Ross 2015 Annual Report Download - page 61

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59
The following table summarizes information about the weighted average remaining contractual life (in years) and the
weighted average exercise prices for stock options both outstanding and exercisable as of January 30, 2016 (number of
shares in thousands):
Options outstanding and exercisable
Exercise price range
Number of shares
Remaining life
Exercise price
$
6.08
to
$
6.89
45
0.35
$
6.77
6.95
to
6.95
148
0.13
6.95
7.04
to
7.35
14
0.24
7.24
7.66
to
7.66
6
0.71
7.66
8.19
to
8.19
97
1.31
8.19
$
6.08
to
$
8.19
310
0.55
$
7.34
A summary of restricted stock and performance share award activity for fiscal 2015 is presented below:
(000, except per share data)
Number of
shares
Weighted
average
grant date
fair value
Unvested at January 31, 2015
6,982
$24.01
Awarded
2,239
51.95
Released
(2,726
)
17.32
Forfeited
(391
)
31.04
Unvested at January 30, 2016
6,104
$34.87
The market value of shares of restricted stock and of the stock underlying restricted stock units at the date of grant is
amortized to expense over the vesting period of generally three to five years. The unamortized compensation expense at
January 30, 2016 and January 31, 2015 was $94.5 million and $87.4 million, respectively, which is expected to be
recognized over a weighted average remaining period of 1.8 years. Intrinsic value for restricted stock, defined as the closing
market value on the last business day of fiscal year 2015 (or $56.26), was $343.4 million. A total of 12.7 million, 13.3 million,
and 14.0 million shares were available for new restricted stock awards at the end of fiscal 2015, 2014, and 2013,
respectively. During fiscal 2015, 2014, and 2013, shares purchased by the Company for tax withholding totaled 1.3 million,
1.1 million, and 1.0 million shares, respectively, and are considered treasury shares which are available for reissuance. As of
January 30, 2016 and January 31, 2015, the Company held 11.1 million and 9.8 million shares of treasury stock,
respectively.
Performance share awards. The Company has a performance share award program for senior executives. A performance
share award represents a right to receive shares of restricted stock or restricted stock units on a specified settlement date
based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the
Company’s fiscal year. If attained, the restricted stock or units then vest over a service period, generally two to three years
from the date the performance award was granted. The release of shares related to restricted stock units earned is deferred
generally for one year from the date earned. The Company issued approximately 601,000, 607,000, and 481,000 shares in
settlement of the fiscal 2015, 2014, and 2013 awards.