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Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. SHAREHOLDERS' EQUITY (Continued)
A rollforward of RSAs, RSUs and SARs outstanding, as well as other relevant terms of the awards, were as follows:
Outstanding and unvested RSAs of 403,120 at June 30, 2012 had an intrinsic value of $7.2 million and a weighted average remaining
vesting term of 1.7 years. Due to estimated forfeitures, 366,864 awards are expected to vest with a total intrinsic value of $6.6 million.
Outstanding RSUs of 257,316 at June 30, 2012 had an intrinsic value of $4.6 million and a weighted average remaining vesting term of
less than 0.1 years. Vested RSUs of 240,704 at June 30, 2012 had an intrinsic value of $4.3 million. Unvested RSUs of 16,612 at June 30, 2012
had an intrinsic value of $0.3 million and a weighted average remaining vesting term of 0.5 years. The payment of 215,000 vested RSUs is
deferred until January 31, 2013. The payment of the remaining 25,704 vested RSUs is deferred six months after the respective award recipient
is no longer an employee of the Company or serves on the Board of Directors.
Outstanding SARs of 733,800 at June 30, 2012 had a total intrinsic value of $0.1 million and a weighted average remaining contractual
term of 3.8 years. Exercisable SARs of 579,790 at June 30, 2012 had a total intrinsic value of less than $0.1 million and a weighted average
contractual term of 2.9 years. Of the outstanding and unvested rights and due to estimated forfeitures, 147,035 SARs are expected to vest with a
$18.99 per share weighted average grant price, a weighted average remaining contractual life of 6.9 years and a total intrinsic value of
$0.1 million.
During fiscal year 2011, the Company accelerated the vesting of 68,390 unvested RSAs held by the Company's former Chief Executive
Officer and former Executive Vice President, Fashion and Education. Under the terms of the modifications, any unvested RSAs granted to the
former Chief Executive Officer and former Executive Vice President, Fashion and Education fully vested on their last days of employment,
which was February 8, 2012 and June 30, 2012, respectively. As a result of the
133
Restricted Stock Outstanding SARs Outstanding
Shares/Units
Weighted
Average
Grant Date
Fair Value Shares
Weighted
Average
Exercise
Price
(in thousands)
(in thousands)
Balance, June 30, 2009
1,032
26.33
1,114
26.30
Granted
304
19.12
2
28.57
Cancelled
(2
)
20.02
(6
)
38.63
Vested/Exercised
(188
)
24.74
—
—
Balance, June 30, 2010
1,146
24.70
1,110
26.24
Granted
277
16.60
103
16.60
Cancelled
(118
)
20.42
(126
)
24.35
Vested/Exercised
(228
)
22.69
—
—
Balance, June 30, 2011
1,077
23.48
1,087
25.54
Granted
97
16.94
—
—
Forfeited or expired
(290
)
19.07
(352
)
24.57
Vested/Exercised
(224
)
20.58
(1
)
16.60
Balance, June 30, 2012
660
$
25.44
734
$
26.02