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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
January 3, 2015, December 28, 2013 and December 29, 2012
(in thousands, except per share data)
F-38
Compensation expense for performance-based awards of $6,161, $1,141, and $3,267 in 2014, 2013 and 2012, 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 2014:
Number of
Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
Outstanding at December 28, 2013 520 $ 78.21
Granted 303 141.57
Change in units based on performance (48) 90.57
Exercised (39) 35.18
Forfeited (107) 68.97
Outstanding at January 3, 2015 629 $ 112.01 5.47 $ 29,285
Vested and expected to vest 533 $ 108.17 4.97 $ 26,864
Outstanding and exercisable 92 $ 36.91 1.84 $ 11,152
The weighted average fair value of performance-based SARs granted during 2014, 2013 and 2012 was $32.41, $23.72 and
$19.23 per share, respectively. The aggregate intrinsic value of performance-based SARs exercised during 2014, 2013 and 2012
was $3,814, $14,257 and $34,020, respectively. As of January 3, 2015, the maximum potential payout under the Company’s
currently outstanding performance-based SAR awards was 2,167 units.
Performance-Based Restricted Stock Units
The following table summarizes the performance-based RSUs activity for 2014:
Number of Awards
Weighted-Average
Grant Date Fair Value
Nonvested at December 28, 2013 182 $ 75.36
Granted 19 123.32
Change in units based on performance 6 104.87
Vested (2) 74.43
Forfeited (10) 76.09
Nonvested at January 3, 2015 195 $ 81.98
The fair value of each performance-based RSU is determined based on the market price of the Company’s common stock
on the date of grant. The weighted average fair value of performance-based RSUs granted during 2014, 2013 and 2012 was
$123.32, $77.47 and $75.20 per share, respectively. The total grant date fair value of performance-based restricted stock vested
during 2014, 2013 and 2012 was $142, $1,290 and $4,858, respectively. As of January 3, 2015, the maximum potential payout
under the Company’s currently outstanding performance-based RSUs was 462 shares.