Big Lots 2010 Annual Report Download - page 130

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56
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 7 — Share-Based Plans (Continued)
The weighted-average fair value of options granted and assumptions used in the option pricing model for each
of the respective periods were as follows:
2010 2009 2008
Weighted-average fair value of options granted. . . . . . . . . . . . . . . . . . . . . . . . . $ 13.64 $ 7.89 $ 8.74
Risk-free interest rates ............................................ 2.2% 1.7% 2.2%
Expected life (years) .............................................. 4.2 4.3 4.3
Expected volatility ............................................... 45.6% 56.0% 48.8%
Expected annual forfeiture ......................................... 1.5% 1.5% 3.0%
The following table summarizes information about our stock options outstanding and exercisable at
January 29, 2011:
Range of Prices Options Outstanding Options Exercisable
Greater
Than
Less
Than or
Equal to Options
Outstanding
Weighted-
Average
Remaining
Life
(Years)
Weighted-
Average
Exercise
Price Options
Exercisable
Weighted-
Average
Exercise
Price
$ — $ 10.00 5,000 0.7 $ 10.00 5,000 $ 10.00
10.01 20.00 1,371,633 4.2 16.11 704,132 14.83
20.01 30.00 1,229,550 3.8 25.18 553,800 26.85
30.01 40.00 962,500 6.1 35.82 7,500 31.05
$40.01 $ 50.00 10,000 6.2 41.14 — —
3,578,683 4.6 $24.59 1,270,432 $20.14
A summary of the annual stock option activity for fiscal years 2008, 2009, and 2010 is as follows:
Number of
Options
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(000’s)
Outstanding at February 2, 2008 . . . . . . . . . . . . . . . . . . . . 4,124,470 $ 19.20
Granted ........................................ 985,000 21.45
Exercised ....................................... (787,712) 13.79
Forfeited ....................................... (361,190) 34.77
Outstanding at January 31, 2009 . . . . . . . . . . . . . . . . . . . . 3,960,568 19.42
Granted ........................................ 967,500 17.62
Exercised ....................................... (361,560) 13.64
Forfeited ....................................... (69,875) 21.80
Outstanding at January 30, 2010 . . . . . . . . . . . . . . . . . . . . 4,496,633 19.46
Granted ........................................ 997,500 35.92
Exercised ....................................... (1,807,850) 17.98
Forfeited ....................................... (107,600) 26.10
Outstanding at January 29, 2011 ..................... 3,578,683 $24.59 4.6 $ 29,827
Vested and expected to vest at January 29, 2011 . . . . . . . . 3,477,441 $24.54 4.6 $29,121
Exercisable at January 29, 2011 . . . . . . . . . . . . . . . . . . . . . 1,270,432 $20.14 3.5 $14,834