Foot Locker 2008 Annual Report Download - page 78

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62
The following table summarizes information about stock options outstanding and exercisable at January 31, 2009:
Range of Exercise Prices
Options Outstanding Options Exercisable
Number
Outstanding
Weighted-
Average
Remaining
Contractual
Life
Weighted-
Average
Exercise
Price
Number
Exercisable
Weighted-
Average
Exercise
Price
(in thousands, except prices per share)
$4.53 to $11.91 ....................... 1,871 4.54 $11.05 1,314 $10.81
$12.30 to $23.42 ...................... 2,019 4.98 $17.99 1,536 $16.81
$23.59 to $26.87 ...................... 1,529 5.73 $24.79 1,301 $24.92
$27.01 to $28.50 ...................... 661 5.62 $27.90 661 $27.90
$4.53 to $28.50 ...................... 6,080 5.10 $18.64 4,812 $18.89
Changes in the Company’s nonvested options at January 31, 2009 are summarized as follows:
Number of
Shares
Weighted-
Average Grant -
Date Fair Value
per Share
(in thousands)
Nonvested at February 3, 2008 ........................................... 1,447 $23.65
Granted ............................................................ 588 11.73
Vested ............................................................. (363) 24.57
Expired or Cancelled ................................................... (404) 24.12
Nonvested at January 31, 2009 ........................................... 1,268 17.71
As of January 31, 2009, there was $1.3 million of total unrecognized compensation cost related to nonvested
stock options, which is expected to be recognized over a weighted-average period of approximately 1 year.
Restricted Shares and Units
Restricted shares of the Company’s common stock may be awarded to officers and key employees of the
Company. For executives outside of the United States, the Company issues restricted stock units. Each restricted
stock unit represents the right to receive one share of the Company’s common stock, provided that the vesting
conditions are satisfied. In 2008, 2007 and 2006, there were 87,500, 90,000 and 20,000 restricted stock units
outstanding, respectively. Compensation expense is recognized using the fair market value at the date of grant
and is amortized over the vesting period, provided the recipient continues to be employed by the Company. These
awards fully vest after the passage of time, generally three years. Restricted stock is considered outstanding at the
time of grant, as the holders of restricted stock are entitled to receive dividends and have voting rights.
Restricted shares and units activity for the years ended January 31, 2009, February 2, 2008, and February 3, 2007
is summarized as follows:
Number of Shares and Units
2008 2007 2006
(in thousands)
Outstanding at beginning of the year ....................... 810 537 1,041
Granted ............................................. 243 583 157
Vested .............................................. (109) (285) (600)
Cancelled or forfeited ................................... (100) (25) (61)
Outstanding at end of year ............................... 844 810 537
Aggregate value (in millions) ............................. $ 16.7 $ 19.0 $ 13.6
Weighted average remaining contractual life ................. 1.28 years 1.77 years 0.93 years