Bed, Bath and Beyond 2010 Annual Report Download - page 31

Download and view the complete annual report

Please find page 31 of the 2010 Bed, Bath and Beyond 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 68

  • 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

BED BATH & BEYOND 2010 ANNUAL REPORT
29
Restricted Stock
Restricted stock awards are issued and measured at fair market value on the date of grant and generally become exercisable
in five equal annual installments beginning one to three years from the date of grant. Vesting of restricted stock awarded to
certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test for the fiscal
year of grant, and assuming achievement of the performance-based test, time vesting, subject, in general, to the executive
remaining in the Company’s employ on specified vesting dates. The Company recognizes compensation expense related to
these awards based on the assumption that the performance-based test will be achieved. Vesting of restricted stock awarded to
the Company’s other employees is based solely on time vesting.
Changes in the Company’s restricted stock for the fiscal year ended February 26, 2011 were as follows:
Weighted Average
Number of Grant-Date
(Shares in thousands) Restricted Shares Fair Value
Unvested restricted stock, beginning of period 4,446 $ 33.49
Granted 1,024 44.81
Vested (734) 36.08
Forfeited (161) 34.32
Unvested restricted stock, end of period 4,575 $ 35.58
13. SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
FISCAL 2010
(in thousands, except per share data) QUARTER ENDED
May 29, August 28, November 27, February 26,
2010 2010 2010 2011
Net sales $ 1,923,051 $ 2,136,730 $ 2,193,755 $ 2,504,967
Gross profit 775,036 874,918 896,508 1,076,467
Operating profit 225,394 296,902 305,110 461,052
Earnings before provision for income taxes 225,910 297,229 307,106 462,733
Provision for income taxes 88,357 115,474 118,532 179,282
Net earnings $ 137,553 $ 181,755 $ 188,574 $ 283,451
EPS-Basic (1) $ 0.53 $ 0.71 $ 0.75 $ 1.14
EPS-Diluted (1) $ 0.52 $ 0.70 $ 0.74 $ 1.12
FISCAL 2009
(in thousands, except per share data) QUARTER ENDED
May 30, August 29, November 28, February 27,
2009 2009 2009 2010
Net sales $ 1,694,340 $ 1,914,909 $ 1,975,465 $ 2,244,079
Gross profit 666,818 773,393 812,412 955,496
Operating profit 142,304 222,031 245,611 370,741
Earnings before provision for income taxes 144,071 223,507 246,348 371,329
Provision for income taxes 56,899 87,976 95,060 145,287
Net earnings $ 87,172 $ 135,531 $ 151,288 $ 226,042
EPS-Basic (1) $ 0.34 $ 0.53 $ 0.59 $ 0.88
EPS-Diluted (1) $ 0.34 $ 0.52 $ 0.58 $ 0.86
(1) Net earnings per share (“EPS”) amounts for each quarter are required to be computed independently and may not equal
the amount computed for the total year.