Hibbett Sports 2007 Annual Report Download - page 54

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Activity for our option plans during the fifty-three weeks ended February 3, 2007 was as follows:
Number
of Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
($000's)
Options outstanding at January 28, 2006 1,568,900 $ 12.58
Granted 152,014 30.79
Exercised (294,988) 24.09
Forfeited (38,538) 17.95
Options outstanding at February 3, 2007 1,387,388 $ 15.46 6.61 $ 22,945
Exercisable at February 3, 2007 581,466 $ 11.80 6.04 $ 11,744
The weighted average grant fair value of options granted during the fifty-three weeks ended February 3,
2007 was $12.83. The compensation expense included in general and administrative expense and recognized
during the fiscal year was $2.1 million before the recognized income tax benefit of $0.3 million.
The total intrinsic value of stock options exercised during the fifty-three weeks ended February 3, 2007 and
fifty-two weeks ended January 28, 2006 and January 29, 2005 was approximately $7.1 million, $8.4 million and $4.2
million, respectively. The intrinsic value of stock options is defined as the difference between the current market
value and the grant price. The total cash received from these option exercises during fiscal years 2007, 2006 and
2005 was approximately $2.3 million, $2.9 million and $1.8 million, respectively, and the excess tax benefit realized
for the tax deductions from these option exercises was approximately $2.5 million, $3.0 million and $1.6 million,
respectively, and is included in cash flows from financing activities for the fifty-three weeks ended February 3, 2007
as required by SFAS No. 123R. As of February 3, 2007, there was approximately $4.9 million of unrecognized
compensation cost related to nonvested stock options. This cost is expected to be recognized over a weighted
average period of 2.8 years.
Restricted Stock Awards
Historically, restricted stock awards were granted with a fair value equal to the closing market price of our
common stock on the last trading day preceding the date of grant. Effective November 2006, all restricted stock
awards are granted with a fair value equal to the closing market price of our common stock on the date of grant.
Compensation expense is recorded straight-line over the vesting period. Restricted stock awards generally cliff vest
four to five years from the date of grant.
The following table summarizes the restricted stock awards activity under all of our plans during the fifty-
three weeks ended February 3, 2007:
Number
of Awards
Weighted
Average
Grant Date
Fair Value
Restricted stock awards outstanding at January 28, 2006 29,100 $ 25.83
Granted 60,510 31.55
Vested - -
Forfeited (1,687) 30.98
Restricted stock awards outstanding at February 3, 2007 87,923 $ 29.66
The weighted average grant date fair value of our restricted stock awards granted was $31.55 for the fifty-
three weeks ended February 3, 2007. There were 60,510 restricted stock awards granted during fiscal 2007 and no
grants vested during the period. Compensation expense included in general and administrative expense and
recognized during the fiscal year was approximately $0.6 million, before the recognized income tax benefit of
approximately $0.2 million.