Pier 1 2008 Annual Report Download - page 120

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became 100% vested upon his date of termination and exercisable for three years following the date of ter-
mination given his age and years of service as of that date.
(4) This column shows the exercise price for the stock options granted, which was the closing market price of
Pier 1 Imports’ common stock on April 13, 2007.
(5) This column shows the full grant date fair value of the time based restricted stock awards and the stock
options to the named executive officers under SFAS 123R in fiscal 2008. Generally, the full grant date fair
value is the amount that Pier 1 Imports would expense in its financial statements over the award’s vesting
schedule. As Messrs. 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 their respective
age and years of employment with Pier 1 Imports), the fair value of their stock option awards were
expensed in their entirety in fiscal 2008. The grant date fair value of the restricted stock awards was based
on the closing price of Pier 1 Imports’ common stock on the date of grant of $7.77. For stock options,
grant date fair value was calculated using the Black Scholes model value on the date of grant as $3.33.
For additional information on the valuation assumptions, refer to note #10 to the Pier 1 Imports, Inc. con-
solidated financial statements in the 2008 Form 10-K. These amounts reflect Pier 1 Imports’ accounting
expense and do not necessarily correspond to the actual value that will be recognized by the named execu-
tive officers.
Outstanding Equity Awards Table for the Fiscal Year Ended March 1, 2008
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 2008. Market value was determined using
the closing price of Pier 1 Imports’ common stock of $5.24 (the NYSE closing price on February 29, 2008,
which was the last business day of fiscal 2008).
Name Grant Date(1)
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable(2)
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($)
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
Alexander W. Smith . . . . . . . . 02/19/2007 1,000,000 $ 6.6900 02/19/2017
02/19/2007 2,000,000(3) $ 6.6900 02/19/2017
Charles H. Turner . . . . . . . . . 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 10,000 10,000 $14.2500 07/01/2015
06/23/2006 7,500 22,500 $ 7.5500 06/23/2016
04/13/2007 60,000 $ 7.7700 04/13/2017
07/01/2005 6,120 $32,069
06/23/2006 7,370 $38,619
04/13/2007 12,000 $62,880
06/23/2006 12,000 $62,880
Gregory S. Humenesky . . . . . . 03/03/2005 2,500 2,500 $18.4900 03/03/2015
07/01/2005 10,000 10,000 $14.2500 07/01/2015
06/23/2006 7,500 22,500 $ 7.5500 06/23/2016
04/13/2007 60,000 $ 7.7700 04/13/2017
07/01/2005 6,120 $32,069
06/23/2006 7,370 $38,619
04/13/2007 12,000 $62,880
06/23/2006 12,000 $62,880
39