Petsmart 2012 Annual Report Download - page 64

F-18
Year Ended January 29, 2012 (52 weeks)
Shares
Weighted-
Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
Outstanding at beginning of year.................................................. 5,985 $ 23.07
Granted.......................................................................................... 1,384 $ 40.82
Exercised....................................................................................... (2,306) $ 21.48 $ 55,431
Forfeited/canceled......................................................................... (225) $ 28.47
Outstanding at end of year ............................................................ 4,838 $ 28.66 4.39 $ 120,299
Vested and expected to vest at end of year.................................... 4,661 $ 28.35 4.34 $ 117,289
Exercisable at end of year ............................................................. 1,552 $ 23.57 2.80 $ 46,489
Year Ended January 30, 2011 (52 weeks)
Shares
Weighted-
Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
Outstanding at beginning of year.................................................. 7,309 $ 19.65
Granted.......................................................................................... 1,391 $ 31.78
Exercised....................................................................................... (2,492) $ 18.00 $ 38,237
Forfeited/canceled......................................................................... (223) $ 22.01
Outstanding at end of year ............................................................ 5,985 $ 23.07 4.23 $ 102,326
Vested and expected to vest at end of year.................................... 5,788 $ 22.95 4.18 $ 99,690
Exercisable at end of year ............................................................. 2,636 $ 21.72 2.96 $ 48,624
Restricted Stock Awards and Restricted Stock Units
We may grant restricted stock awards or restricted stock units under the 2011 Equity Incentive Plan. Under the terms of the
plan, employees may be awarded shares or units of our common stock, subject to approval by the Board of Directors. The employee
may be required to pay par value for the shares depending on their length of service. The shares or units of common stock awarded
under the plan are subject to a reacquisition right held by us. In the event that the award recipient's employment by, or service to,
us is terminated for any reason other than death or disability, we are entitled to simultaneously and automatically reacquire for no
consideration all of the unvested shares or units of restricted common stock previously awarded to the recipient. Restricted stock
awards cliff vest after the requisite service period, which is four years for restricted stock awards and one year for restricted stock
awarded to Directors. The shares for restricted stock units are not issued until cliff vesting on the third anniversary of the grant
date.
Activity in our restricted stock awards and restricted stock units plan is as follows (in thousands, except per share data):
Year Ended
February 3, 2013 (53 weeks) January 29, 2012 (52 weeks) January 30, 2011 (52 weeks)
Shares
Weighted-Average
Grant Date
Fair Value Shares
Weighted-Average
Grant Date
Fair Value Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at beginning of year ........... 612 $ 20.20 1,188 $ 24.85 1,898 $ 24.38
Granted................................................. 237 $ 57.83 24 $ 40.78 39 $ 32.47
Vested................................................... (604) $ 20.10 (543) $ 31.35 (611) $ 23.94
Forfeited............................................... (25) $ 50.87 (57) $ 19.89 (138) $ 24.53
Nonvested at end of year...................... 220 $ 57.52 612 $ 20.20 1,188 $ 24.85
The total fair value of restricted stock which vested during 2012, 2011 and 2010 was $35.7 million, $22.7 million and $17.2
million, respectively.
PetSmart, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements — (Continued)