Einstein Bros 2011 Annual Report Download - page 59

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Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312512092597/d260635d10k.htm[9/11/2014 10:08:30 AM]
Fiscal Year Ended
December 29,
2009
December 28,
2010 January 3, 2012
Expected life 2.75 - 6.0 years 2.75 - 6.0 years 2.75 - 6.0 years
Risk-free interest rate 1.13 - 2.8% 0.67 - 2.74% 0.38 - 2.61%
Volatility 40 - 42% 42 - 43% 42 - 44%
Assumed dividend yield 0% 0% 3.31%
73
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Stock Option and SARs Activity
The weighted-average fair value of stock options and SARs issued and the total intrinsic value of options and SARs exercised were:
2009 2010 2011
(In thousands, except share prices)
Weighted-average grant date fair value $ 2.22 $ 4.93 $ 4.69
Total intrinsic value of options exercised $ 3,049 $ 1,398 $ 1,374
Changes in outstanding stock options and SARs during the fiscal years 2009, 2010 and 2011 were as follows:
Number of Options and SARs Weighted-Average Exercise Price
2009 2010 2011 2009 2010 2011
Outstanding, beginning of year 1,247,819 977,930 1,069,819 $ 8.18 $ 8.80 $10.11
Granted 318,000 492,250 425,180 5.77 11.62 15.61
Exercised (429,001) (196,863) (183,278) 4.24 5.36 7.49
Forfeited (138,888) (180,437) (93,972) 11.10 11.27 13.48
Cancelled (20,000) (23,061) — 3.75 18.22 —
Outstanding, ending of year 977,930 1,069,819 1,217,749 $ 8.80 $10.11 $12.17
Exercisable and vested, end of year 481,758 455,128 566,665 $ 9.40 $ 9.98 $10.68
A summary of the status of the Company’ s non-vested stock options and SARs as of January 3, 2012, and changes during the fiscal year then
ended, is presented below:
Number
of
Options
Weighted-
Average
Grant
Date Fair
Value
Non-vested shares, December 28, 2010 614,691 $ 4.30
Granted 425,180 4.69
Vested (317,974) 3.86
Forfeited (70,813) 4.74
Non-vested shares, January 3, 2012 651,084 $ 4.72
As of January 3, 2012, the weighted-average remaining life of total outstanding options and SARs, and exercisable and vested options and
SARs was 6.85 years and 5.17 years, respectively. As of January 3, 2012, the aggregate intrinsic value of outstanding options and SARs, and
exercisable and vested options and SARs was $4.1 million and $2.8 million, respectively.
The following table summarizes information about stock options and SARs outstanding at January 3, 2012:
Options and SARs Outstanding Options and SARs Exercisable
Range of Exercise Prices
Number of
Options
Wt.Avg.
Exercise
Price
Wt.Avg.
Remaining
Life (Years)
Number of
Options
Wt.Avg.
Exercise
Price
$0.00 - $5.00 131,974 $ 4.57 7.04 100,643 $ 4.58
$5.01 - $10.00 172,388 7.46 3.93 150,722 7.63
$10.01 - $15.00 437,678 11.89 7.22 199,271 12.03
$15.01 - $25.00
475,709
16.23
7.51
116,029
17.61