Rite Aid 2013 Annual Report Download - page 99

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 2, 2013, March 3, 2012 and February 26, 2011
(In thousands, except per share amounts)
15. Stock Option and Stock Award Plans (Continued)
Restricted Stock
The Company provides restricted stock grants to associates under plans approved by the
stockholders. Shares awarded under the plans vest in installments up to three years. Beginning in fiscal
2011, stock awards granted to non-employee directors vest 80% in year one, 10% in year two and 10%
in year three. Unvested shares are forfeited upon termination of employment. Following is a summary
of restricted stock transactions for the fiscal years ended March 2, 2013, March 3, 2012, and
February 26, 2011:
Weighted
Average
Grant Date
Shares Fair Value
Balance at February 27, 2010 .......................... 5,944 2.26
Granted ........................................ 4,574 1.07
Vested ......................................... (3,055) 3.21
Cancelled ...................................... (385) 1.65
Balance at February 26, 2011 .......................... 7,078 1.12
Granted ........................................ 8,525 1.23
Vested ......................................... (3,366) 1.11
Cancelled ...................................... (731) 1.16
Balance at March 3, 2012 ............................. 11,506 $1.20
Granted ........................................ 5,450 1.31
Vested ......................................... (3,917) 1.18
Cancelled ...................................... (362) 1.26
Balance at March 2, 2013 ............................. 12,677 $1.25
At March 2, 2013, there was $9,465 of total unrecognized pre-tax compensation costs related to
unvested restricted stock grants, net of forfeitures. These costs are expected to be recognized over a
weighted average period of 2.06 years.
The total fair value of restricted stock vested during fiscal years 2013, 2012, and 2011 was $4,623,
$3,724, and $9,819, respectively.
16. Retirement Plans
Defined Contribution Plans
The Company and its subsidiaries sponsor several retirement plans that are primarily 401(k)
defined contribution plans covering nonunion associates and certain union associates. The Company
does not contribute to all of the plans. In accordance with those plan provisions, the Company matches
100% of a participant’s pretax payroll contributions, up to a maximum of 3% of such participant’s
pretax annual compensation. Thereafter, the Company will match 50% of the participant’s additional
pretax payroll contributions, up to a maximum of 2% of such participant’s additional pretax annual
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