Pier 1 2007 Annual Report Download - page 95

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During fiscal 2007, each non-employee director also received an annual grant under Pier 1’s 2006 Stock
Incentive Plan of stock options covering 6,000 shares of common stock, which vested immediately on the date
of grant. The exercise price for each option is the closing price of the common stock on the date of grant.
These vested options terminate 10 years from the date of grant.
Fiscal 2007 Non-Employee Director Compensation Table
The following table sets forth a summary of the compensation with respect to the fiscal year ended
March 3, 2007 for services rendered in all capacities to Pier 1 by Pier 1’s non-employee directors:
Name
Fees Earned
or Paid
in Cash(1)
($)
Stock
Awards(2)
($)
Option
Awards(3)
($)
Non-Equity
Incentive Plan
Compensation
($)
Change in
Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings
($)
All Other
Compensation
($)
Total
($)
John H. Burgoyne ........ $ 52,500 $13,125 $21,498 $0 $0 $0 $ 87,123
Michael R. Ferrari ....... $ 53,750 $13,438 $21,498 $0 $0 $0 $ 88,686
James M. Hoak, Jr. ...... $107,787 $53,894 $21,498 $0 $0 $0 $183,179
Karen W. Katz .......... $ 49,000 $24,500 $21,498 $0 $0 $0 $ 94,998
Terry E. London ......... $ 55,250 $13,813 $21,498 $0 $0 $0 $ 90,561
Tom M. Thomas ......... $107,092 $53,546 $21,498 $0 $0 $0 $182,136
(1) This column represents the amount of cash compensation earned in fiscal 2007 for board and committee
service. As described in footnote 2 below, either 50% or 100% of this cash compensation was deferred.
(2) This column represents the dollar value of Pier 1’s 50% match on fees deferred by each director. This
amount was converted to DSU’s as shown in the table below. The dollar amount recognized for fiscal
2007 financial statement reporting purposes was the grant date fair value of such DSU’s granted in fiscal
2007 in accordance with SFAS No. 123 (Revised 2004), “Share-Based Payment” (“SFAS 123R”). The
number of DSU’s is calculated using the closing price of Pier 1’s common stock on the first business day
following the month the fees were earned, which price approximates the fair value of the units. There were
no forfeitures during fiscal 2007. The differences in amounts shown among board members are the amount
of fees deferred into DSU’s given each director’s elected deferral percentage shown below.
The following table shows fiscal 2007 DSU’s for each non-employee director given their fees, deferral per-
centage, Pier 1 match and dividends paid by Pier 1:
Name
Total
Fiscal
Year 2007
Fees
Earned
($)
Deferral
%
Fiscal
Year 2007
Fees
Deferred($)
DSU’s
Converted
from
Deferred
Fees
(#)
DSU’s
Converted
from 50%
Company
Match
(#)
Dividends
Deferred
During
Fiscal
Year
2007
($)
DSU’s
Converted
from
Deferred
Dividends (#)
Aggregate
DSU’s
Owned
at Fiscal
2007 Year
End
(#)
John H. Burgoyne . . $ 52,500 50% $ 26,250 3,556 1,778 $ 7,287 1,053 41,324
Michael R. Ferrari. . $ 53,750 50% $ 26,875 3,635 1,818 $ 6,908 999 39,455
James M. Hoak, Jr. . . $107,787 100% $107,787 12,950 6,475 $10,098 1,463 62,703
Karen W. Katz . . . . $ 49,000 100% $ 49,000 6,640 3,320 $ 4,478 650 30,464
Terry E. London . . . $ 55,250 50% $ 27,625 3,747 1,874 $ 1,422 208 11,568
Tom M. Thomas . . . $107,092 100% $107,092 12,871 6,436 $ 9,710 1,407 60,694
8