Buffalo Wild Wings 2007 Annual Report Download - page 49

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49
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 30, 2007 and December 31, 2006
(Dollar amounts in thousands, except per-share amounts)
As of December 30, 2007, the total stock-based compensation expense related to nonvested awards not yet recognized
was $3,044, which is expected to be recognized over a weighted average period of 1.3 years. During fiscal year 2007, the
total fair value of shares vested was $3,139. The weighted average grant date fair value of restricted stock units granted
during 2006 and 2005 was $16.99 and $17.42, respectively. During 2007, we recognized $399 of expense and paid $1,066
for liability classified share-based compensation.
(c) Employee Stock Purchase Plan
We have reserved 600,000 shares of common stock for issuance under the Employee Stock Purchase Plan (ESPP). The
ESPP is available to substantially all employees subject to employment eligibility requirements. Participants may purchase
our common stock at 85% of the beginning or ending closing price, whichever is lower, for each six-month period ending in
May and November. During 2007, 2006, and 2005, we issued 30,836, 36,804, and 42,476 shares, respectively, of common
stock under the ESPP and have 432,978 available for future sale.
(7) Earnings Per Common Share
The following is a reconciliation of basic and fully diluted earnings per common share for fiscal 2007, 2006, and 2005:
Fiscal year ended December 30, 2007
Earnings
(numerator)
Shares
(denominator)
Per-share
amount
Net earnings $ 19,654
Earnings per common share 19,654 17,553,998 $ 1.12
Effect of dilutive securities—stock options, restricted stock and warrants — 278,827
Earnings per common share—assuming dilution $ 19,654 17,832,825 1.10
Fiscal year ended December 31, 2006
Earnings
(numerator)
Shares
(denominator)
Per-share
amount
Net earnings $ 16,273
Earnings per common share 16,273 17,156,656 $ 0.95
Effect of dilutive securities—stock options and restricted stock — 472,018
Earnings per common share—assuming dilution $ 16,273 17,628,674 0.92
Fiscal year ended December 25, 2005
Earnings
(numerator)
Shares
(denominator)
Per-share
amount
Net earnings $ 8,880
Earnings per common share 8,880 16,892,400 $ 0.53
Effect of dilutive securities—stock options and restricted stock — 524,588
Earnings per common share—assuming dilution $ 8,880 17,416,988 0.51
The following is a summary of those securities outstanding at the end of the respective periods, which have been
excluded from the fully diluted calculations because the effect on net earnings per common share would have been anti-
dilutive:
December 30,
2007
December 31,
2006
December 25,
2005
Stock options — 2,972 4,052
Restricted stock 140,692 168,212 151,928