Neiman Marcus 2013 Annual Report Download - page 131
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Table of Contents
Grant Date Fair Value of Stock Options. At the date of grant, the stock option exercise price equals or exceeds the fair market value of Parent's
common stock. Because Parent is privately held and there is no public market for its common stock, the fair market value of Parent's common stock is
determined by our Compensation Committee at the time option grants are awarded (Level 3 determination of fair value). In determining the fair market value
of Parent's common stock, the Compensation Committee considers such factors as any recent transactions involving Parent's common stock, the Company’s
actual and projected financial results, the principal amount of the Company’s indebtedness, valuations of the Company performed by third parties and other
factors it believes are material to the valuation process.
We use the Black-Scholes option-pricing model to determine the fair value of our options as of the date of grant. We used the following assumptions
to estimate the fair value for stock options at grant date:
Weighted average exercise price
$ 1,000
Weighted term in years
5
Weighted average volatility
45.12%
Risk-free interest rate
1.39%
Dividend yield
—
Weighted average fair value
$ 407
Expected volatility is based on estimates of implied volatility of our peer group.
The following table summarizes the changes in accumulated other comprehensive loss by component (amounts are recorded net of related income
taxes):
Balance, August 3, 2013
$ (3,999)
$ (103,530)
$ (107,529)
Other comprehensive earnings before reclassifications
610
490
1,100
Amounts reclassified from accumulated other comprehensive loss (1)
224
—
224
Balance, November 2, 2013
$ (3,165)
$ (103,040)
$ (106,205)
Balance, November 2, 2013
$ —
$ —
$ —
Other comprehensive loss before reclassifications
(954)
(16,475)
(17,429)
Balance, August 2, 2014
$ (954)
$ (16,475)
$ (17,429)
(1) The amounts reclassified from accumulated other comprehensive loss are recorded within interest expense on the Consolidated Statements of
Operations.
F-35