GameStop 2012 Annual Report Download - page 110

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GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table presents a summary of the Company’s restricted stock awards activity:
Shares
Weighted-
Average
Grant Date
Fair Value
(Millions of shares)
Nonvested shares at January 30, 2010 .................................. 1.3 $32.94
Granted ....................................................... 0.7 $20.43
Vested ........................................................ (0.6) $33.05
Forfeited ....................................................... (0.2) $23.07
Nonvested shares at January 29, 2011 .................................. 1.2 $26.27
Granted ....................................................... 0.5 $20.90
Vested ........................................................ (0.6) $30.86
Forfeited ....................................................... — $21.61
Nonvested shares at January 28, 2012 .................................. 1.1 $21.57
Granted ....................................................... 1.4 $23.66
Vested ........................................................ (0.6) $22.37
Forfeited ....................................................... (0.1) $22.24
Nonvested shares at February 2, 2013 .................................. 1.8 $22.92
During the 53 weeks ended February 2, 2013, the Company granted 1.4 million shares of restricted stock
with a weighted average grant date fair value of $23.66 per common share with fair value being determined by
the quoted market price of the Company’s common stock on the date of grant. Of these shares, 783 thousand
shares of restricted stock were granted under the 2011 Incentive Plan, which vest in equal annual installments
over three years. At the same time, an additional 626 thousand shares of restricted stock were granted under the
2011 Incentive Plan, of which 101 thousand shares vest in equal annual installments over three years based on
performance targets that were achieved and 25 thousand shares were forfeited based on fiscal 2012 performance.
The remaining 500 thousand shares of restricted stock granted are subject to performance targets which will be
measured following the completion of the 52 weeks ending January 31, 2015. These grants will vest immediately
upon measurement to the extent earned. Shares subject to performance measures may generally be earned in
greater or lesser percentages if targets are exceeded or not achieved by specified amounts. The restricted stock
granted in the 52 weeks ended January 28, 2012 and the 52 weeks ended January 29, 2011 vest in equal annual
installments over three years.
During the 53 weeks ended February 2, 2013, the 52 weeks ended January 28, 2012 and the 52 weeks ended
January 29, 2011, the Company included compensation expense relating to the grant of these restricted shares in
the amounts of $17.5 million, $12.4 million and $17.4 million, respectively, in selling, general and administrative
expenses in the accompanying consolidated statements of operations. As of February 2, 2013, there was
$24.2 million of unrecognized compensation expense related to nonvested restricted stock awards that is
expected to be recognized over a weighted average period of 2.0 years.
Subsequent to the fiscal year ended February 2, 2013, the Company granted 1.2 million shares of restricted
stock with a grant date fair value of $24.82 per common share and 457 thousand shares of stock options under the
2011 Incentive Plan. Of these restricted shares, 614 thousand shares vest in equal annual installments over three
years and 303 thousand shares vest in full in February 2016. Restricted shares and options granted are subject to
continued service. Of the restricted shares granted subsequent to February 2, 2013, 131 thousand shares are
subject to a performance target which will be measured following the completion of the 52 weeks ending
F-35