Radio Shack 2012 Annual Report Download - page 62

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60
Information with respect to stock option activity under the above plans is as follows:
Shares
(In thousands)
Weighted-average
Exercise Price
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic Value
(in millions)
Outstanding at January 1, 2012 7,349 $ 14.94
Grants 690 7.24
Exercised -- --
Expired (251) 27.82
Forfeited (927) 12.90
Outstanding at December 31, 2012 6,861 $ 13.97 1.0 $ --
Exercisable at December 31, 2012
6,529
$ 14.18
0.8
$ --
The weighted-average grant-date fair value of stock options granted during 2012, 2011 and 2010, was $2.38, $4.84 and $7.08,
respectively.
The aggregate intrinsic value of options exercised under our stock option plans was zero, $3.5 million, and $1.3 million for
2012, 2011 and 2010, respectively. The aggregate intrinsic value is the amount by which the market price of our common
stock on the date of exercise exceeded the exercise price of the option. Net cash proceeds from the exercise of stock options
were zero, $6.0 million and $4.0 million in 2012, 2011 and 2010, respectively. The actual income tax benefit realized from
stock option exercises was zero, $1.4 million and $0.5 million, in 2012, 2011 and 2010, respectively.
The following table summarizes information concerning currently outstanding and exercisable options to purchase our
common stock:
(Share amounts in thousands) Options Outstanding Options Exercisable
Range of Exercise Prices
Shares
Outstanding
at Dec. 31, 2012
Weighted-
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise Price
Shares
Exercisable
at Dec. 31, 2012
Weighted
Average
Exercise Price
$ 7.05 – 13.58 1,333 2.6 $ 8.12 1,008 $ 7.61
13.82 4,000 0.5 13.82 4,000 13.82
14.80 – 18.52 905 1.2 17.83 900 17.85
18.69 – 19.39 324 1.0 19.15 322 19.15
19.43 – 30.99 299 0.7 24.84 299 24.84
$ 7.05 – 30.99 6,861 1.0 $ 13.97 6,529 $ 14.18
Restricted Stock: The 2007 Restricted Stock Plan (“2007
RSP”) permitted the grant of up to 0.5 million shares of
restricted stock to selected officers of the Company, as
determined by the MD&C. This plan was terminated in 2009
upon shareholder approval of the 2009 ISP, and no further
grants may be made under this plan. As of December 31,
2012, no shares of unvested restricted stock were
outstanding under this plan. Transactions related to
restricted stock awards issued under the 2007 RSP and the
2009 ISP for the year ended December 31, 2012, are
summarized as follows:
(In thousands, except
per share amounts)
Shares
Weighted-
Average
Fair Value
Per Share
Non-vested at January 1, 2012 407 $ 14.48
Granted 1,073 5.26
Vested or released
(1)
(459) 11.42
Canceled or forfeited (270) 9.41
Non-vested at December 31, 2012 751 $ 4.99
(1)
For plan participants age 55 and older, certain granted but unvested
shares are released from the plan for tax withholdings on the
participants’ behalf.
We granted approximately 1,073,000, 277,000, and
298,000 shares of restricted stock in 2012, 2011 and 2010,
respectively, under these plans.
Restricted stock awards are valued at the market price of a
share of our common stock on the date of grant. In general,
these awards vest at the end of a three-year period from
the date of grant and are expensed on a straight-line basis
over that period, which is considered to be the requisite
service period. The amounts of this expense were $4.4
million, $2.9 million, and $4.7 million for the years ended
December 31, 2012, 2011 and 2010, respectively.
The weighted-average grant-date fair values per share of
restricted stock awards granted were $5.26, $14.68 and
$19.21 in 2012, 2011 and 2010, respectively. The total fair
values of restricted stock awards vested were approximately
$5.2 million, $3.8 million and $1.7 million in 2012, 2011 and
2010, respectively.
The compensation cost charged against income for all
stock-based compensation plans was $7.1 million, $5.4