Build-A-Bear Workshop 2013 Annual Report Download - page 56

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(a) Stock Options
The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented:
The expense recorded related to options granted during fiscal 2013
was determined using the Black-Scholes option pricing model and
the provisions of Staff Accounting Bulletin (SAB) 107 and 110, which
allow the use of a simplified method to estimate the expected term
of “plain vanilla” options. The assumptions used in the option
pricing model during fiscal 2013 were: (a) dividend yield of 0%; (b)
historical volatility of 65%; (c) risk-free interest rates of 1.3%; and (d)
an expected life of 6.25 years. The grant date fair value of options
granted in 2013 was approximately $0.7 million.
The expense recorded related to options granted during fiscal
2012 was immaterial. The assumptions used in the option pricing
model during fiscal 2011 were: (a) dividend yield of 0%; (b) historical
volatility of 65%; (c) risk-free interest rates ranging from 1.2% to 2.5%;
and (d) an expected life of 6.25 years. The grant date fair value of
options granted in 2011 was approximately $1.2 million. The total
intrinsic value of options exercised in fiscal 2013 and fiscal 2011 was
approximately $0.4 million and $0.1 million, respectively. No options
were exercised in 2012. The Company generally issues new shares to
satisfy option exercises.
Shares available for future option, non-vested stock and restricted
stock grants were 471,327 and 608,864 at the end of 2013 and 2012,
respectively.
Number of Shares
Weighted Average
Exercise Price
Weighted
Average Remaining
Contractual Term
Aggregate
Intrinsic Value
(in thousands)
Outstanding, January 1, 2011 1,125,223 $8.73
Granted 305,727 6.22
Exercised 55,501 5.13
Forfeited 164,633 7.04
Outstanding, December 31, 2011 1,210,816 8.49
Granted 228 8.32
Exercised - -
Forfeited 55,805 7.79
Outstanding, December 29, 2012 1,155,239 8.53
Granted 195,512 6.56
Exercised 204,658 5.60
Forfeited 39,931 8.20
Canceled or expired 41,150 9.10
Outstanding, December 28, 2013 1,065,012 $8.72 5.9 $ 1,339
Options Exercisable As Of:
December 28, 2013 678,794 $10.00 4.7 $ 938
Notes to Consolidated Financial Statements (continued)
46 BUILD- A-BEAR WORKSHOP, INC. 2013 FORM 10 -K