CompUSA 2014 Annual Report Download - page 64

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The following table summarizes information concerning outstanding and exercisable options:
The total intrinsic value of options exercised was $0.2 million, $0.2 million and $1.4 million respectively, for 2014, 2013 and 2012.
The following table summarizes information about options vested and exercisable or nonvested that are expected to vest (nonvested
outstanding less expected forfeitures) at December 31, 2014:
The aggregate intrinsic value in the tables above represents the total pretax intrinsic value (the difference between the closing stock price on
the last day of trading in 2014 and the exercise price) that would have been received by the option holders had all options been exercised on
December 31, 2014. This value will change based on the fair market value of the Company’s common stock.
The following table reflects the activity for all unvested stock options during 2014:
At December 31, 2014, there was approximately $0.4 million of unrecognized compensation costs related to unvested stock options, which
is expected to be recognized over a weighted average period of 1.67 years. The total fair value of stock options vested during 2014, 2013
and 2012 was $1.2 million, $1.6 million and $1.1 million, respectively.
Restricted Stock and Restricted Stock Units
In 2004, the Company granted 1,000,000 restricted stock units (“RSUs”) under the 1999 Plan to a former officer and director. A RSU
represents the right to receive a share of the Company’s common stock. The RSUs have none of the rights as other shares of common stock,
other than rights to cash dividends, until common stock is distributed. This RSU award was a non-performance award which vested at the
rate of 20% on May 31, 2005 and 10% per year on April 1, 2006 and each year thereafter. The share-based expense for RSUs is determined
based on the market price of the Company’s stock at the date of the award. Compensation expense related to this RSU was zero in 2014,
2013 and 2012. As part of the settlement agreement with a former officer and director of the company, all unvested RSUs were terminated
and of no further force and effect.
59
Table of Contents
Weighted Average
2014
2013
2012
Shares
Exercise
Price
Shares
Exercise
Price
Shares
Exercise
Price
Outstanding at beginning of year
1,175,499
$
16.11
1,353,059
$
15.88
1,285,115
$
13.39
Granted
65,000
$
12.39
60,000
$
9.54
772,500
$
15.00
Exercised
(33,749
)
$
9.78
(34,310
)
$
3.04
(109,466
)
$
3.12
Cancelled or expired
(104,500
)
$
15.83
(203,250
)
$
14.84
(595,090
)
$
11.71
Outstanding at end of year
1,102,250
$
16.11
1,175,499
$
16.11
1,353,059
$
15.88
Options exercisable at year end
839,500
772,749
682,809
Weighted average fair value per option
granted during the year
$
5.92
$
4.44
$
7.90
Range of Exercise Prices
Number
Exercisable
Weighted
Average
Exercise
Price
Weighted Average
Remaining
Contractual Life
Aggregate
Intrinsic
Value (in
millions)
$
5.00
to
$
10.00
51,202
$
9.26
7.91
$
0.2
$
10.01
to
$
15.00
384,237
$
13.08
5.57
0.3
$
15.01
to
$
20.00
529,774
$
18.31
4.77
-
$
20.01
to
$
20.15
100,000
$
20.15
2.06
-
$
5.00
to
$
20.15
1,065,213
$
16.16
4.95
$
0.5
Shares
Weighted
Average Grant-
Date Fair Value
Unvested at January 1, 2014
402,750
$
8.58
Granted
65,000
$
5.92
Vested
(134,000
)
$
8.77
Forfeited
(71,000
)
$
7.02
Unvested at December 31, 2014
262,750
$
8.25