Big Lots 2015 Annual Report Download - page 136

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59
A summary of the annual stock option activity for fiscal years 2013, 2014, and 2015 is as follows:
Number of
Options
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
(000's)
Outstanding stock options at February 2, 2013 3,029,086 $ 34.49
Granted 1,159,500 35.80
Exercised (213,520) 22.87
Forfeited (597,763) 38.97
Outstanding stock options at February 1, 2014 3,377,303 $ 34.88
Granted — —
Exercised (1,389,040) 30.67
Forfeited (285,050) 39.19
Outstanding stock options at January 31, 2015 1,703,213 $ 37.59
Granted — —
Exercised (450,136) 36.17
Forfeited (78,175) 35.84
Outstanding stock options at January 30, 2016 1,174,902 $ 38.26 3.2 $ 2,431
Vested or expected to vest at January 30, 2016 1,167,905 $ 38.28 3.2 $ 2,411
Exercisable at January 30, 2016 706,464 $ 38.72 2.7 $ 1,361
The stock options granted in prior years vest in equal amounts on the first four anniversaries of the grant date and have a contractual
term of seven years. The number of stock options expected to vest was based on our annual forfeiture rate assumption.
During 2015, 2014, and 2013, the following activity occurred under our share-based compensation plans:
(In thousands) 2015 2014 2013
Total intrinsic value of stock options exercised $ 5,980 $ 18,614 $ 2,646
Total fair value of restricted stock vested $ 6,259 $ 2,825 $ 2,237
Total fair value of performance shares vested $ — $ 1,143 $ —
The total unearned compensation cost related to all share-based awards outstanding, excluding PSUs, at January 30, 2016 was
approximately $17.8 million. This compensation cost is expected to be recognized through January 2019 based on existing vesting
terms with the weighted-average remaining expense recognition period being approximately 1.8 years from January 30, 2016.
NOTE 8 – EMPLOYEE BENEFIT PLANS
Pension Benefits
We maintain the Pension Plan and Supplemental Pension Plan covering certain employees whose hire date was on or before
April 1, 1994. Benefits under each plan are based on credited years of service and the employee’s compensation during the last
five years of employment. The Supplemental Pension Plan is maintained for certain highly compensated executives whose
benefits were frozen in the Pension Plan in 1996. The Supplemental Pension Plan is designed to pay benefits in the same
amount as if the participants continued to accrue benefits under the Pension Plan. We have no obligation to fund the
Supplemental Pension Plan, and all assets and amounts payable under the Supplemental Pension Plan are subject to the claims
of our general creditors.