Urban Outfitters 2012 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2012 Urban Outfitters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 90

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90

Table of Contents
URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands, except share and per share data)
The following table summarizes the Company's SAR activity:
Fiscal Year Ended January 31, 2012
Awards
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(years)
Aggregate
Intrinsic
Value
Awards outstanding at beginning of year 488,800 $ 32.84
Granted 208,500 26.89
Exercised — —
Forfeited or Expired (46,500) 32.80
Awards outstanding at end of year 650,800 30.91 7.0 $ —
Awards outstanding expected to vest 618,260 $ 30.91 7.0 $ —
Awards exercisable at end of year — — — $ —
Weighted average grant date fair value—per share $ 9.50
Total unrecognized compensation cost of SAR's granted, but not yet vested as of January 31, 2012 was $5,589, which is expected to be recognized over
the weighted average period of 3.7 years.
Performance Share Units
The Company grants PSU's which vest based on the achievement of various company performance targets and external market conditions. The fair
value of the PSU's are determined using a Monte Carlo simulation. Once the Company determines that it is probable that the performance targets will be met,
compensation expense is recorded for these awards. If any of these performance targets are not met, the awards are forfeited. Each PSU is equal to one
common share with varying maximum award value limitations. PSU's typically vest over a five year period.
The following table summarizes the Company's PSU activity for the fiscal year ended January 31, 2012:
Shares
Weighted
Average
Fair Value
Non-vested awards outstanding at beginning of year 1,441,366 $ 24.57
Granted 2,198,450 16.21
Vested — —
Forfeited (1,115,866) 24.76
Non-vested awards outstanding at end of year 2,523,950 17.23
The aggregate grant date fair value of PSU's awarded during fiscal 2012, 2011 and 2010 was $35,629, $9,621 and $26,932, respectively. No PSU's
vested during fiscal year 2012. The aggregate
F-27