Pep Boys 2008 Annual Report Download - page 140

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 31, 2009, February 2, 2008 and February 3, 2007
(dollar amounts in thousands, except share data)
options and exercisable options is 4 years and 2.7 years, respectively. At January 31, 2009, the weighted
average remaining contractual term and aggregate intrinsic value of outstanding and expected to vest
options is 5.9 years and $0. The cash received and related tax benefit realized from options exercised
during fiscal 2008 was $23 and $9, respectively. At January 31, 2009, there was approximately $647 of
total unrecognized pre-tax compensation cost related to non-vested stock options which is expected to
be recognized over a weighted-average period of 1.5 years.
The following table summarizes information about non-vested stock awards (RSUs) since
February 2, 2008:
Weighted
Number of Average
RSUs Fair Value
Nonvested at February 2, 2008 ............................... 710,945 $15.58
Granted ............................................. 254,165 11.25
Forfeited ............................................. (402,201) 14.21
Vested .............................................. (243,900) 15.60
Nonvested at January 31, 2009 ............................. 319,009 $13.66
The following table summarizes information about RSUs during the last three fiscal years (dollars
in thousands except per unit amount):
Fiscal 2008 Fiscal 2007 Fiscal 2006
Weighted average fair value at grant date per unit ....... $11.25 $15.56 $13.58
Fair value at vesting date ......................... 5,441 3,341 1,660
Intrinsic value at conversion date ................... 1,586 3,773 1,075
Tax benefits realized from conversions ................ 589 1,402 734
At January 31, 2009, there was approximately $3,003 of total unrecognized pre-tax compensation
cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of
1.6 years.
NOTE 13—ASSET RETIREMENT OBLIGATIONS
The Company records asset retirement obligations as incurred and reasonably estimable, including
obligations for which the timing and/or method of settlement are conditional on a future event that
may or may not be within the control of the Company. The fair values of obligations are recorded as
liabilities on a discounted basis and are accreted over time for the change in present value. Costs
associated with the liabilities are capitalized and amortized over the estimated remaining useful life of
the asset, generally for periods of 15 years.
At January 31, 2009, the Company has a liability pertaining to the asset retirement obligation in
accrued expenses and other long-term liabilities on its consolidated balance sheet. The following is a
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