Pier 1 2011 Annual Report Download - page 124

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Table for fiscal 2010. The total value included in the Summary Compensation Table reflects Pier 1 Imports’
accounting expense for these awards, and does not necessarily correspond to the actual value that will be
recognized by Mr. Smith. The time-based awards vest over a total period of more than five years.
As of February 26, 2011, only 562,500 of the shares subject to time-based vesting had been legally granted to
Mr. Smith; however, Pier 1 Imports is obligated to grant the remaining 375,000 shares subject to time-based
vesting (in addition to the shares subject to performance-based vesting) in the future in accordance with his
employment agreement.
(2) Ms. David’s employment began in fiscal 2010 and she was not a named executive officer in fiscal 2010.
(3) This column represents the amount of base salary paid to the named executive officer during each fiscal year.
(4) This column represents discretionary bonus amounts earned in fiscal 2011 as described in the Compensation
Discussion and Analysis above.
(5) This column represents the grant date fair value of time-based and performance-based restricted stock awards
granted during the fiscal year. These amounts reflect Pier 1 Imports’ accounting expense for these awards in
accordance with accounting rules, and do not necessarily correspond to the actual value that will be recognized
by the named executive officer. For restricted stock awards, fair value is calculated using the closing price of
Pier 1 Imports’ common stock on the date of grant. The closing price on the date of grant for fiscal 2011 grants
was $6.50 for Mr. Smith and $8.64 for the other named executive officers. The amounts shown exclude the
impact of estimated forfeitures related to service-based vesting conditions. For performance-based awards, the
grant date fair value is based on the probable outcome of Pier 1 Imports achieving performance targets. The
amounts in the table assume targets are met and the maximum number of shares awarded will vest.
(6) This column includes the short-term incentive cash award amounts earned in fiscal 2011 for each named
executive officer. This column also includes the amounts earned in fiscal 2011 by each eligible named executive
officer under the long-term incentive cash award granted in fiscal 2010. The amounts earned in fiscal 2011
under the fiscal 2010 long-term incentive cash award and payable at the end of fiscal 2012, provided the
participant is employed on such date, are $85,000 for Mr. Turner, $58,333 for Ms. David, $55,000 for
Mr. Humenesky, and $55,000 for Ms. Leite.
(7) This column represents the sum of the change in pension value and above market earnings on non-qualified
deferred compensation earnings for each of the named executive officers. Neither Ms. Leite nor Ms. David is a
participant in a Pier 1 Imports defined benefit plan.
The change in pension values were:
Name
Fiscal
2011
Fiscal
2010
Fiscal
2009
Alexander W. Smith $2,597,109 $764,755 $681,873
Charles H. Turner $ 941,355 $346,637 $654,343
Gregory S. Humenesky $ 261,666 $103,615 $ 68,092
See “Pension Benefits Table for the Fiscal Year Ended February 26, 2011” below for additional information.
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