Cracker Barrel 2011 Annual Report Download - page 48

payable on August 6, 2012; however, the dividends will be
forfeited for any 2010 LTPP stock awards that do not vest.
e FY2011 Long-Term Performance Plan (“2011 LTPP”)
stock award will be determined based on achievement of
qualified financial performance measures during 2011 and
2012 and vests on August 3, 2012. At July 29, 2011, based
upon performance during 2011, 91,700 shares have been
earned under the 2011 LTPP.
Prior Plans
Stock options granted under the Cracker Barrel Old Country
Store, Inc. 1989 Stock Option Plan for Non-employee
Directors (“Directors Plan”) expire one year from the retirement
of the director from the Board of Directors. At July 29, 2011,
there were outstanding awards for 49,734 shares under
the Directors Plan. Stock options granted under the 2000
Non-Executive Stock Option Plan (“Employee Plan”),
the Amended and Restated Stock Option Plan (the “A&R
Plan”) and the 2002 Omnibus Incentive Compensation
Plan (“2002 Omnibus Plan”) expire ten years from the date of
grant. At July 29, 2011, there were outstanding awards for
109,373, 543,794, and 690,916 shares, respectively, under the
Employee Plan, the A&R Plan and the 2002 Omnibus Plan.
Other Share-Based Awards
In 2009, the Company awarded options for the purchase of
25,000 shares of the Company’s common stock and a
nonvested grant of 25,000 shares of the Company’s common
stock to an executive. e stock options and 16,666 of the
shares subject to the nonvested stock grant vest over three
years and 8,334 of the shares subject to the nonvested stock
grant vest over a two-year period. At July 29, 2011, 8,334
shares of the nonvested grant had fully vested and were no
longer subject to restriction, and options to purchase 16,667
of the 25,000 shares subject to options had vested and
become exercisable; however, none of the 16,667 shares
subject to the vested portion of the options had yet been
exercised. e stock options and nonvested stock grants were
made as “inducement grants” outside of the Company’s
plans under NASDAQ rules that allow such awards without
shareholder approval.
Stock Options
A summary of the Company’s stock option activity as of
July 29, 2011, and changes during 2011 is presented in the
following table:
(Shares in thousands)
Weighted-
Average
Weighted- Remaining Aggregate
Average Contractural Intrinsic
'JYFE 0QUJPOT 4IBSFT 1SJDF 5FSN 7BMVF
Outstanding at July 30, 2010 1,805 $33.68
Granted 159 50.02
Exercised (656) 35.29
Forfeited — —
Canceled(184) 46.23
Outstanding at July 29, 2011 1,124 $33.01 5.43 $13,604
Exercisable 860 $34.07 4.71 $9,487
e weighted-average grant-date fair values of options
granted during 2011, 2010 and 2009 were $16.81, $12.03 and
$9.33, respectively.e intrinsic value for stock options is
defined as the difference between the current market value
and the grant price. e total intrinsic values of options
exercised during 2011, 2010 and 2009 were $11,713, $21,602
and $3,725, respectively. As of July 29, 2011, there was
$1,292 of total unrecognized compensation expense related
to stock options that is expected to be recognized over a
weighted-average period of 1.00 year.
Nonvested Stock
A summary of the Company’s nonvested stock activity as
of July 29, 2011, and changes during 2011 is presented in the
following table:
(Shares in thousands)
Weighted-
Average
Grant Date
/POWFTUFE 4UPDL 4IBSFT 'BJS 7BMVF
Unvested at July 30, 2010 491 $34.89
Granted 35 49.78
7FTUFE  
Forfeited (7) 45.55
Unvested at July 29, 2011 337 $42.03
e total fair value of nonvested stock that vested during
2011, 2010 and 2009 was $4,393, $2,667 and $3,829,
respectively. As of July 29, 2011, there was $2,747 of total
unrecognized compensation expense related to nonvested
stock that is expected to be recognized over a weighted-
average period of 1.55 years.
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