Dollar Tree 2013 Annual Report Download - page 65

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49
In 2011, the Company granted 0.3 million RSUs from the EIP and the EOEP to certain officers of the Company, contingent
on the Company meeting certain performance targets in 2011 and future service of these officers through March 2014. The
Company met these performance targets in fiscal 2011; therefore, the fair value of these RSUs of $7.3 million is being
expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company
recognized $0.8 million, $0.9 million and $5.4 million of expense related to these RSUs in 2013, 2012 and 2011,
respectively. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date.
In 2013, the Company granted RSUs with an estimated value of $1.7 million from the Omnibus Plan to certain officers of
the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%)
of the individual target award contingent on the Company meeting certain performance targets for the period beginning on
February 3, 2013 and ending on January 30, 2016. Providing the vesting conditions are satisfied, the awards will vest at the
end of the performance period. The estimated value is being expensed over the performance period or a shorter period based
on the retirement eligibility of the grantee. The Company recognized $1.0 million of expense related to these RSUs in 2013.
The estimated value of these RSUs was determined using the Company's closing stock price on the grant date.
In 2012, the Company granted RSUs with an estimated value of $1.7 million from the Omnibus Plan to certain officers of
the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%)
of the individual target award contingent on the Company meeting certain performance targets for the period beginning on
January 29, 2012 and ending on January 31, 2015. Providing the vesting conditions are satisfied, the awards will vest at the
end of the performance period. The estimated value is being expensed over the performance period or a shorter period based
on the retirement eligibility of the grantee. The Company recognized $0.2 million and $1.0 million of expense related to these
RSUs in 2013 and 2012. The estimated value of these RSUs was determined using the Company's closing stock price on the
grant date.
In 2011, the Company granted RSUs with an estimated value of $0.7 million from the Omnibus Plan to certain officers of
the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%)
of the individual target award contingent on the Company meeting certain performance targets for the period beginning on
January 30, 2011 and ending on February 1, 2014. The estimated value is being expensed over the performance period or a
shorter period based on the retirement eligibility of the grantee. The Company recognized $0.1 million, $0.2 million and $0.4
million of expense related on these RSUs in 2013, 2012 and 2011, respectively. The estimated value of these RSUs was
determined using the Company’s closing stock price on the grant date.
In 2012, the Company granted 0.2 million RSUs with a fair value of $10.0 million from the Omnibus Plan to the Chief
Executive Officer of the Company, contingent on the Company meeting certain performance targets for the period beginning
July 29, 2012 and ending on August 3, 2013 and the grantee completing a five-year service requirement. The fair value of
these RSUs is being expensed ratably over the five-year vesting period. The Company recognized $2.0 million and $1.3
million of expense related to these RSUs in 2013 and 2012. The fair value of these RSUs was determined using the
Company's closing stock price on the grant date.
The following table summarizes the status of RSUs as of February 1, 2014, and changes during the year then ended:
Shares
Weighted
Average
Grant
Date Fair
Valu e
Nonvested at February 2, 2013 2,054,173 $ 35.37
Granted 781,883 47.24
Vested (1,026,993) 28.87
Forfeited (85,429) 41.63
Nonvested at February 1, 2014 1,723,634 $ 41.64
In connection with the vesting of RSUs in 2013, 2012 and 2011, certain employees elected to receive shares net of
minimum statutory tax withholding amounts which totaled $18.6 million, $22.1 million and $13.2 million, respectively. The
total fair value of the restricted shares vested during the years ended February 1, 2014, February 2, 2013 and January 28, 2012
was $29.7 million, $26.6 million and $20.9 million, respectively.