Tech Data 2014 Annual Report Download - page 62

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, 2014
is as follows:
Stock-based compensation expense includes $0.2 million , $1.0 million and $1.3 million for the vesting of MV Stock-settled SARs and MVOs
during fiscal 2014, 2013 and 2012, 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, 2014 and the grant price for all “in-the-money” equity-based awards at January 31, 2014. 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, 2014, 2013 and 2012 was $3.3 million , $21.0 million and $14.1 million ,
respectively. As of January 31, 2014, total unrecognized compensation cost related to MV Stock-settled SARs and MVOs was insignificant. The
total fair value of MV Stock-settled SARs and MVOs which vested during the fiscal years ended January 31, 2014, 2013 and 2012 was $1.0
million , $1.2 million and $1.5 million , respectively. The weighted-average estimated fair value of the 6,236 and 12,882 MVOs granted during
the fiscal years ended January 31, 2013 and 2012 was $10.77 and $10.78 , 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, 2014, 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 10 – 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 on the purchase date and employees are limited to a
maximum purchase of $25,000 in fair market value each calendar year. From the inception of the ESPP through January 31, 2014, the Company
has issued 483,538 shares of common stock to the ESPP. All shares purchased under the ESPP must be held by the employees for a period of
one year. Stock-based compensation expense related to the ESPP was insignificant during fiscal 2014, 2013 and 2012.
57
Shares
Weighted-
average
exercise price
Weighted-
Average
remaining
contractual term
(in years)
Aggregate
intrinsic
value
(in thousands)
Outstanding at January 31, 2013
502,225
$
33.33
Exercised
(169,246
)
23.70
Canceled
(3,191
)
29.38
Outstanding at January 31, 2014
329,788
38.31
1.1
$
5,148
Vested and expected to vest at January 31, 2014
329,416
38.29
1.1
5,148
Exercisable at January 31, 2014
325,111
38.09
1.0
5,148
Outstanding Exercisable
Range of exercise prices
Number
outstanding
at 1/31/14
Weighted-
average
remaining
contractual
life (years)
Weighted-
average
exercise
price
Number
exercisable
at 1/31/14
Weighted-
average
exercise
price
$21.13 – $21.13
33,355
4.8
$
21.13
33,355
$
21.13
24.69 – 31.63
13,963
0.4
27.90
13,963
27.90
37.04 – 37.04
29,000
2.2
37.04
29,000
37.04
37.06 – 40.69
32,347
1.8
38.15
32,347
38.15
41.08 – 41.08
200,410
0.2
41.08
200,410
41.08
41.55 – 45.72
11,257
0.9
44.89
11,257
44.89
48.79 – 54.03
9,456
5.4
52.25
4,779
50.50
329,788
1.1
38.31
325,111
38.09