Petsmart 2011 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 of the 2011 Petsmart annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

PetSmart, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements — (Continued)
Employee Stock Purchase Plan
We have an Employee Stock Purchase Plan, or “ESPP,” that allows essentially all employees who meet
certain service requirements to purchase our common stock on semi-annual offering dates at a discount. The
ESPP allows employees to purchase our common stock on semi-annual offering dates at 95% of the fair market
value of the shares on the purchase date. A maximum of 4.0 million shares is authorized for purchase until the
ESPP plan termination date of July 31, 2012. Share purchases and proceeds were as follows (in thousands):
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
Shares purchased ................................... 99 68 167
Aggregate proceeds ................................. $3,918 $1,999 $3,784
Stock-Based Compensation Expense
Stock-based compensation expense and the total income tax benefit recognized in the Consolidated State-
ments of Income and Comprehensive Income were as follows (in thousands):
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
Stock options expense .................................... $11,435 $ 9,668 $ 8,263
Restricted stock expense .................................. 4,624 6,559 11,626
Performance share unit expense ............................ 11,930 7,701 3,369
Stock-based compensation expense — equity awards ......... 27,989 23,928 23,258
Management equity unit expense ........................... 11,457 5,481 1,534
Total stock-based compensation expense ................... $39,446 $29,409 $24,792
Tax benefit ............................................. $14,764 $10,286 $ 8,824
At January 29, 2012, the total unrecognized stock-based compensation expense for equity awards, net of
estimated forfeitures, was $29.9 million and is expected to be recognized over a weighted average period of
2.1 years. At January 29, 2012, the total unrecognized stock-based compensation expense for liability awards, net
of estimated forfeitures, was $9.9 million and is expected to be recognized over a weighted average period of
1.8 years.
F-23