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Table of Contents


Weighted Average
Aggregate
Remaining
Intrinsic
As of January 30, 2016
Units
GDFV
Contract Life
Value
RSUs expected to vest
307
$ 31.78
1.3 years
$ 7,373
Performance-Based Restricted Stock Units ("PSUs")- The Company began granting PSUs in fiscal 2013. These awards cliff vest at the end of a three-year
period based upon achievement of pre-established goals as of the end of the first year of the term. PSUs receive dividend equivalents in the form of additional
PSUs, which are subject to the same restrictions and forfeiture provisions as the original award. Consistent with RSUs, the grant date fair value of PSUs is
based on the closing market price of DSW Class A Common Shares on the date of grant. The total intrinsic value of PSUs that vested during fiscal 2015 was
$1.8 million. The total fair value of PSUs that vested during fiscal 2015 was $1.7 million. As of January 30, 2016, the total compensation cost related to
nonvested PSUs not yet recognized was approximately $4.0 million with a weighted average expense recognition period remaining of 2.1 years. The
weighted average exercise price for all PSUs is zero.
For the periods presented, the following tables summarize PSU activity, GDFV and aggregate intrinsic value (units and intrinsic value in thousands):
Fiscal
2015
2014
2013
Units
GDFV
Units
GDFV
Units
GDFV
Outstanding beginning of year 173
$ 33.50
69
$ 31.76
—
$ —
Granted 208
$ 33.30
111
$ 34.52
69
$ 31.76
Vested (75)
$ 22.80
—
$ —
—
$ —
Forfeited (13)
$ 35.16
(7)
$ 32.74
—
$ —
Outstanding end of year 293
$ 28.70
173
$ 33.50
69
$ 31.76
Weighted Average
Aggregate
Remaining
Intrinsic
As of January 30, 2016
Units
GDFV
Contract Life
Value
PSUs expected to vest
253
$ 28.70
1.2 years
$ 6,080
Director Stock Units The Company issues stock units to directors who are not employees. Stock units are automatically granted to each non-employee
director on the date of each annual meeting of shareholders based on the closing market price of DSW Class A Common Shares. In addition, each director
eligible to receive compensation for board service may elect to have the cash portion of such directors’ compensation paid in the form of stock units. Stock
units granted to directors vest immediately and are settled upon the director terminating service from the board. For grants beginning in fiscal 2012, directors
were given the option to exercise their units at a specified point in the future or upon completion of service. Stock units granted to directors, which are not
subject to forfeiture, are considered to be outstanding for the purposes of computing basic earnings per share. The exercise price of the director stock units is
zero. The following table summarizes director stock unit activity (units in thousands):
Fiscal
2015
2014
2013
Outstanding beginning of year 360
330
316
Granted 40
52
34
Exercised (95)
(22)
(20)
Outstanding end of year 305
360
330
Executive Equity Modification- On November 3, 2015, DSW announced that the Chief Executive Officer of the Company would retire, effective December
31, 2015. In connection with the retirement, DSW entered into a Retirement and Consulting Agreement, which stated that the executive will receive
accelerated vesting of outstanding RSUs, PSUs and stock options. Per
F- 21
Source: DSW Inc., 10-K, March 24, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.