Einstein Bros 2012 Annual Report Download - page 59

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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312513085036/d445565d10k.htm[9/11/2014 10:07:50 AM]
2010 2011 2012 2010 2011 2012
Outstanding, beginning of year 977,930 1,069,819 1,217,749 $ 8.80 $10.11 $12.17
Granted 492,250 425,180 322,427 11.62 15.61 14.44
Exercised (196,863) (183,278) (231,009) 5.36 7.49 9.07
Forfeited (180,437) (93,972) (117,701) 11.27 13.48 13.66
Cancelled (23,061) — (56,257) 18.22 — 16.81
Outstanding, end of year 1,069,819 1,217,749 1,135,209 $10.11 $12.17 $13.05
Exercisable and vested, end of year 455,128 566,665 553,105 $ 9.98 $10.68 $11.55
A summary of the status of the Company’ s non-vested stock options and SARs as of January 1, 2013, and changes during the fiscal year then
ended, is presented below:
Number
of Options
and SARS
Weighted-
Average
Grant
Date Fair
Value
Non-vested shares, January 3, 2012 651,084 $ 4.72
Granted 322,427 4.03
Vested (295,743) 4.51
Forfeited (95,664) 4.21
Non-vested shares, January 1, 2013 582,104 $ 4.53
As of January 1, 2013, the weighted-average remaining life of total outstanding options and SARs, and exercisable and vested options and
SARs was 6.82 years and 5.47 years, respectively. As of January 1, 2013, the aggregate intrinsic value of outstanding options and SARs, and
exercisable and vested options and SARs was $1.2 million and $1.1 million, respectively.
The following table summarizes information about stock options and SARs outstanding at January 1, 2013:
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 94,475 $ 4.58 5.99 94,475 $ 4.58
$5.01 - $10.00 76,200 8.08 1.56 76,200 8.08
$10.01 - $15.00 580,796 13.18 7.30 210,904 12.19
$15.01 - $25.00 383,738 15.94 7.34 171,526 16.15
1,135,209 $13.05 6.82 553,105 $ 11.55
As of January 1, 2013, the Company has approximately $0.8 million of total unrecognized compensation cost related to non-vested awards
granted under its plans, which will be recognized over a weighted-average period of 1.27 years.
73
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Restricted Stock Unit Activity
With the approval of the Omnibus Plan in May 2011, the Company can now issue RSUs. The Company’ s outstanding RSUs have a three year
life and one-third of each grant becomes unrestricted each year on the anniversary of the grant date. Upon vesting, the RSUs are generally net
share-settled to cover the required withholding tax and the remaining amount is converted into an equivalent number of shares of the Company’ s
common stock. The fair value of the Company’ s RSUs is determined based upon the closing fair market value of the Company’ s common stock on
the grant date.
Transactions for fiscal 2012 were as follows:
Number
of
Shares
Weighted
Average
Grant
Date Fair
Value
Aggregate
Intrinsic
Value