Hibbett Sports 2011 Annual Report Download - page 47

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The following table summarizes the restricted stock unit awards activity under all of our plans during the fiscal year
ended January 29, 2011:
Number of
Awards
Weighted
Average
Grant Date
Fair Value
Number of
Awards
Weighted
Average
Grant Date
Fair Value
Number of
Awards
Weighted
Average
Grant Date
Fair Value
Restricted stock unit awards
outstanding at January 30, 2010 373,249 20.23$ 156,935 16.83$ 530,184 19.23$
Granted 119,921 25.86 73,500 25.86 193,421 25.86
Vested (20,100) 28.33 (12,165) 26.46 (32,265) 27.62
Forfeited, cancelled or expired (11,910) 21.19 - (11,910) 21.25
Restricted stock unit awards
outstanding at January 29, 2011 461,160 218,270 679,430
RSUs PSUs TOTALS
The weighted average grant date fair value of our RSUs granted was $25.86, $18.06 and $15.12 for the fiscal years
ended January 29, 2011, January 30, 2010 and January 31, 2009, respectively. There were 193,421, 238,607 and 231,255 RSUs
granted during Fiscal 2011, Fiscal 2010 and Fiscal 2009, respectively. The compensation expense included in store operating,
selling and administrative expenses and recognized during Fiscal 2011, Fiscal 2010 and Fiscal 2009 was $3.9 million, $2.3
million and $1.5 million, respectively, before the recognized income tax benefit of $1.4 million, $0.9 million and $0.6 million,
respectively.
During the fiscal year ended January 29, 2011, restricted stock unit awards of 193,421 units, including 73,500 awards
that were PSUs, vested with an intrinsic value of $5.0 million. The total intrinsic value of our restricted stock unit awards
outstanding and unvested at January 29, 2011, January 30, 2010 and January 31, 2009 was $22.1 million, $11.3 million and $4.2
million, respectively. As of January 29, 2011, there was approximately $7.7 million of total unamortized unrecognized
compensation cost related to restricted stock unit awards. This cost is expected to be recognized over a weighted average period
of 2.5 years.
Employee Stock Purchase Plan
The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain
limitations, at 85% of the lesser of the market value at the end of each calendar quarter (purchase date) or the beginning of each
calendar quarter. Our employees purchased 13,144 shares of common stock at an average price of $19.92 per share through the
ESPP for the fiscal year ended January 29, 2011. Our employees purchased 19,152 shares of common stock at an average price
of $14.34 per share through the ESPP for the fiscal year ended January 30, 2010. Our employees purchased 25,263 shares of
common stock at an average price of $14.11 per share through the ESPP for the fiscal year ended January 31, 2009.
The assumptions used in the option pricing model were as follows:
January 29, January 30, January 31,
2011 2010 2009
Weighted average fair value at date of grant $5.19 $4.27 $4.35
Expected life (years) 0.25 0.25 0.25
Expected volatility 43.5% - 46.6% 47.5% - 68.0% 48.0% - 51.5%
Risk-free interest rate 0.05% - 0.15% 0.03% - 0.22% 1.14% - 3.06%
Dividend yield None None None
Fiscal Year Ended
The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of
ASC Topic 718 as it relates to accounting for certain employee stock purchase plans with a look-back option. The compensation
expense included in store operating, selling and administrative expenses and recognized during each of the fiscal years ended
January 29, 2011, January 30, 2010 and January 31, 2009 was $0.1 million.