Buffalo Wild Wings 2014 Annual Report Download - page 60

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59
(10) 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 28, 2014 as follows:
Number
of shares
Weighted
average
exercise price
Average
remaining
contractual
life (years)
Aggregate
Intrinsic
Value
Outstanding, December 29, 2013 163,609 $ 60.67 3.9 $ 13,974
Granted 25,035 147.52
Exercised (27,965) 33.99
Cancelled (1,800) 74.33
Outstanding, December 28, 2014 158,879 $ 78.90 3.7 $ 16,553
Exercisable, December 28, 2014 114,927 65.41 3.1 13,523
The aggregate intrinsic value in the table above is before applicable income taxes, based on our closing stock price of
$183.08 as of the last business day of the year ended December 28, 2014, which would have been received by the optionees
had all options been exercised on that date. As of December 28, 2014, total unrecognized stock-based compensation expense
related to nonvested stock options was approximately $1,742, which is expected to be recognized over a weighted average
period of approximately 2.3 years. During 2014, 2013, and 2012, the total intrinsic value of stock options exercised was
$3,029, $2,159, and $2,887, respectively. During 2014, 2013, and 2012, the total fair value of options vested was $1,138,
$1,028, and $852, respectively. During 2014, 2013, and 2012, the weighted average grant date fair value of options granted was
$50.23, $37.09, and $43.97, respectively.
The following table summarizes our stock options outstanding at December 28, 2014:
Options outstanding Options exercisable
Range Shares
Average
remaining
contractual
life (years)
Weighted
average
exercise
price Shares
Weighted
average
exercise
price
$ 17.41 — 30.87 11,471 1.0 $ 30.64 11,471 $ 30.64
31.00 — 48.35 34,444 1.8 44.14 34,444 44.14
53.75 — 87.53 63,724 4.2 73.51 44,873 67.62
94.42 — 147.52 49,240 5.0 121.42 24,139 108.19
158,879 114,927
The Plan has 1,213,106 shares available for grant as of December 28, 2014.