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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-37
Compensation expense for performance-based awards of $14,659, $6,161, and $1,141 in 2015, 2014 and 2013,
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 2015:
Number of
Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
Outstanding at January 3, 2015 629 $ 112.01
Granted 198 153.22
Change in units based on performance 96 95.59
Exercised (70) 35.84
Forfeited (100) 120.42
Outstanding at January 2, 2016 753 $ 118.89 5.41 $ 24,225
Vested and expected to vest 662 $ 114.93 5.24 $ 23,870
Outstanding and exercisable 32 $ 56.10 2.11 $ 3,031
The weighted average fair value of performance-based SARs granted during 2015, 2014 and 2013 was $43.38, $32.41 and
$23.72 per share, respectively. The aggregate intrinsic value of performance-based SARs exercised during 2015, 2014 and 2013
was $8,475, $3,814 and $14,257, respectively. As of January 2, 2016, the maximum potential payout under the Company’s
currently outstanding performance-based SAR awards was 1,813 units.
Performance-Based Restricted Stock Units
The following table summarizes the performance-based RSUs activity for 2015:
Number of Awards
Weighted-Average
Grant Date Fair Value
Nonvested at January 3, 2015 195 $ 81.98
Granted — —
Change in units based on performance 33 72.17
Vested (24) 75.00
Forfeited (21) 76.04
Nonvested at January 2, 2016 183 $ 81.81
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 and 2013 was $123.32
and $77.47 per share, respectively. No performance-based RSUs were granted in 2015. The total grant date fair value of
performance-based restricted stock vested during 2015, 2014 and 2013 was $1,763, $142 and $1,290, respectively. As of
January 2, 2016, the maximum potential payout under the Company’s currently outstanding performance-based RSUs was 309
shares.