Dollar General 2014 Annual Report Download - page 160
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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. Share-based payments (Continued)
A summary of MSA Performance Options activity during the year ended January 30, 2015 is as
follows:
Average Remaining
Options Exercise Contractual Intrinsic
(Intrinsic value amounts reflected in thousands) Issued Price Term in Years Value
Balance, January 31, 2014 ........................ 376,309 $19.68
Granted ..................................... — —
Exercised .................................... (118,287) 17.18
Canceled ..................................... (10,151) 21.47
Balance, January 30, 2015 ........................ 247,871 $20.79 4.9 $11,468
Exercisable at January 30, 2015 .................... 246,251 $20.73 4.9 $11,409
The intrinsic value of MSA Performance Options exercised during 2014, 2013 and 2012 was
$4.9 million, $39.1 million and $106.4 million, respectively.
In March 2012, the Company issued a performance-based award of 326,037 shares of restricted
stock to its Chairman and Chief Executive Officer. This restricted stock award had a fair value on the
grant date of $45.25 per share, with one-half of the award scheduled to vest in 2014 and the remainder
in 2015, contingent upon, among other things, meeting certain specified earnings per share targets in
those years. The target for 2014 was met and the applicable shares vested.
At January 30, 2015, the total unrecognized compensation cost related to nonvested stock-based
awards was $55.2 million with an expected weighted average expense recognition period of 1.4 years.
The fair value method of accounting for share-based awards resulted in share-based compensation
expense (a component of SG&A expenses) and a corresponding reduction in net income before income
taxes as follows:
Stock Performance Restricted Restricted
(In thousands) Options Share Units Stock Units Stock Total
Year ended January 30, 2015
Pre-tax ............................ $ 8,533 $5,461 $15,968 $7,376 $37,338
Net of tax .......................... $ 5,206 $3,332 $ 9,742 $4,500 $22,780
Year ended January 31, 2014
Pre-tax ............................ $ 7,634 $3,448 $ 9,879 $ — $20,961
Net of tax .......................... $ 4,649 $2,100 $ 6,016 $ — $12,765
Year ended February 1, 2013
Pre-tax ............................ $14,078 $4,082 $ 3,504 $ — $21,664
Net of tax .......................... $ 8,578 $2,487 $ 2,135 $ — $13,200
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