Lumber Liquidators 2014 Annual Report Download - page 67

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements
(amounts in thousands, except share data and per share amounts)
Note 6. Stock-Based Compensation − (continued)
the options represents the estimated period of time until exercise and is determined by considering the
contractual terms, vesting schedule and expectations of future employee behavior.
Restricted Shares
The following table summarizes activity related to restricted shares:
Shares
Weighted
Average Grant
Date Fair
Value
Nonvested, December 31, 2011 ......................... 142,120 $15.08
Granted ....................................... 66,425 27.62
Released ....................................... (43,529) 29.41
Forfeited ....................................... (12,611) 21.58
Nonvested, December 31, 2012 ......................... 152,405 $15.19
Granted ....................................... 80,814 66.11
Released ....................................... (38,362) 75.73
Forfeited ....................................... (16,522) 37.51
Nonvested, December 31, 2013 ......................... 178,335 $22.82
Granted ....................................... 38,260 89.46
Released ....................................... (45,503) 95.02
Forfeited ....................................... (14,003) 54.90
Nonvested, December 31, 2014 ......................... 157,089 $15.00
The fair value of restricted shares released during 2014, 2013 and 2012 was $4,371, $3,060 and $1,391,
respectively. As of December 31, 2014, total unrecognized compensation cost related to unvested restricted
shares was approximately $2,834, net of estimated forfeitures, which is expected to be recognized over a
weighted average period of approximately 1.9 years.
Stock Appreciation Rights
The following table summarizes activity related to SARs:
Shares
Weighted
Average
Exercise
Price
Remaining
Average
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Balance, December 31, 2011 ............... — $ — — $ —
Granted ........................... 9,796 24.71
Forfeited ........................... (495) 24.35
Balance, December 31, 2012 ............... 9,301 $ 24.72 8.9 $261
Granted ........................... 7,533 71.84
Forfeited ........................... (678) 57.95
Balance, December 31, 2013 ............... 16,156 $ 45.30 8.7 $938
Granted ........................... 1,941 107.28
Forfeited ........................... (1,870) 92.97
Balance, December 31, 2014 ............... 16,227 $ 48.16 7.8 $389
Exercisable at December 31, 2014 ........... 6,707 $ 39.13 7.6 $192
The fair value method, estimated by management using the Black-Scholes-Merton option pricing model,
is used to recognize compensation cost associated with SARs.
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