Pier 1 2008 Annual Report Download - page 94

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(2) This column represents the dollar value of Pier 1 Imports’ 25% match on director annual retainer fees (but
not committee chair or chairman annual retainers) deferred by each director. This amount was converted
to DSU’s as shown in the table below. The dollar amount recognized for fiscal 2008 financial statement
reporting purposes was the grant date fair value of such DSU’s granted in fiscal 2008 in accordance with
SFAS No. 123 (Revised 2004), “Share-Based Payment” (“SFAS 123R”). The number of DSU’s is calcu-
lated using the closing price of Pier 1 Imports’ common stock on the first business day following the
month the fees were earned, which price approximates the fair value of the units.
The following table shows fiscal 2008 DSU’s for each non-employee director given his or her fees, defer-
ral percentage and Pier 1 Imports’ match:
Name
Total
Fiscal
Year 2008
Fees
Earned
($)
Deferral
%
Fiscal
Year 2008
Fees
Deferred
($)
DSU’s
Converted
from
Deferred
Fees
(#)
DSU’s
Converted
from 25%
Company
Match
(#)
Dividends
Deferred
During
Fiscal
Year
2008
($)
DSU’s
Converted
from
Deferred
Dividends
(#)
Aggregate
DSU’s
Owned at
Fiscal
2008
Year-End
(#)
John H. Burgoyne . . . . . . . $166,150 50%/75%(a) $ 90,367 15,489 3,434 $0 0 60,247
Michael R. Ferrari . . . . . . . $159,212 50% $ 79,606 13,565 3,180 $0 0 56,199
James M. Hoak, Jr. . . . . . . $ 56,390 100% $ 56,390 7,512 1,608 $0 0 71,823(b)
Robert B. Holland, III . . . . $101,233 100% $101,233 18,999 4,750 $0 0 23,749
Karen W. Katz . . . . . . . . . $149,278 100% $149,278 25,436 6,359 $0 0 62,259
Terry E. London . . . . . . . . $175,257 50% $ 87,629 14,917 3,217 $0 0 29,702
Cece Smith . . . . . . . . . . . . $101,233 100% $101,233 18,999 4,750 $0 0 23,749
Tom M. Thomas . . . . . . . . $223,236 100% $223,236 38,057 6,284 $0 0 105,035
(a) Effective January 1, 2008, Mr. Burgoyne elected to defer 75% of his cash fees.
(b) Upon the expiration of Mr. Hoak’s term as a director on June 28, 2007, his 71,823 DSU’s were
exchanged for 71,823 shares of Pier 1 Imports’ common stock.
The following table shows the Pier 1 Imports’ common stock closing price by month used to calculate the
number of DSU’s to be received for deferred director fees plus Pier 1 Imports’ match. This closing price
also represents the grant date fair value per share of each award in accordance with SFAS 123R.
Month in which Fees were Earned
Closing Price of Pier 1 Imports’ Common
Stock on First Business Day following the
Month in which Fees were Earned
March 2007 $6.96
April 2007 $7.46
May 2007 $7.33
June 2007 $8.26(1)
July 2007 $6.30
August 2007 $6.10
September 2007 $4.81
October 2007 $4.81
November 2007 $3.96
December 2007 $5.23
January 2008 $6.93
February 2008 $5.51
(1) Upon the expiration of Mr. Hoak’s term as a director on June 28, 2007, his 71,823 DSU’s were
exchanged for 71,823 shares of Pier 1 Imports’ common stock. The closing price of Pier 1 Imports’
common stock on June 28, 2007, was $8.47.
13