Einstein Bros 2013 Annual Report Download - page 59

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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
Changes in outstanding stock options and SARs during the fiscal years 2011, 2012 and 2013 were as follows:
Number of Options and SARs Weighted -Average Exercise Price
2011 2012 2013 2011 2012 2013
Outstanding, beginning of year 1,069,819 1,217,749 1,135,209 $ 10.11 $ 12.17 $ 13.05
January 8, 2013 conversion x 1.3 ÷ 1.3
Outstanding, as converted 1,475,772 $ 10.04
Granted 425,180 322,427 367,200 15.61 14.44 14.06
Exercised (183,278) (231,009) (488,656) 7.49 9.07 9.06
Forfeited (93,972) (117,701) (137,782) 13.48 13.66 12.97
Cancelled — (56,257) (2,110) — 16.81 8.66
Outstanding, ending of year 1,217,749 1,135,209 1,214,424 $ 12.17 $ 13.05 $ 11.46
Exercisable and vested, end of year 566,665 553,105 625,166 $ 10.68 $ 11.55 $ 10.04
A summary of the status of the Company’ s non-vested stock options and SARs as of December 31, 2013, and changes during the fiscal year
then ended, is presented below:
Number
of Options
Weighted-
Average
Grant
Date Fair
Value
Non-vested shares, January 1, 2013 582,104 $ 4.72
January 8, 2013 conversion x 1.3 ÷ 1.3
Non-vested shares, as converted 756,735 $ 3.63
Granted 367,200 2.82
Vested (398,819) 3.57
Forfeited (135,858) 3.62
Non-vested shares, December 31, 2013 589,258 $ 3.09
75
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
As of December 31, 2013, the weighted-average remaining life of total outstanding options and SARs, and exercisable and vested options
and SARs was 6.76 years and 5.39 years, respectively. As of December 31, 2013, the aggregate intrinsic value of outstanding options and SARs,
and exercisable and vested options and SARs was $3.9 million and $2.8 million, respectively.
The following table summarizes information about stock options and SARs outstanding at December 31, 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 38,550 $ 3.51 5.03 38,550 $ 3.51
$5.01 - $10.00 235,793 8.60 4.62 235,793 8.60
$10.01 - $15.00 886,581 12.19 7.30 350,823 11.72
$15.01 - $20.00 53,500 17.70 8.54 — —
1,214,424 $11.46 6.76 625,166 $ 10.04
As of December 31, 2013, the Company has approximately $0.7 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 1.34 years.
Restricted Stock Unit Activity
The Company issues RSU’ s under the Omnibus Plan. 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.