Baskin Robbins 2013 Annual Report Download - page 94

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-84-
A summary of the status of the Company’s nonexecutive and 2011 Plan options as of December 28, 2013 and changes during
fiscal year 2013 is presented below:
Number of
shares
Weighted
average
exercise
price
Weighted
average
remaining
contractual
term (years)
Aggregate
intrinsic
value
(in millions)
Share options outstanding at December 29, 2012 1,295,356 $ 24.34 8.8
Granted 1,177,999 37.26
Exercised (207,679) 21.93
Forfeited or expired (246,526) 29.92
Share options outstanding at December 28, 2013 2,019,150 31.45 8.5 $ 32.9
Share options exercisable at December 28, 2013 279,932 20.08 7.3 7.7
The total grant-date fair value of nonexecutive and 2011 Plan stock options vested during fiscal years 2013, 2012, and 2011
was $2.9 million, $1.0 million, and $176 thousand, respectively. The total intrinsic value of nonexecutive and 2011 Plan stock
options exercised was $4.1 million, $1.5 million, and $605 thousand for fiscal years 2013, 2012, and 2011, respectively. As of
December 28, 2013, there was $13.9 million of total unrecognized compensation cost related to nonexecutive and 2011 Plan
options. Unrecognized compensation cost is expected to be recognized over a weighted average period of approximately
2.8 years.
Restricted stock units
During fiscal years 2013, 2012, and 2011, the Company granted restricted stock units of 94,495, 22,204, and 5,618,
respectively, to certain employees and members of our board of directors. Restricted stock units granted to employees generally
vest in three equal installments on each of the first three anniversaries of the grant date. Restricted stock units granted to our
board of directors generally vest in one installment on the first anniversary of the grant date.
A summary of the changes in the Company’s restricted stock units during fiscal year 2013 is presented below:
Number of
shares
Weighted average
grant-date fair value
Nonvested restricted stock units at December 29, 2012 22,204 $ 31.21
Granted 94,495 37.87
Vested (12,655) 35.44
Forfeited (1,073) 37.27
Nonvested restricted stock units at December 28, 2013 102,971 37.20
The fair value of each restricted stock unit is determined on the date of grant based on our closing stock price. As of
December 28, 2013, there was $2.4 million of total unrecognized compensation cost related to restricted stock units, which is
expected to be recognized over a weighted average period of approximately 1.9 years. The total grant-date fair value of
restricted stock units vested during fiscal years 2013 and 2012 was $448 thousand and $118 thousand, respectively. No
restricted stock units vested during fiscal year 2011.