Buffalo Wild Wings 2012 Annual Report Download - page 53

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53
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 30, 2012 and December 25, 2011
(Dollar amounts in thousands, except per-share amounts)
We do not anticipate that total unrecognized tax benefits will significantly change due to the settlement of audits and
the expiration of statutes of limitations prior to December 29, 2013.
(9) Stockholders’ Equity
(a) Stock Options
We have 5.4 million shares of common stock reserved for issuance under the Equity Incentive Plan (Plan) for our
employees, officers, and directors. The exercise price for stock options issued under the Plan is to be not less than the fair
market value on the date of grant with respect to incentive and nonqualified stock options. Incentive stock options become
exercisable in four equal installments from the date of the grant and have a contractual life of seven to ten years.
Nonqualified stock options issued pursuant to the Plan have varying vesting periods from immediately to four years and have
a contractual life of seven to ten years. Incentive stock options may be granted under this plan until March 12, 2022. We
issue new shares of common stock upon exercise of stock options. Option activity is summarized for the year ended
December 30, 2012 as follows:
Number
of shares
Weighted
average
exercise price
Average
remaining
contractual
life (years)
Aggregate
Intrinsic Value
Outstanding, December 25, 2011
182,629 $ 34.06
4.0
$ 6,242
Granted
27,691 94.42
Exercised
(51,469) 22.91
Cancelled
(6,954) 53.12
Outstanding, December 30, 2012
151,897 $ 47.97
3.9
$ 4,232
Exercisable, December 30, 2012
108,570 38.67
3.3
3,760
The aggregate intrinsic value in the table above is before applicable income taxes, based on our closing stock price of
$71.94 as of the last business day of the year ended December 30, 2012, which would have been received by the optionees
had all options been exercised on that date. As of December 30, 2012, total unrecognized stock-based compensation expense
related to nonvested stock options was approximately $1,149, which is expected to be recognized over a weighted average
period of approximately 2.4 years. During 2012, 2011, and 2010, the total intrinsic value of stock options exercised was
$2,887, $1,700, and $928, respectively. During 2012, 2011, and 2010, the total fair value of options vested was $852, $751,
and $536, respectively. During 2012, 2011, and 2010, the weighted average grant date fair value of options granted was
$43.97, $26.07, and $23.82, respectively.
The following table summarizes our stock options outstanding at December 30, 2012:
Options outstanding
Options exercisable
Range
Shares
Average
remaining
contractual
life (years)
Weighted
average
exercise
price
Shares
Weighted
average
exercise
price
$ 6.38 – 24.96
26,616
1.6
$ 20.45 26,616
$ 20.45
30.87 – 31.00
39,539
3.0
30.91 39,539
30.91
48.35 – 51.42
29,504
4.0
48.38 21,373
48.35
53.75 – 94.42
56,238
5.5
72.76 21,042
66.46
151,897
108,570
The Plan has 1,589,734 shares available for grant as of December 30, 2012.