Chili's 2014 Annual Report Download - page 69

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Transactions during fiscal 2014 were as follows (in thousands, except option prices):
Number of
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding at June 26, 2013 ..... 2,725 $23.13
Granted ............................ 223 42.89
Exercised ........................... (1,203) 24.35
Forfeited or canceled .................. (44) 25.15
Options outstanding at June 25, 2014 ..... 1,701 $24.80 4.0 $44,367
Options exercisable at June 25, 2014 ..... 1,113 $20.58 2.8 $33,728
At June 25, 2014, unrecognized compensation expense related to stock options totaled approximately
$2.6 million and will be recognized over a weighted average period of 1.9 years. The intrinsic value of options
exercised totaled approximately $25.7 million, $22.4 million and $12.6 million during fiscal 2014, 2013 and
2012, respectively. The tax benefit realized on options exercised totaled approximately $8.9 million, $8.1 million
and $4.8 million during fiscal 2014, 2013 and 2012, respectively.
(b) Restricted Share Awards
Restricted share awards consist of performance shares, restricted stock and restricted stock units.
Performance shares and most restricted stock units issued to eligible employees under the Plans generally vest in
full on the third anniversary of the date of grant, while restricted stock units issued to eligible employees under
our career equity plan generally vest upon each employee’s retirement from the Company. Expense is recognized
ratably over the vesting period, or to the date on which retirement eligibility is achieved, if shorter. Restricted
stock and restricted stock units issued to non-employee directors under the Plans generally vest in full on the
fourth anniversary of the date of grant or upon each director’s retirement from the Board and are expensed when
granted. Full or partial vesting of awards may occur upon a change in control (as defined in the Plans), or upon
an employee’s death, disability or involuntary termination.
Transactions during fiscal 2014 were as follows (in thousands, except fair values):
Number of
Restricted
Share
Awards
Weighted
Average
Fair Value
Per Award
Restricted share awards outstanding at June 26, 2013 ............ 1,923 $21.15
Granted ................................................ 455 39.81
Vested ................................................. (703) 12.93
Forfeited ............................................... (167) 32.65
Restricted share awards outstanding at June 25, 2014 ............ 1,508 $29.39
At June 25, 2014, unrecognized compensation expense related to restricted share awards totaled
approximately $12.8 million and will be recognized over a weighted average period of 2.4 years. The fair value
of shares that vested during fiscal 2014, 2013, and 2012 totaled approximately $42.2 million, $22.0 million and
$11.5 million, respectively.
12. SAVINGS PLAN
We sponsor a qualified defined contribution retirement plan covering all employees who have attained the
age of twenty-one and have completed one year and 1,000 hours of service. Eligible employees are allowed to
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