DSW 2008 Annual Report Download - page 61

A
s of January 31, 2009:
S
hares WAE
P
W
e
i
ghte
d
A
vera
g
e
G
rant Date
Fair Value
W
e
ig
hted
A
vera
ge
Remaining
C
ontract L
if
e
Aggregate
I
ntrin
s
i
c
V
a
l
u
e
O
ptions outstanding . .
.
..............
2
,125
$
22.04
$
9.47 8 years
$
124
Op
tions vested or ex
p
ected to ves
t
......
2
,007 $22.10 $ 9.49 8
y
ears $11
5
Op
tions exercisable . .
.
..............
5
3
3
$
24.77 $10.56 7
y
ears $ 0
Shares available for additional
g
rant
s
....
2
,
102
T
he a
gg
re
g
ate intrinsic value is calculated as the amount b
y
which the fair value of the underl
y
in
g
common
s
hares exceeds the option exercise price. The total intrinsic value of options exercised durin
g
the
y
ears ende
d
F
ebruary 2, 2008 and February 3, 2007 was
$
0.2 million and
$
0.5 million, respectively. This amount was immateria
l
i
n fiscal 2008. The total fair value of options that vested durin
g
the
y
ears ended Januar
y
31, 2009, Februar
y
2, 200
8
and Februar
y
3, 2007 was $3.6 million, $2.0 million and $1.6 million, respectivel
y
.
R
estricted
S
tock
U
nit
s
R
estricted stock units generally cliff vest at the end of four years from the date of grant and are settle
d
i
mme
di
ate
ly
upon vest
i
n
g
. Restr
i
cte
d
stoc
k
un
i
ts
g
rante
d
to emp
l
o
y
ees t
h
at are su
bj
ect to t
h
er
i
s
k
o
ff
or
f
e
i
ture ar
e
n
ot included in the computation of basic earnin
g
s per share.
C
ompensation cost is measured at fair value on the grant date and recorded over the vesting period. Fair value
i
s
d
eterm
i
ne
db
ymu
l
t
i
p
l
y
i
ng t
h
e num
b
er o
f
un
i
ts grante
db
yt
h
e grant
d
ate mar
k
et pr
i
ce. T
h
e tota
l
aggregat
e
i
ntrinsic value of nonvested restricted stock units was $2.3 million, $3.0 million and $5.5 million for fiscal 2008,
2
007 and 2006, respectivel
y
. As of Januar
y
31, 2009, the total compensation cost related to nonvested restricted
s
tock units not yet recognized was approximately
$
2.0 million with a weighted average expense recognition period
r
ema
i
n
i
n
g
o
f
2.0
y
ears. T
h
ewe
igh
te
d
avera
g
e exerc
i
se pr
i
ce
f
or a
ll
restr
i
cte
d
stoc
k
un
i
ts
i
s zero
.
Th
e
f
o
ll
ow
i
n
g
ta
bl
e summar
i
zes DSW’s restr
i
cte
d
stoc
k
un
i
ts an
d
we
igh
te
d
avera
g
e
g
rant
d
ate
f
a
i
rva
l
ue
(
“GDFV”) for the
p
eriods
p
resented (shares in thousands)
:
U
nits
G
DFV
U
nits
G
DFV
U
nits
G
DFV
Yea
r
E
n
ded
Januar
y31
,
2009
Yea
r
E
n
ded
Februar
y2
,
2008
Yea
r
E
n
ded
F
ebruar
y3
,
2007
O
utstandin
g
be
g
innin
g
of
y
ear
.
............ 1
5
1 $23.92 135 $22.03 131 $20.4
6
G
rante
d
............................. 1
58
$
12.61 29
$
28.69 23
$
30.9
1
Exerc
i
se
d/
Veste
d
.......................
(
8
)
$
26.61
(
10
)$
24.85
(
10
)$
24.85
For
f
e
i
te
d
............................
.
(
75
)$
19.08
(
3
)$
27.96
(
9
)$
19.0
0
O
utstandin
g
end of
y
ea
r
.
................ 22
6
$17.51 151 $23.92 135 $22.0
3
Director
S
tock
U
nit
s
D
SW
i
ssues stoc
k
un
i
ts to
di
rectors w
h
o are not emp
l
oyees o
f
DSWor RVI. Dur
i
ng t
h
e years en
d
e
d
January 31,
2
009, Februar
y
2, 2008 and Februar
y
3, 2007, DSW
g
ranted 45,265, 10,398 and 10,525 director stock units
,
r
espectivel
y
, and expensed $0.6 million, $0.3 million and $0.3 million, respectivel
y
, related to these
g
rants. Stock
units are automatically granted to each director who is not an employee of DSW or RVI on the date of each annual
m
eet
i
n
g
o
f
s
h
are
h
o
ld
ers
f
or t
h
e purpose o
f
e
l
ect
i
n
gdi
rectors. T
h
e num
b
er o
f
stoc
k
un
i
ts
g
rante
d
to eac
h
non-
e
mp
l
o
y
ee
di
rector
i
sca
l
cu
l
ate
dbydi
v
idi
n
g
one-
h
a
lf
o
f
t
h
e
di
rector’s annua
l
reta
i
ner (
i
nc
l
u
di
n
g
comm
i
ttee reta
i
ner
fees but excludin
g
an
y
amount paid for service as the chair of a board committee) b
y
the fair market value of a shar
e
o
f
t
h
e DSW C
l
ass A Common S
h
ares on t
h
e
d
ate o
f
t
h
e meet
i
ng. In a
ddi
t
i
on, eac
hdi
rector e
li
g
ibl
e to rece
i
v
e
c
ompensat
i
on
f
or
b
oar
d
serv
i
ce ma
y
e
l
ect to
h
ave t
h
e cas
h
port
i
on o
f
suc
hdi
rectors’ compensat
i
on pa
id i
nt
h
e
f
or
m
of stock units. Stock units
g
ranted to directors vest immediatel
y
and are settled upon the director terminatin
g
service
F-1
5
D
S
W INC
.
N
OTES TO CONSOLIDATED FINANCIAL STATEMENTS —
(
Continued
)