Build-A-Bear Workshop 2013 Annual Report Download - page 57

(b) Restricted Stock
The following table is a summary of the balance and activity for the
Plans related to unvested restricted stock granted as compensation to
employees and directors for the periods presented:
The vesting date fair value of shares that vested in fiscal 2013, 2012
and 2011was $2.2 million, $4.6 million and $2.5 million, respectively.
The aggregate unearned compensation expense related to options
and restricted stock was $3.3 million as of December 28, 2013 and is
expected to be recognized over a weighted average period of 1.1 years
(13) Stockholders’ Equity
The following table summarizes the changes in outstanding shares of
common stock for fiscal 2011, 2012 and 2013:
(14) Related-Party Transactions
The Company bought fixtures for new stores and furniture for the
corporate offices from a related party. The total payments to this
related party for fixtures and furniture amounted to $1.3 million, $0.9
million and $0.5 million, in fiscal 2013, 2012 and 2011, respectively.
The total amount due to this related party as of December 28, 2013
and December 29, 2012 was immaterial.
The Company collected $2.1 million, $2.2 million and $2.4 million
in 2013, 2012 and 2011, respectively, from its guests on behalf of
charitable foundations controlled by certain executive officers of the
Company. Substantially all of the contributions are collected from
guests at the point of sale via pin pad prompts or as a portion of the
proceeds of specifically identified products. The foundations support
a variety of children’s causes, domestic animal shelters, disaster relief
and other concerns. The foundations distribute grants to qualifying
charitable organizations based upon decisions of their respective
contribution committees most of whose members are employees
of the Company. The total due to the charitable foundations as of
December 28, 2013 and December 29, 2012 was $0.5 million and $0.7
million, respectively.
(15) Major Vendors
Three vendors, each of whose primary manufacturing facilities are
located in China, accounted for approximately 79%, 80% and 81% of
inventory purchases in fiscal 2013, 2012 and 2011, respectively.
(16) Segment Information
The Company’s operations are conducted through three operating
segments consisting of retail, international franchising, and
commercial. The retail segment includes the operating activities
of company-owned stores in the United States, Canada, the United
Kingdom and Ireland and other retail delivery operations, including
the Company’s web store, temporary stores and non-traditional
store locations. The international franchising segment includes the
licensing activities of the Company’s franchise agreements with
store locations in Europe, Asia, Australia, Africa, the Middle East and
Mexico. The commercial segment has been established to market
the naming and branding rights of the Company’s intellectual
properties for third party use. The operating segments have discrete
sources of revenue, different capital structures and different cost
structures. These operating segments represent the basis on which
the Company’s chief operating decision maker regularly evaluates
the business in assessing performance, determining the allocation
of resources and the pursuit of future growth opportunities.
Accordingly, the Company has determined that each of its operating
segments represent one reportable segment. The reportable segments
follow the same accounting policies used for the Company’s
consolidated financial statements.
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Outstanding, January 1, 2011 1,468,373 $ 6.32
Granted 532,791 6.46
Vested 394,766 8.52
Forfeited 168,267 5.68
Outstanding, December 31, 2011 1,438,131 5.85
Granted 366,270 4.97
Vested 874,852 5.53
Forfeited 69,224 6.03
Outstanding, December 29, 2012 860,325 5.78
Granted 321,664 6.00
Vested 399,405 5.39
Forfeited 62,386 5.78
Outstanding, December 28, 2013 720,198 $5.91
Common Stock
Shares as of January 1, 2011 19,631,623
Shares issued under employee stock plans, net of shares
withheld in lieu of tax withholding
302,007
Repurchase of shares (2,528,360)
Shares as of December 31, 2011 17,405,270
Shares issued under employee stock plans, net of shares
withheld in lieu of tax withholding
29,612
Repurchase of shares (366,700)
Shares as of December 29, 2012 17,0 6 8,182
Shares issued under employee stock plans, net of shares
withheld in lieu of tax withholding
346,271
Repurchase of shares (27,533)
Shares as of December 28, 2013 17,386,920
Notes to Consolidated Financial Statements (continued)
BUILD- A-BEAR WORKSHOP, INC. 2013 FORM 10-K 47