Tech Data 2013 Annual Report Download - page 76

Table of Contents
A summary of the status of the Company’s MV Stock-settled SARs, MVOs and stock options activity for the fiscal year ended January 31, 2013 is
as follows:
Stock-based compensation expense includes $1.0 million , $1.3 million and $2.4 million for the vesting of MV Stock-settled SARS and MVOs
during fiscal 2013, 2012 and 2011, respectively.
The aggregate intrinsic value in the table above represents the difference between the closing price of the Company’s common stock on January 31,
2013 and the grant price for all “in-the-money” equity-based awards at January 31, 2013. The intrinsic value of the equity-based awards changes
based on the fair market value of the Company’s common stock. The intrinsic value of the MV Stock-settled SARs, MVO and stock option awards
exercised during the fiscal year ended January 31, 2013, 2012 and 2011 was $21.0 million , $14.1 million and $5.3 million , respectively. As of
January 31, 2013, the Company expects $0.2 million of total unrecognized compensation cost related to MV Stock-settled SARs and MVOs to be
recognized over the next two fiscal years (over a weighted-average period of one year). The total fair value of MV Stock-settled SARs and MVOs
which vested during the fiscal years ended January 31, 2013, 2012 and 2011 was $1.2 million , $1.5 million and $4.5 million , respectively. The
weighted-average estimated fair value of the 6,236 , 12,882 and 17,799 MVOs granted during the fiscal years ended January 31, 2013, 2012 and
2011 was $10.77 , $10.78 , and $7.97 , respectively, based on a two-step valuation utilizing both the Hull-White Lattice (binomial) and Black-
Scholes option-pricing models.
A summary of the status of the Company’s stock-based equity incentives outstanding, representing MV Stock-settled SARs, MVOs and stock
options, at January 31, 2013, is as follows:
The Company’s policy is to utilize shares of its treasury stock, to the extent available, to satisfy its obligation to issue shares upon the exercise of
awards (see further discussion of the Company’s share repurchase program in Note 11 – Shareholders’ Equity below).
Employee Stock Purchase Plan
Under the 1995 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to 1,000,000 shares of common stock to
eligible employees in the Company’s U.S. and Canadian subsidiaries. Under the terms of the ESPP, employees can choose to have a fixed dollar
amount or percentage deducted from their bi-weekly compensation to purchase the Company’s common stock and/or elect to purchase shares once
per calendar quarter. The purchase price of the stock is 85% of the market value
70
Shares
Weighted-
average
exercise price
Weighted-
Average
remaining
contractual term
(in years)
Aggregate
intrinsic
value
(in thousands)
Outstanding at January 31, 2012
1,651,400
$33.89
Granted
6,236
54.03
Exercised
(1,110,020
)
34.12
Canceled
(45,391
)
37.03
Outstanding at January 31, 2013
502,225
33.33 3.0
$
8,848
Vested and expected to vest at January 31, 2013
499,712
33.33 3.0
8,802
Exercisable at January 31, 2013
354,391
37.74 1.7
4,669
Outstanding Exercisable
Range of exercise prices
Number
outstanding
at 1/31/13
Weighted-
average
remaining
contractual
life (years)
Weighted-
average
exercise
price
Number
exercisable
at 1/31/13
Weighted-
average
exercise
price
$21.13 – $21.13
172,181
5.9
$
21.13
33,079
$
21.13
24.27 – 33.74
23,804
0.6
27.94
22,866
27.79
37.04 – 37.04
49,000
2.0
37.04
49,000
37.04
37.06 – 40.69
32,347
2.8
38.15
31,149
38.17
41.08 – 41.08
204,180
1.2
41.08
204,180
41.08
41.55 – 45.72
11,257
1.2
44.89
10,897
44.98
48.79 – 54.03
9,456
6.2
52.25
3,220
48.79
502,225
3.0
33.33
354,391
37.74