Advance Auto Parts 2015 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2015 Advance Auto Parts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
January 2, 2016, January 3, 2015 and December 28, 2013
(in thousands, except per share data)
F-36
Stock Appreciation Rights
The following table summarizes the time-vested SARs activity for 2015:
Number of
Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
Outstanding at January 3, 2015 826 $ 63.68
Granted — —
Exercised (252) 54.98
Forfeited (13) 67.69
Outstanding at January 2, 2016 561 $ 67.51 2.83 $ 46,538
Vested and expected to vest 561 $ 67.50 2.83 $ 46,534
Outstanding and exercisable 551 $ 67.23 2.80 $ 45,871
The weighted average fair value of time-vested SARs granted during 2013 was $18.55 per share. No time-vested SARs
were granted in 2015 or 2014. The aggregate intrinsic value reflected in the table above and in the table below for performance-
based SARs is based on the Company’s closing stock price of $150.51 as of the last trading day of Fiscal 2015. The aggregate
intrinsic value of SARs exercised during 2015, 2014 and 2013 was $26,060, $18,975 and $36,998, respectively.
Restricted Stock Units and Restricted Stock
The following table summarizes the RSU and restricted stock activity for the fiscal year ended January 2, 2016:
Number of Awards
Weighted-Average
Grant Date Fair
Value
Nonvested at January 3, 2015 283 $ 123.89
Granted 143 153.61
Vested (124) 122.77
Forfeited (32) 126.52
Nonvested at January 2, 2016 270 $ 142.65
The fair value of each RSU and restricted stock award is determined based on the market price of the Company’s common
stock on the date of grant. The weighted average fair value of RSUs and restricted shares granted during 2015, 2014 and 2013
was $153.61, $139.43 and $102.19 per share, respectively. The total grant date fair value of RSUs and restricted shares vested
during 2015, 2014 and 2013 was $15,268, $8,293 and $5,035, respectively.
Performance-Based Awards
The number of performance-based awards outstanding is reflected in the following tables based on the number of awards
that the Company believed were probable of vesting. Performance-based awards granted during 2015 are presented at the target
level, as achievement of the target level was deemed probable as of the grant date. The change in units based on performance
represents the change in the number of previously granted awards expected to vest based on the Company's updated probability
assessment as of January 2, 2016.