Hibbett Sports 2012 Annual Report Download - page 48

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During the Fiscal 2012, restricted stock unit awards of 107,796 units, including 15,755 awards that were PSUs, vested
with an intrinsic value of $3.3 million. The total intrinsic value of our restricted stock unit awards outstanding and unvested at
January 28, 2012, January 29, 2011 and January 30, 2010 was $36.9 million, $22.1 million and $11.3 million, respectively. As of
January 28, 2012, there was approximately $8.4 million of total unamortized unrecognized compensation cost related to RSU
awards. This cost is expected to be recognized over a weighted average period of 2.4 years.
Employee Stock Purchase Plan
The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain
limitations, at 85% of the lesser of the market value at the end of each calendar quarter (purchase date) or the beginning of each
calendar quarter. Our employee purchases of common stock and the average price per share through the ESPP were as follows:
Fiscal Year Ended
Shares
Purchased
Average Price
Per Share
January 28, 2012 9,184 29.76$
January 29, 2011 13,144 19.92$
January 30, 2010 19,152 14.34$
The assumptions used in the option pricing model were as follows:
January 28, January 29, January 30,
2012 2011 2010
Weighted average fair value at date of grant $8.23 $5.19 $4.27
Expected life (years) 0.25 0.25 0.25
Expected volatility 43.6% - 45.2% 43.5% - 46.6% 47.5% - 68.0%
Risk-free interest rate 0.04% - 0.10% 0.05% - 0.15% 0.03% - 0.22%
Dividend yield None None None
Fiscal Year Ended
The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of
ASC Topic 718 as it relates to accounting for certain employee stock purchase plans with a look-back option. The compensation
expense included in store operating, selling and administrative expenses and recognized during each of Fiscal 2012, Fiscal 2011
and Fiscal 2010 was $0.1 million.
Director Deferred Compensation
Under the Deferred Plan, non-employee directors can elect to defer all or a portion of their Board and Board Committee
fees into cash, stock options or deferred stock units. Those fees deferred into stock options are subject to the same provisions as
provided for in the DEP and are expensed and accounted for accordingly. Director fees deferred into our common stock are
calculated and expensed each calendar quarter by taking total fees earned during the calendar quarter and dividing by the closing
price on the last day of the calendar quarter, rounded to the nearest whole share. The total annual retainer, Board and Board
Committee fees for non-employee directors that are not deferred into stock options, but which includes amounts deferred into
stock units under the Deferred Plan, are expensed as incurred in all periods presented. A total of 1,561 stock units were deferred
under this plan in Fiscal 2012. No stock units were deferred under this plan in Fiscal 2011 and Fiscal 2010. No directors have
elected to defer compensation into stock units in calendar 2012.
The compensation expense included in store operating, selling and administrative expenses and recognized during
Fiscal 2012 was $60,000, before the recognized income tax benefit of $22,000. There was no compensation expense related to
director deferred compensation included in store operating, selling and administrative expenses during Fiscal 2011 and Fiscal
2010.