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Table of Contents


Year of Grant
Range of Exercise
Prices
Weighted
Average
Remaining
Contract Life
Options Outstanding
Options Exercisable
Min
Max
Options
Outstanding
WAEP
Aggregate
Intrinsic
Value
Options
Exercisable
WAEP
Aggregate
Intrinsic
Value
2005 - expire 2015
$8.84
$8.84
1.4 years
115
$8.84
$3,313
115
$8.84
$3,313
2006 - expire 2016
$ 12.93
$14.50
2.6 years
94
$12.99
2,305
94
$12.99
2,305
2007 - expire 2017
$10.42
$19.94
3.2 years
301
$ 19.83
5,364
301
$ 19.83
5,364
2008 - expire 2018
$ 6.01
$9.15
4.2 years
238
$6.19
7,479
238
$6.19
7,479
2009 - expire 2019
$4.65
$7.00
5.2 years
426
$4.70
14,021
203
$4.70
6,683
2010 - expire 2020
$12.34
$12.38
6.1 years
592
$ 12.36
14,961
240
$12.37
6,083
2011 - expire 2021
$17.43
$ 22.71
7.1 years
503
$17.48
10,143
139
$ 17.45
2,815
2012 - expire 2022
$ 24.57
$ 27.18
8.1 years
605
$26.65
6,663
98
$26.61
1,086
2013 - expire 2023
$ 31.68
$ 34.99
9.1 years
473
$ 31.75
2,799
2
$ 31.68
13
Total
$4.65
$ 34.99
6.3 years
3,347
$17.62
$ 67,048
1,430
$13.08
$ 35,141
The aggregate intrinsic value is calculated as the amount by which the fair value of the underlying common shares exceeds the option exercise price. The total
intrinsic value of options exercised during fiscal 2013, 2012 and 2011 was $20.9 million, $41.7 million and $14.5 million, respectively. The total fair value
of options that vested during fiscal 2013, 2012 and 2011 was $3.8 million, $4.8 million and $4.9 million, respectively.
Restricted Stock Units ("RSU")- Beginning in fiscal 2013, RSUs granted will generally cliff vest over three years. DSW expensed $1.8 million, $1.5 million
and $1.2 million, respectively, in fiscal 2013, 2012 and 2011 related to RSUs. The weighted average exercise price for all RSUs is zero. The aggregate
intrinsic value is calculated as the amount by which the fair value of the underlying common shares exceeds the exercise price. The total intrinsic value of
RSUs that vested during fiscal 2013, 2012 and 2011 was $4.0 million, $5.6 million and $2.4 million, respectively. The total fair value of RSUs that vested
during fiscal 2013, 2012 and 2011 was $0.7 million, $1.2 million and $0.8 million, respectively. As of February 1, 2014, the total compensation cost related
to nonvested RSUs not yet recognized was approximately $5.0 million with a weighted average expense recognition period remaining of 2.0 years.
In connection with the special dividends paid on October 26, 2012 and September 30, 2011, DSW issued forfeitable dividend equivalent units under the anti-
dilution provision to make the grantee whole as required under the DSW plan. DSW also modified its outstanding RSU awards to grant forfeitable dividend
equivalent units for the quarterly dividends resulting in immaterial incremental compensation expense.
For the periods presented, the following tables summarize DSW’s RSU activity, weighted average grant date fair value (“GDFV”) and aggregate intrinsic value
(units and intrinsic value in thousands):
Fiscal years ended
February 1, 2014
February 2, 2013
January 28, 2012
Units
GDFV
Units
GDFV
Units
GDFV
Outstanding beginning of year 436
$15.39
546
$9.33
552
$ 7.49
Granted 92
$ 35.50
114
$27.48
134
$19.18
Vested (136)
$5.51
(208)
$5.86
(110)
$7.04
Forfeited (15)
$29.46
(16)
$16.82
(30)
$11.14
Outstanding end of year 377
$23.41
436
$15.39
546
$9.33
Weighted Average
Aggregate
Remaining
Intrinsic
As of February 1, 2014:
Units
GDFV
Contract Life
Value
RSUs expected to vest
295
$23.60
1.4 years
$11,094
F- 20
Source: DSW Inc., 10-K, March 27, 2014 Powered by Morningstar® Document Research℠
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