Pier 1 2007 Annual Report Download - page 118

(6) This column shows the full grant date fair value of the performance based restricted stock awards, the time
based restricted stock awards and the stock options to the named executive officers under SFAS 123R in
fiscal 2007. Generally, the full grant date fair value is the amount that Pier 1 would expense in its financial
statements over the award’s vesting schedule. As Messrs. Girouard, Weatherly, Schneider and Walker were
retirement eligible under the provisions of their stock option grant agreements under the Pier 1 Imports,
Inc. 2006 Stock Incentive Plan (given either their age or their age and years of employment with Pier 1),
the fair value of their stock option awards were expensed in their entirety in fiscal 2007. The restricted
stock awards were fair valued using the closing price of Pier 1’s common stock on the date of grant of
$7.55. For stock options, fair value was calculated using the Black Scholes model value on the date of
grant of $3.58. In accordance with SFAS 123R, no grant date fair value has been determined for
Mr. Smith’s performance based Option 2 award of 2,000,000 shares. This value will be determined when
the performance targets related to these options are set by the board. For additional information on the val-
uation assumptions, refer to note #11 to the Pier 1 Imports, Inc. consolidated financial statements in the
2007 Form 10-K. These amounts reflect Pier 1’s accounting expense and do not necessarily correspond to
the actual value that will be recognized by the named executive officers.
Outstanding Equity Awards Table for the Fiscal Year Ended March 3, 2007
The following table provides information on the current outstanding stock option and restricted stock
awards held by each named executive officer as of the end of fiscal 2007. Market value was determined using
the closing price of Pier 1’s common stock of $6.63 (the NYSE closing price on March 2, 2007, which was
the last business day of fiscal 2007).
Name Grant Date(1)
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable(2)
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock That
Have Not
Vested(4)
(#)
Market
Value of
Shares or
Units of
Stock
That
Have Not
Vested
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested(5)
(#)
Equity
Incentive
Plan
Awards:
Market or
Payout
Value of
Unearned
Shares,
Units or
Other
Rights That
Have not
Vested
($)
Option Awards Stock Awards
Marvin J. Girouard . . . . . . . . 12/23/1997 150,000 $12.8333 12/23/2007
(retired February 19, 2007) 09/17/1998 100,000 $ 8.5000 09/17/2008
09/14/1999 200,000 $ 5.8125 09/14/2009
10/12/2000 230,000 $10.4375 02/19/2010
09/27/2001 300,000 $ 8.2600 02/19/2010
09/26/2002 300,000 $20.3800 02/19/2010
09/25/2003 300,000 $19.4000 02/19/2010
06/28/2004 300,000 $17.2500 02/19/2010
07/01/2005 200,000 $14.2500 02/19/2010
06/23/2006 300,000 $ 7.5500 02/19/2010
Alexander W. Smith . . . . . . . 02/19/2007 1,000,000 $ 6.69 02/19/2017
02/19/2007 2,000,000(3) $ 6.69 02/19/2017
Charles H. Turner . . . . . . . . 12/23/1997 72,000 $12.8333 12/23/2007
10/12/2000 60,000 $10.4375 10/12/2010
09/27/2001 75,000 $ 8.2600 09/27/2011
09/26/2002 100,000 $20.3800 09/26/2012
09/25/2003 100,000 $19.4000 09/25/2013
06/28/2004 100,000 $17.2500 06/28/2014
07/01/2005 5,000 15,000 $14.2500 07/01/2015
06/23/2006 30,000 $ 7.5500 06/23/2016
06/23/2006 11,000 $72,930
07/01/2005 12,060 $79,958
06/23/2006 12,000 $79,560
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