Hibbett Sports 2012 Annual Report Download - page 47

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Activity for our option plans during Fiscal 2012 was as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
($000's)
Options outstanding at January 29, 2011 631,041 21.54$ 4.90 6,933$
Granted 35,557 32.21
Exercised (245,402) 19.97
Forfeited, cancelled or expired - -
Options outstanding at January 28, 2012 421,196 23.35$ 5.16 9,837$
Exercisable at January 28, 2012 392,821 23.70$ 5.16 9,311$
The weighted average grant-date fair value of options granted during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was
$12.95, $11.00 and $9.48, respectively. The compensation expense included in store operating, selling and administrative
expenses and recognized during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was $0.4 million, $0.8 million and $1.8 million,
respectively, before the recognized income tax benefit of $0.2 million, $0.2 million and $0.4 million, respectively.
The total intrinsic value of stock options exercised during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was $5.3 million,
$11.3 million and $1.3 million, respectively. The total cash received from these stock option exercises during Fiscal 2012, Fiscal
2011 and Fiscal 2010 was $4.9 million, $9.1 million and $0.8 million, respectively. Excess income tax proceeds from stock
option exercises are included in cash flows from financing activities as required by ASC Topic 230, Statement of Cash Flows.
As of January 28, 2012, there was no unrecognized compensation cost related to nonvested stock options.
Restricted Stock and Performance-Based Units
RSUs and PSUs are granted with a fair value equal to the closing market price of our common stock on the date of
grant. All PSUs have been awarded in the form of restricted stock units. Compensation expense is recorded straight-line over
the vesting period and, in the case of PSUs, at the estimated percent of achievement. Restricted stock unit awards generally cliff
vest in four years from the date of grant for those awards that are not performance-based. PSUs provide for awards based on
achievement of certain predetermined corporate performance goals and cliff vest in one to five years from the date of grant after
achievement of stated performance criterion and upon meeting stated service conditions.
The following table summarizes the restricted stock unit awards activity under all of our plans during Fiscal 2012:
Number of
Awards
Weighted
Average
Grant-Date
Fair Value
Number of
Awards
Weighted
Average
Grant-Date
Fair Value
Number of
Awards
Weighted
Average
Grant-Date
Fair Value
Restricted stock unit awards
outstanding at January 29, 2011 461,160 21.41$ 218,270 19.98$ 679,430 20.95$
Granted 103,143 31.34 53,000 31.26 156,143 31.31
PSU multiplier earned (1) - - 40,335 24.89 40,335 24.89
Vested (92,041) 28.93 (15,755) 14.93 (107,796) 26.88
Forfeited, cancelled or expired (14,940) 22.57 - - (14,940) 22.57
Restricted stock unit awards
outstanding at January 28, 2012 457,322 22.09$ 295,850 22.95$ 753,172 22.43$
RSUs PSUs Totals
(1) PSU multiplier earned represents additional RSUs awarded to our NEOs above the target grant resulting from
the achievement of performance goals above the performance targets established at grant.
The weighted average grant date fair value of our RSUs granted was $31.31, $25.86 and $18.06 for the fiscal years
ended January 28, 2012, January 29, 2011 and January 30, 2010, respectively. There were 156,143, 193,421 and 238,607 RSUs
granted during Fiscal 2012, Fiscal 2011 and Fiscal 2010, respectively. The compensation expense included in store operating,
selling and administrative expenses and recognized during Fiscal 2012, Fiscal 2011 and Fiscal 2010 was $4.9 million, $3.9
million and $2.3 million, respectively, before the recognized income tax benefit of $1.8 million, $1.4 million and $0.9 million,
respectively.