Home Depot 2011 Annual Report Download - page 53

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The total intrinsic value of stock options exercised was $47 million, $9 million and $1 million in fiscal 2011, 2010 and 2009,
respectively. As of January 29, 2012, there were approximately 33 million stock options outstanding with a weighted average
remaining life of four years and an intrinsic value of $317 million. As of January 29, 2012, there were approximately 22
million stock options exercisable with a weighted average exercise price of $40.70, a weighted average remaining life of two
years, and an intrinsic value of $151 million. As of January 29, 2012, there were approximately 25 million stock options
vested or expected to ultimately vest. As of January 29, 2012, there was $43 million of unamortized stock-based
compensation expense related to stock options, which is expected to be recognized over a weighted average period of
two years.
The following table summarizes restricted stock and performance shares outstanding at January 29, 2012, January 30, 2011
and January 31, 2010, and changes during the fiscal years ended on these dates (shares in thousands):
Outstanding at February 1, 2009
Granted
Restrictions lapsed
Canceled
Outstanding at January 31, 2010
Granted
Restrictions lapsed
Canceled
Outstanding at January 30, 2011
Granted
Restrictions lapsed
Canceled
Outstanding at January 29, 2012
Number of
Shares
16,287
8,257
(1,686)
(2,195)
20,663
5,799
(5,276)
(1,747)
19,439
5,776
(7,937)
(1,537)
15,741
Weighted
Average Grant
Date Fair Value
$ 34.22
23.41
34.65
31.84
$ 30.11
32.31
32.28
30.11
$ 30.18
35.83
31.00
30.48
$ 31.81
As of January 29, 2012, there was $287 million of unamortized stock-based compensation expense related to restricted stock
and performance shares, which is expected to be recognized over a weighted average period of two years. The total fair value
of restricted stock and performance shares vesting during fiscal 2011, 2010 and 2009 was $290 million, $168 million and $41
million, respectively.
8. LEASES
The Company leases certain retail locations, office space, warehouse and distribution space, equipment and vehicles. While
most of the leases are operating leases, certain locations and equipment are leased under capital leases. As leases expire, it
can be expected that, in the normal course of business, certain leases will be renewed or replaced.
Certain lease agreements include escalating rents over the lease terms. The Company expenses rent on a straight-line basis
over the lease term, which commences on the date the Company has the right to control the property. The cumulative expense
recognized on a straight-line basis in excess of the cumulative payments is included in Other Accrued Expenses and Other
Long-Term Liabilities in the accompanying Consolidated Balance Sheets.
Total rent expense, net of minor sublease income, for fiscal 2011, 2010 and 2009 was $823 million, $821 million and $823
million, respectively. Certain store leases also provide for contingent rent payments based on percentages of sales in excess of
specified minimums. Contingent rent expense for fiscal 2011, 2010 and 2009 was approximately $4 million, $3 million and
$4 million, respectively. Real estate taxes, insurance, maintenance and operating expenses applicable to the leased property
are obligations of the Company under the lease agreements.