Barnes and Noble 2012 Annual Report Download - page 44

As of April , , there was , of total unrecog-
nized compensation expense related to unvested stock
options granted under the Company’s share-based com-
pensation plans. That expense is expected to be recognized
over a weighted average period of . years.
The Company’s Chief Executive Offi cer was granted
, stock options, with an exercise price of .
per share, on April ,  and a grant of ,, stock
options, with an exercise price of . per share, was
approved on December , . However, the Company
subsequently determined that , of the stock options
approved on December ,  were not validly granted
pursuant to the Company’s  Incentive Plan because
they exceeded the limit on the number of options that
may be granted to any individual participant within any
-month period. Accordingly, the attempted grant of
these excess options was ineff ective, and they were never
granted to the Company’s Chief Executive Offi cer. The esti-
mated liability recorded for the invalid grant in the quarter
was not signifi cant.
The following table presents a summary of the Company’s
restricted stock activity:
NUMBER OF SHARES
(in thousands)
WEIGHTED AVERAGE
GRANT DATE FAIR
VALUE
Balance, May 2, 2009 1,235 $ 30.86
Granted 1,647 21.93
Vested (429) 33.18
Forfeited (123) 30.41
Balance, May 1, 2010 2,330 24.15
Granted 684 16.65
Vested (435) 27.99
Forfeited (154) 24.76
Balance, April 30, 2011 2,425 21.31
Granted 83 13.23
Vested (1,073) 22.78
Forfeited (51) 21.52
Balance, April 28, 2012 1,384 $ 19.68
Total fair value of shares of restricted stock that vested
during fi scal , fi scal  and fi scal  was ,,
, and ,, respectively. As of April , , there
was , of unrecognized stock-based compensation
expense related to nonvested restricted stock awards. That
cost is expected to be recognized over a weighted average
period of . years.
The following table presents a summary of the Company’s
restricted stock unit activity:
NUMBER OF SHARES
(in thousands)
WEIGHTED AVERAGE
GRANT DATE
FAIR VALUE
Balance, April 30, 2011 — $ —
Granted 969 16.64
Forfeited (5) 18.59
Balance, April 28, 2012 964 $ 16.63
No restricted stock units were granted prior to fi scal 
and there were no vestings during fi scal . As of April
, , there was , of unrecognized stock-based
compensation expense related to nonvested restricted
stock units. That cost is expected to be recognized over a
weighted average period of . years.
For fi scal , fi scal  and fi scal , stock-based
compensation expense of ,, , and ,,
respectively, is included in selling and administrative
expenses.
4. RECEIVABLES, NET
Receivables represent customer, private and public
institutional and government billings, credit/debit card,
advertising, landlord and other receivables due within one
year as follows:
April 28, 2012 April 30, 2011
Trade accounts $ 91,476 81,577
Credit/debit card receivables 36,042 42,982
Advertising 3,911 5,877
Receivables from landlords
for leasehold improvements 374 867
Other receivables 28,694 18,991
Total receivables, net $ 160,497 150,294
5. OTHER LONG-TERM LIABILITIES
Other long-term liabilities consist primarily of deferred
rent and obligations under the Junior Seller Note (see
Notes  and ). The Company provides for minimum
rent expense over the lease terms (including the build-out
period) on a straight-line basis. The excess of such rent
expense over actual lease payments (net of tenant allow-
ances) is classifi ed as deferred rent. Other long-term
liabilities also include accrued pension liabilities, store
closing expenses and long-term deferred revenues. The
42 Barnes & Noble, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued