Pier 1 2007 Annual Report Download - page 96

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The following table shows the Pier 1 common stock closing price by month used to convert deferred direc-
tor fees plus Pier 1’s match and dividend payments to DSU’s. This closing price also represents the grant
date fair value per share of each award in accordance with SFAS 123R.
Month in which Fees were Earned
Closing Price of Pier 1’s Stock on First
Business Day following the Month in which
Fees were Earned
or Closing Price on Date of Dividend
March 2006 $11.11
April 2006 $11.33
May 2006 $8.30 (dividend) and $8.95 (fees)
June 2006 $7.02
July 2006 $6.44
August 2006 $5.97 (dividend) and $6.45 (fees)
September 2006 $7.74
October 2006 $6.51
November 2006 $6.86
December 2006 $6.04
January 2007 $6.80
February 2007 $6.76
(3) This column represents the dollar amount recognized for fiscal 2007 financial statement reporting purposes
of the fair market value of stock options granted to the directors. For a discussion of the assumptions used
for valuing these options in accordance with SFAS 123R, refer to note #11 to the Pier 1 Imports, Inc. con-
solidated financial statements in Pier 1’s Annual Report on Form 10-K for the fiscal year ended March 3,
2007 (the “2007 Form 10-K”). Each director was granted an option of 6,000 shares on June 23, 2006. The
grant date fair value of the 6,000 shares awarded to each director was valued in accordance with
SFAS 123R at $3.5831 per share. Director options are immediately expensed upon grant. There were no
forfeitures during fiscal 2007.
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