Saks Fifth Avenue 2008 Annual Report Download - page 88

SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
A summary of the stock options for 2008, 2007, and 2006 is presented below:
2008 2007 2006
Shares
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value Shares
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value Shares
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Outstanding at beginning of
year .................... 2,421 $13.06 4,861 $11.56 8,400 $15.84
Dividend Adjustments ....... — 0.00 — 0.00 2,795 3.92
Granted ................... 940 13.04 616 19.79 — 0.00
Exercised ................. (386) 8.18 (2,930) 11.72 (5,486) 11.00
Forfeited .................. (488) 15.99 (126) 19.27 (848) 20.21
Outstanding at end of year .... 2,487 $13.26 $ — 2,421 $13.06 $14,004 4,861 $11.56 $38,305
Options exercisable at year
end .................... 1,194 $11.17 $ — 1,837 $10.92 $14,004 4,814 $11.61 $37,694
Weighted average fair value of
options granted during the
year .................... $4.65 $ 7.61 $ —
The total intrinsic value of stock options exercised during 2008, 2007, and 2006 was $1,951, $25,915, and
$43,365, respectively.
The following table summarizes information about stock options outstanding at January 31, 2009:
Options Outstanding Options Exercisable
Range of Exercise Prices
Number
Outstanding
at January 31,
2009
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
Number
Exercisable
at January 31,
2009
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
$5.15 to $8.66 .................. 635 1.5 $ 6.72 635 1.5 $ 6.72
$8.67 to $13.04 ................. 941 5.9 $12.87 58 2.3 $10.29
$13.05 to $19.68 ................ 345 0.4 $15.62 342 0.3 $15.59
$19.69 to $20.31 ................ 566 5.1 $19.80 159 5.1 $19.79
2,487 3.8 $13.26 1,194 1.7 $11.17
In 2006, due to the two $4 cash dividends paid, the Company recorded non-cash charges of $33,329 for the
re-measurement of the fair value of the options.
RESTRICTED STOCK AND PERFORMANCE SHARES
The Company granted restricted stock awards of 2,184, 406, and 372 shares to certain employees in 2008,
2007, and 2006, respectively. The fair value of the restricted stock is based on the market value of the
Company’s common stock on the date of grant. The fair value of these shares on the dates of grants was $27,934,
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