Sears 2012 Annual Report Download - page 89

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
89
We granted restricted stock awards to certain associates. These restricted stock awards typically vest in one to
three years from the date of grant, provided the grantee remains employed by us at the vesting date. The fair value of
these awards is equal to the market price of our common stock on the date of grant. We do not currently have a
broad-based program that provides for restricted stock awards on an annual basis. Changes in restricted stock awards
for 2012, 2011, and 2010 were as follows:
2012 2011 2010
(Shares in thousands) Shares
Weighted-
Average
Fair Value
on Date
of Grant Shares
Weighted-
Average
Fair Value
on Date
of Grant Shares
Weighted-
Average
Fair Value
on Date
of Grant
Beginning of year balance. . . . . . . . . . . 496 $ 65.02 313 $ 74.09 279 $ 80.73
Granted . . . . . . . . . . . . . . . . . . . . . . . . . 175 49.20 386 59.60 176 83.09
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . (172) 60.89 (72) 81.55 (110) 103.19
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . (75) 78.59 (131) 61.62 (32) 81.38
End of year balance . . . . . . . . . . . . 424 $ 57.72 496 $ 65.02 313 $ 74.09
millions 2012 2011 2010
Aggregate fair value of shares granted based on weighted average fair value at date of
grant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9 $ 23 $ 15
Aggregate fair value of shares vesting during period . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 5 10
Aggregate fair value of shares forfeited during period . . . . . . . . . . . . . . . . . . . . . . . . . . . 482
Approximately 205,000 shares of the 424,000 shares of unvested restricted stock outstanding at February 2,
2013 are scheduled to vest during 2013, subject to satisfaction of applicable vesting conditions.
Common Share Repurchase Program
From time to time, we repurchase shares of our common stock under a common share repurchase program
authorized by our Board of Directors. The common share repurchase program was initially announced in 2005 with
a total authorization since inception of the program of $6.5 billion. During 2012, we repurchased no shares of our
common stock under our common share repurchase program. During 2011, we repurchased approximately 2.8
million of our common shares at a total cost of approximately $183 million, or an average price $65.66 per share.
During 2010, we repurchased approximately 5.5 million of our common shares at a total cost of approximately $394
million, or an average price of $71.76 per share. At February 2, 2013, we had approximately $504 million of
remaining authorization under our common share repurchase program.
The share repurchase program has no stated expiration date and share repurchases may be implemented using a
variety of methods, which may include open market purchases, privately negotiated transactions, block trades,
accelerated share repurchase transactions, the purchase of call options, the sale of put options or otherwise, or by any
combination of such methods.