Pottery Barn 2012 Annual Report Download - page 67

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Stock Options
The following table summarizes our stock option activity during fiscal 2012:
Shares
Weighted
Average
Exercise
Price
Weighted Average
Contractual Term
Remaining (Years)
Intrinsic
Value1
Balance at January 29, 2012 934,696 $31.76
Granted 0 0.00
Exercised (505,566) 28.95
Cancelled (200) 38.84
Balance at February 3, 2013 (100% vested) 428,930 $35.07 1.95 $4,266,000
1Intrinsic value for outstanding and vested options is based on the excess, if any, of the market value of our common stock
on the last business day of the fiscal year (or $45.02) over the exercise price.
No stock options were granted in fiscal 2012, fiscal 2011 or fiscal 2010. The total intrinsic value of stock options
exercised was $5,497,000 for fiscal 2012, $7,343,000 for fiscal 2011 and $15,788,000 for fiscal 2010. Intrinsic
value for options exercised is based on the excess of the market value over the exercise price on the date of
exercise.
Stock-Settled Stock Appreciation Rights
A stock-settled stock appreciation right is an award that allows the recipient to receive common stock equal to
the appreciation in the fair market value of our common stock between the date the award was granted and the
conversion date for the number of shares vested.
The following table summarizes our stock-settled stock appreciation right activity during fiscal 2012:
Shares
Weighted
Average
Conversion
Price1
Weighted Average
Contractual Term
Remaining (Years)
Intrinsic
Value2
Balance at January 29, 2012 3,941,642 $24.13
Granted
0 0.00
Converted into common stock (1,183,951) 13.79
Cancelled (229,907) 32.48
Balance at February 3, 2013 2,527,784 $28.21 5.42 $42,497,000
Vested at February 3, 2013 1,466,023 $20.37 5.44 $36,133,000
Vested plus expected to vest at February 3, 2013 2,205,070 $26.47 5.45 $40,899,000
1Conversion price is equal to the market value on the date of grant.
2Intrinsic value for outstanding and vested rights is based on the excess of the market value of our common stock on the last
business day of the fiscal year (or $45.02) over the conversion price.
The following table summarizes additional information about stock-settled stock appreciation rights:
Fiscal 2012 Fiscal 2011 Fiscal 2010
Weighted average grant date fair value per share of awards granted $ 0.00 $ 14.27 $ 10.21
Intrinsic value of awards converted into common stock 1$31,569,000 $18,969,000 $20,252,000
1Intrinsic value for conversions is based on the excess of the market value over the conversion price on the date of the conversion.
53
Form 10-K