Big Lots 2014 Annual Report Download - page 137

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59
A summary of the nonvested awards other than stock options activity for fiscal years 2012, 2013, and 2014 is as follows:
Number of
Shares
Weighted
Average
Grant-Date
Fair Value
Per Share
Outstanding non-vested restricted stock at January 28, 2012 741,289 $ 39.40
Granted 589,784 42.90
Vested (477,664) 38.52
Forfeited (69,800) 43.04
Outstanding non-vested restricted stock at February 2, 2013 783,609 $ 42.25
Granted 458,576 35.53
Vested (64,784) 37.79
Forfeited (513,300) 41.86
Outstanding non-vested restricted stock at February 1, 2014 664,101 $ 38.34
Granted 317,641 37.81
Vested (70,155) 34.54
Forfeited (166,782) 39.87
Outstanding non-vested restricted stock at January 31, 2015 744,805 $ 38.13
The non-vested restricted stock units granted in 2014 generally vest on a ratable basis over three years from the grant date of the
award, if certain threshold financial performance objectives are achieved and the grantee remains employed by us through the
vesting dates.
The non-vested restricted stock awards granted to employees in 2011, 2012 and 2013 (other than the awards granted to Mr.
Fishman, our former CEO in 2011 and 2012) vest if certain financial performance objectives are achieved. If we meet a threshold
financial performance objective and the grantee remains employed by us, the restricted stock will vest on the opening of our first
trading window five years after the grant date of the award. If we meet a higher financial performance objective and the grantee
remains employed by us, the restricted stock will vest on the first trading day after we file our Annual Report on Form 10-K with
the SEC for the fiscal year in which the higher objective is met.
On the grant date of the 2011 restricted stock awards (other than the award granted to Mr. Fishman), we estimated a three-year
period for vesting based on the assumed achievement of the higher financial performance objective. In the fourth quarter of 2012,
based on operating results and future projections, we changed the estimated vesting period of the 2011 restricted stock awards to
four years. In the fourth quarter of 2013, based on operating results and future projections, we changed the estimated vesting period
of the 2011 restricted stock awards to five years. The impact of this change in estimate will be recognized ratably over the
remaining vesting period.
On the grant date of the 2012 restricted stock awards (other than the award granted to Mr. Fishman), we estimated a three-year
period for vesting based on the assumed achievement of the higher financial performance objective. In the fourth quarter of 2012,
based on operating results and future projections, we changed the estimated vesting period of the 2012 restricted stock awards to
four years. In the fourth quarter of 2013, based on operating results and future projections, we changed the estimated vesting period
of the 2012 restricted stock awards to five years. The impact of this change in estimate will be recognized ratably over the
remaining vesting period.
On the grant date of the 2013 restricted stock awards, we estimated a three-year period for vesting based on the assumed
achievement of the higher financial performance objective. In the fourth quarter of 2013, based on operating results and future
projections, we changed the estimated vesting period of the 2013 restricted stock awards to five years. The impact of this change in
estimate will be recognized ratably over the remaining vesting period.