Banana Republic 2010 Annual Report Download - page 68

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Information about stock options outstanding, vested or expected to vest, and exercisable at January 29, 2011, is
as follows:
Options Outstanding Options Exercisable
Range of Exercise Prices
Number of
Shares at
January 29, 2011
Weighted-
Average
Remaining
Contractual
Life (in years)
Weighted-
Average
Exercise Price
Number of
Shares at
January 29, 2011
Weighted-
Average
Exercise Price
$ 5.03 - $14.27 ......................... 4,853,839 4.86 $12.62 2,863,280 $13.18
$14.29 - $17.84 ......................... 4,874,692 5.16 $16.90 3,481,790 $17.06
$17.94 - $19.68 ......................... 5,502,783 6.62 $19.25 2,712,947 $19.21
$19.70 - $21.63 ......................... 4,886,950 3.46 $21.27 4,700,357 $21.29
$21.66 - $33.90 ......................... 4,051,059 6.54 $23.00 1,845,506 $22.92
24,169,323 5.32 $18.48 15,603,880 $18.69
Vested or expected to vest at January 29,
2011 .................................. 20,844,767 5.00 $18.57
The aggregate intrinsic value of options outstanding, options vested or expected to vest, and options exercisable at
January 29, 2011 was $44 million, $37 million, and $25 million, respectively. Stock options exercisable at January 29,
2011 had a weighted-average remaining contractual life of four years.
Employee Stock Purchase Plan
Under our Employee Stock Purchase Plan (“ESPP”), eligible U.S. employees are able to purchase our common stock
at 85 percent of the closing price on the New York Stock Exchange on the last day of the three-month purchase
period. Accordingly, compensation expense is recognized for an amount equal to the 15 percent discount.
Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from
1 percent to 15 percent. There were 1,301,167, 1,574,464, and 1,543,827 shares issued under the ESPP during fiscal 2010,
2009, and 2008, respectively. At January 29, 2011, there were 7,383,659 shares reserved for future issuances under
the ESPP.
Note 9. Leases
We lease most of our store premises and some of our corporate facilities and distribution centers. These operating
leases expire at various dates through 2031. Most store leases are for a five year base period and include options
that allow us to extend the lease term beyond the initial base period, subject to terms agreed upon at lease
inception. Some leases also include early termination options, which can be exercised under specific conditions.
We also lease certain equipment under operating leases that expire at various dates through 2014.
The aggregate minimum non-cancelable annual lease payments under leases in effect on January 29, 2011, are
as follows:
($ in millions)
Fiscal Year
2011............................................................................................. $ 997
2012 ............................................................................................ 841
2013 ............................................................................................ 710
2014 ............................................................................................ 602
2015 ............................................................................................ 483
Thereafter ....................................................................................... 1,483
Totalminimumleasecommitments ............................................................... $5,116
The total minimum lease commitment amount above does not include minimum sublease rent income of
$50 million receivable in the future under non-cancelable sublease agreements.
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