% 0.9% 1.7% 2.0%
Dividend yield — 1.5% 2.1% 1.1% 1.6% 2.1% 1.2% 1.6% 2.1%
Below is a summary of stock appreciation rights activity for Fiscal 2012:
Stock Appreciation Rights
Number of
Underlying
Shares
Weighted-
Average
Exercise Price Aggregate
Intrinsic Value
Weighted-
Average
Remaining
Contractual Life
Outstanding at January 28, 2012 9,039,334 $ 39.66
Granted:
Chairman and Chief Executive Officer — —
Other Executive Officers 212,500 52.89
All Other Associates 151,300 51.31
Exercised (63,150) 30.27
Forfeited or expired (93,125) 44.61
Outstanding at February 2, 2013 9,246,859 $ 40.17 $ 114,456,670 4.3
Stock appreciation rights exercisable at February 2, 2013 2,134,871 $ 42.55 $ 21,259,648 4.8
Stock appreciation rights expected to become exercisable in the future as
of February 2, 2013 7,057,622 $ 39.38 $ 93,026,530 4.1
The total intrinsic value of stock appreciation rights exercised during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was $0.9
million, $11.0 million and $1.8 million, respectively.
The grant date fair value of stock appreciation rights that vested during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was
$24.1 million, $11.3 million and $5.0 million, respectively.
As of February 2, 2013, there was $41.6 million of total unrecognized compensation cost, net of estimated forfeitures,
related to stock appreciation rights. The unrecognized compensation cost is expected to be recognized over a weighted-average
period of six months.
Restricted Stock Units
Below is a summary of restricted stock unit activity for Fiscal 2012:
Restricted Stock Units
Number of
Underlying
Shares
Weighted-
Average Grant
Date Fair Value
Non-vested at January 28, 2012 1,189,292 $ 49.11
Granted 625,615 48.07
Vested (374,352) 52.18
Forfeited (241,875) 52.82
Non-vested at February 2, 2013 1,198,680 $ 46.88
Table of Contents ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)