Dick's Sporting Goods 2015 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2015 Dick's Sporting Goods 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 84

  • 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
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

(3) The risk-free interest rate is based on the implied yield available on U.S. Treasury constant maturity interest rates
whose term is consistent with the expected life of the stock options.
The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market
conditions and experience.
The stock option activity from February€2, 2013 through January€30, 2016 is presented in the following table:
Shares
Subject to
Options
Weighted
Average
Exercise
Price per
Share
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value (in
thousands)
Outstanding, February 2, 2013 6,708,724 $24.50 3.60 $157,380
Granted 682,344 47.31
Exercised (2,154,201)20.18
Forfeited / Expired (282,820)41.57
Outstanding, February 1, 2014 4,954,047 $28.55 3.19 $118,784
Granted 559,722 53.78
Exercised (1,175,540)22.22
Forfeited / Expired (256,931)44.42
Outstanding, January 31, 2015 4,081,298 $32.83 3.00 $78,432
Granted 812,482 56.97
Exercised (773,773)26.64
Forfeited / Expired (145,495)51.38
Outstanding, January 30, 2016 3,974,512 $38.29 2.94 $51,930
Exercisable, January 30, 2016 2,553,304 $29.42 1.51 $51,159
Vested and expected to vest, January 30, 2016 3,805,506 $37.55 2.81 $51,863
The aggregate intrinsic value reported in the table above is based on the Company's closing stock prices for the last business
day of the period indicated. The total intrinsic value for stock options exercised during 2015, 2014 and 2013 was $20.2 million,
$34.3 million and $67.2 million, respectively. The total fair value of options vested during 2015, 2014 and 2013 was $8.4
million, $8.2 million and $14.9 million, respectively. The nonvested stock option activity for the year ended January€30, 2016 is
presented in the following table:
Shares
Subject to
Options
Weighted
Average
Grant Date
Fair Value
Nonvested, January 31, 2015 1,206,844 $ 18.10
Granted 812,482 16.28
Vested (462,175) 18.26
Forfeited (135,943) 17.87
Nonvested, January 30, 2016 1,421,208 $ 17.03
As of January€30, 2016, unrecognized stock-based compensation expense related to nonvested stock options was approximately
$15.2 million, net of estimated forfeitures, which is expected to be recognized over a weighted average period of approximately
2.57 years.
The Company issues new shares of common stock upon exercise of stock options.
DICK'S SPORTING GOODS,€INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
53