Pier 1 2016 Annual Report Download - page 117

COMPENSATION
Summary Compensation Table for the Fiscal Years Ended February 27, 2016,
February 28, 2015, and March 1, 2014
The following table sets forth a summary of the compensation in the past three fiscal years for services rendered in all capacities to Pier
1 Imports and its subsidiaries by the chief executive officer, each person serving as chief financial officer for the most recent fiscal year,
the three other most highly compensated executive officers, and one additional individual for whom disclosure would be required but for
the fact that the individual was not serving as a Pier 1 Imports executive officer at the fiscal year end.
NAME &
PRINCIPAL
POSITION
FISCAL
YEAR
SALARY (1)
($)
BONUS
($)
STOCK
AWARDS (2)
($)
OPTION
AWARDS
($)
NON-EQUITY
INCENTIVE
PLAN
COMPENSATION (3)
($)
CHANGE IN
PENSION
VALUE AND
NON-QUALIFIED
DEFERRED
COMPENSATION
EARNINGS (4)
($)
ALL OTHER
COMPENSATION (5)
($)
TOTAL
($)
Alexander W. Smith
President and
Chief Executive Officer
2016 $1,250,000 $0 $2,079,900 N/A $0 $2,655,498 $111,554 $6,096,952
2015 $1,250,000 $0 $3,409,125 N/A $0 $3,505,850 $ 83,919 $8,248,894
2014 $1,250,000 $0 $4,574,550 N/A $0 $1,838,855 $174,790 $7,838,195
Jeffrey N. Boyer
Executive Vice President and
Chief Financial Officer
(appointed July 27, 2015)
2016 $ 298,077 $0 $ 480,671 N/A $0 $ 0 $153,530 $ 932,278
Laura A. Coffey (6)
Executive Vice President
and Interim Chief Financial Officer
2016 $ 325,000 $0 $ 265,849 N/A $0 $ 0 $ 25,159 $ 616,008
2015 $ 280,885 $0 $ 225,798 N/A $0 $ 0 $ 23,603 $ 530,286
Michael R. Benkel
Executive Vice President,
Global Supply Chain
2016 $ 360,000 $0 $ 426,762 N/A $0 $ 0 $ 27,037 $ 813,799
2015 $ 355,385 $0 $ 915,460 N/A $0 $ 0 $ 26,869 $1,297,714
2014 $ 330,000 $0 $ 414,358 N/A $0 $ 0 $ 40,951 $ 785,309
Catherine David
Executive Vice President,
Merchandising
2016 $ 446,923 $0 $ 532,391 N/A $0 $ 0 $ 34,917 $1,014,231
2015 $ 428,462 $0 $1,000,480 N/A $0 $ 0 $ 33,511 $1,462,453
2014 $ 418,846 $0 $ 528,800 N/A $0 $ 0 $ 49,912 $ 997,558
EricW. Hunter (7)
Executive Vice
President, Marketing
2016 $ 433,462 $0 $ 414,289 N/A $0 $ 0 $ 24,622 $ 872,373
Sharon M. Leite
Executive Vice President,
Sales and Customer Experience
(resigned January 15, 2016)
2016 $ 378,109 $0 $ 499,815 N/A $0 $ 0 $ 23,568 $ 901,492
2015 $ 393,846 $0 $ 958,677 N/A $0 $ 0 $ 15,864 $1,368,387
2014 $ 358,846 $0 $ 454,602 N/A $0 $ 0 $ 15,772 $ 829,220
(1) This column represents the amount of base salary earned during each fiscal year.
(2) This column represents the accounting grant date fair value of all time-based and performance-based restricted stock awards issued during the fiscal year. During fiscal 2016, Pier 1 Imports also began
expensing performance-based restricted shares awarded in previous fiscal years that were based on the fiscal 2016 Profit Goal. These amounts reflect Pier 1 Imports’ accounting expense for these
awards in accordance with accounting rules, and do not necessarily correspond to the actual value that will be recognized by the NEO. For awards other than the TSR performance-based restricted
stock, fair value is calculated using the closing price of Pier 1 Imports common stock on the date of grant. If the date of grant occurs on a day when Pier 1 Imports common stock is not traded, then the
closing price on the last trading day before the date of grant is used. For these awards, the closing price on the date of grant for fiscal 2016 awards was $13.11 for Mr. Smith and $11.74 for Mr. Boyer.
The closing prices on the grant dates for the other NEOs were $13.06, $13.11 and $14.04. For TSR performance-based restricted stock awards, fair value was $6.76 for Mr. Smith and $8.07 for the other
NEOs, which was determined by a valuation model. The amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions.
For Profit Goal performance-based awards, the grant date fair value is based on the probable outcome of Pier 1 Imports achieving performance targets. The amounts in the table assume targets are met
and the target number of shares awarded will vest. However, with respect to the Profit Goal performance-based shares, threshold amounts for fiscal 2016 were not achieved and therefore no shares
vested in fiscal 2016. If the grant date fair value associated with all Profit Goal performance-based awards issued in fiscal 2016 had been valued at maximum performance, the total grant date fair value of
stock awards reported for fiscal 2016 would have been: for Mr. Smith, no change, for Mr. Boyer, $712,290, for Ms. Coffey, $378,466, for Mr. Benkel, $604,979, for Ms. David, $755,169, for Mr. Hunter,
$597,338 and for Ms. Leite, $710,211.
For TSR performance-based awards, the grant date fair value is based on the probability Pier 1 Imports’ percentile of the annual equivalent return of its TSR ranking within a peer group over a three year
period will meet or exceed the established threshold.
(3) This column reflects that no short-term incentive cash awards were earned during the fiscal year.
(4) This column represents the sum of the change in pension value. There were no above-market earnings paid in fiscal 2014, 2015 and 2016 on any non-qualified deferred compensation plans. None of the
NEOs except for Mr. Smith participate in a Pier 1 Imports defined benefit plan. See “Pension Benefits Table for the Fiscal Year Ended February 27, 2016” below for additional information.
(5) See Fiscal 2016 All Other Compensation table below.
(6) Ms. Coffey was appointed executive vice president and interim chief financial officer on February 10, 2015 and served in that role until Mr. Boyer’s appointment as chief financial officer on the date his
employment began (July 27, 2015). Ms. Coffey was not an NEO in fiscal 2014.
(7) Mr. Hunter’s employment began in fiscal 2014. Mr. Hunter was not an NEO in fiscal 2014 or fiscal 2015.
PIER 1 IMPORTS, INC. | 2016 Proxy Statement 35