GameStop 2013 Annual Report Download - page 102

F-29
The following table presents a summary of our restricted stock awards activity during the 52 weeks ended February 1, 2014:
Shares
Weighted-
Average
Grant Date
Fair Value
(Millions of shares)
Nonvested shares at February 2, 2013 ........................................................................ 1.8 $ 22.92
Granted ..................................................................................................................... 1.2 $ 24.82
Vested........................................................................................................................ (0.6) $ 21.99
Forfeited.................................................................................................................... (0.1) $ 23.98
Nonvested shares at February 1, 2014 ........................................................................ 2.3 $ 24.10
Of the shares granted during fiscal 2013, 916 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 262 thousand shares of restricted
stock were granted under the 2011 Incentive Plan, of which 131 thousand shares vest in equal annual installments over three years
based on performance targets measured at the end of fiscal 2013. The remaining 131 thousand shares of restricted stock granted
are subject to performance targets which will be measured following the completion of the 52 weeks ending January 30, 2016.
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.
During the 53 weeks ended February 2, 2013, we 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 our 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 vest in equal annual installments over
three years.
During the 52 weeks ended February 1, 2014, the 53 weeks ended February 2, 2013 and the 52 weeks ended January 28,
2012, we included compensation expense relating to the grant of these restricted shares in the amounts of $18.4 million, $17.5
million and $12.4 million, respectively, in selling, general and administrative expenses in the accompanying consolidated statements
of operations. As of February 1, 2014, there was $28.1 million of unrecognized compensation expense related to nonvested restricted
stock awards that is expected to be recognized over a weighted average period of 1.8 years.
Subsequent to the fiscal year ended February 1, 2014, we granted 588 thousand shares of restricted stock with a grant date
fair value of $38.52 per common share and 283 thousand shares of stock options under the 2011 Incentive Plan. Of the restricted
shares, 315 thousand shares vest in equal annual installments over three years. Restricted shares and options granted are subject
to continued service. Of the restricted shares granted subsequent to February 1, 2014, 182 thousand shares are subject to a
performance target which will be measured following the completion of the 52 weeks ending January 31, 2015 with the portion
earned vesting in equal annual installments over three years. The remaining 91 thousand shares of restricted stock granted are
subject to performance targets which will be measured following the completion of the 52 weeks ending January 28, 2017. 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.
15. Employees’ Defined Contribution Plan
We sponsor a defined contribution plan (the “Savings Plan”) for the benefit of substantially all of our U.S. employees who
meet certain eligibility requirements, primarily age and length of service. The Savings Plan allows employees to invest up to 60%,
for a maximum of $17.5 thousand a year for 2013, of their eligible gross cash compensation invested on a pre-tax basis. Our
optional contributions to the Savings Plan are generally in amounts based upon a certain percentage of the employees’ contributions.
Our contributions to the Savings Plan during the 52 weeks ended February 1, 2014, the 53 weeks ended February 2, 2013 and the
52 weeks ended January 28, 2012, were $4.8 million, $4.6 million and $4.1 million, respectively.