Cracker Barrel 2013 Annual Report Download - page 48

e following table summarizes the number of outstanding
awards under each plan at August 2, 2013:
2010 Omnibus Plan 390,759
2000 Non-Executive Stock Option Plan 12,083
Amended and Restated Stock Option Plan 43,107
2002 Omnibus Incentive Compensation Plan 50,948
Total 496,897
Types of Share-Based Awards
Nonvested Stock
Nonvested stock awards consist of the Company’s common
stock and generally vest over 1–3 years. Generally, the fair
value of each nonvested stock award is equal to the market
price of the Company’s stock at the date of grant reduced by
the present value of expected dividends to be paid prior to the
vesting period, discounted using an appropriate risk-free
interest rate. Other nonvested stock awards accrue dividends
and their fair value is equal to the market price of the
Company’s stock at the date of the grant. Dividends are
forfeited for any nonvested stock awards that do not vest.
e Company’s nonvested stock awards include its
long-term performance plans which were established by the
Commiee for the purpose of rewarding certain ocers
with shares of the Company’s common stock if the
Company achieved certain performance targets. e stock
awards under the long-term performance plans are
calculated or estimated based on achievement of nancial
performance measures.
e following table summarizes the performance periods
and vesting periods for the Company’s nonvested
stock awards under its long-term performance plans at
August 2, 2013:
Long-Term Performance Plan
(“LTPP”) Performance Period Vesting Period (in Years)
2012 LTPP 2012 - 2013 2
2013 LTPP 2013 - 2014 2 or 3
e following table summarizes the shares that have
been accrued under the 2012 LTPP and 2013 LTPP at
August 2, 2013:
2012 LTPP 157,356
2013 LTPP 36,436
A summary of the Company’s nonvested stock activity
as of August 2, 2013, and changes during 2013 are presented
in the following table:
Weighted-
Average
Grant Date
Nonvested Stock Shares Fair Value
Unvested at August 3, 2012 80,190 $ 41.97
Granted 134,145 67.68
Vested (130,481) 57.06
Forfeited (1,000) 42.21
Unvested at August 2, 2013 82,854 $ 59.83
e following table summarizes the total fair value of
nonvested stock that vested for each of the three years:
2013 2012 2011
Total fair value of nonvested stock $ 7,445 $ 12,981 $ 4,393
Performance-Based Market Stock Units
In 2011, the Company began awarding MSU Grants instead
of stock options. Pursuant to the approval of the 2010
Omnibus Plan on December 1, 2010, the stock options
granted on September 22, 2011 were defeased and replaced
with MSU Grants to seven executives. e stock option
awards would have vested at a cumulative rate of 33% per year
beginning on the rst anniversary of the grant date. e MSU
Grants will vest at the end of the three-year performance
period. e defeasance of the stock options and the replace-
ment award of the MSU Grants were accounted for as a
modication and resulted in incremental compensation expense
of $1,221.
e number of MSU Grants that will ultimately be
awarded and will vest at the end of the applicable three-year
performance period for each annual plan is based on total
shareholder return, which is dened as the change in
the Company’s stock price plus dividends paid during the
performance period. e number of shares awarded at
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