Advance Auto Parts 2012 Annual Report Download - page 79

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F-34
Performance-Based Awards
Performance-based awards granted in the following tables represent the performance portion of awards granted during
Fiscal 2012 at the target level, as achievement of the target level was deemed probable as of the grant date. Change in units
based on performance represents the change in number of awards previously granted that the Company believes will ultimately
vest based on its probability assessment at December 29, 2012.
Compensation expense for performance-based awards of $3,267, $6,714, and $5,916 in Fiscal 2012, 2011 and 2010,
respectively, was determined based on management's estimate of the probable vesting outcome.
Performance-Based SARs
The following table summarizes the performance-based SARs activity for the fiscal year ended December 29, 2012:
Number of
Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
Outstanding at December 31, 2011 1,399 $ 38.22
Granted 178 73.15
Change in units based on performance (176) 56.73
Exercised (603) 27.65
Forfeited (40) 54.41
Outstanding at December 29, 2012 758 $ 49.93 5.34 $ 16,660
Vested and expected to vest 693 $ 47.90 4.52 $ 16,597
Outstanding and exercisable 271 $ 27.88 2.95 $ 11,814
The weighted average fair value of performance-based SARs granted during Fiscal 2012, 2011 and 2010 was $19.23,
$19.86 and $19.10 per share, respectively. The aggregate intrinsic value of performance-based SARs exercised during Fiscal
2012 was $34,020. There were no awards exercised prior to Fiscal 2012. At December 29, 2012, the maximum potential payout
under the Company's currently outstanding performance-based SAR awards was 2,480 units.
Performance-Based Restricted Stock Units and Restricted Stock
The following table summarizes the performance-based RSUs and restricted stock activity for the fiscal year ended
December 29, 2012:
Number of Awards
Weighted-Average
Grant Date Fair Value
Nonvested at December 31, 2011 288 $ 38.46
Granted 38 75.20
Change in units based on performance (38) 55.33
Vested (175) 27.56
Forfeited (11) 51.85
Nonvested at December 29, 2012 102 $ 63.08
ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 29, 2012, December 31, 2011 and January 1, 2011
(in thousands, except per share data)