Saks Fifth Avenue 2009 Annual Report Download - page 91

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following table summarizes information about stock options outstanding at January 30, 2010:
Options Outstanding Options Exercisable
Range of Exercise Prices
Number
Outstanding
at January 30,
2010
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
Number
Exercisable
at January 30,
2010
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
$2.36 to $6.64 906 4.7 $ 3.46 256 1.1 $ 6.25
$6.65 to 8.07 36 1.9 $ 7.82 36 1.9 $ 7.82
$8.08 to $13.04 838 5.1 $ 13.04 210 5.1 $ 13.04
$13.05 to $20.31 528 4.1 $ 19.80 264 4.1 $ 19.80
2,308 4.7 $ 10.75 766 3.3 $ 12.86
RESTRICTED STOCK AND PERFORMANCE SHARES
The Company granted restricted stock awards of 2,351, 2,184, and 406 shares to certain employees in 2009, 2008, and 2007, 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
$7,029, $27,934, and $8,843 for 2009, 2008, and 2007, respectively. During 2009, 2008, and 2007, compensation costs, net of related tax effects, of $6,694,
$6,511, and $2,162, respectively, was recognized in connection with the Company’s restricted stock grants.
Compensation costs for the restricted stock awards that cliff vest is expensed on a straight line basis over the requisite service period. Restricted stock with
graded vesting features are treated as multiple awards based upon the vesting date. The Company records compensation costs for these awards on a straight line
basis over the requisite service period for each separately vesting portion of the award.
A summary of restricted stock awards for the year ended January 30, 2010 is presented below:
Shares
Weighted
Average
Grant
Price
Nonvested at January 31, 2009 2,719 $ 14.43
Granted 2,351 2.99
Vested (200) 19.01
Canceled (78) 10.77
Nonvested at January 30, 2010 4,792 $ 8.68
The Company granted performance shares under its long-term incentive plan. The fair value of the performance shares is based on the market value of the
Company’s common stock on the date of grant. The actual number of performance shares earned is based on the level of performance achieved relative to
established operating (non-market condition) goals for the one-year performance period beginning February 1, 2009 and range from 0% to 100% of the target
number of performance shares granted. In addition, once earned, performance shares are not payable unless the grantee remains employed by the Company for an
additional two
F-35
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠