Pier 1 2014 Annual Report Download - page 122

EXECUTIVE COMPENSATION
met. These columns also show the potential number of shares that will vest for each NEO under the TSR performance-based shares described above (award date April 12, 2013, except for Mr. Smith
who had a March 3, 2013 award date) if the threshold, target or maximum percentile TSR ranking within a peer group is attained.
(3) This column represents the aggregate grant date fair value of performance-based and time-based restricted stock awarded during the fiscal year, computed in accordance with FASB ASC Topic
718. The amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. For time-based and Profit Goal performance-based restricted stock awards, fair value
is calculated using the closing price of Pier 1 Imports’ common stock on the date of grant. If the date of grant occurs on a day when Pier 1 Imports’ common stock is not traded, then the closing price
on the last trading day before the date of grant is used. For TSR performance-based shares, fair value is determined by a valuation model. These amounts reflect Pier 1 Imports’ accounting expense for
these awards, and do not necessarily correspond to the actual value that will be recognized by the NEO. For Profit Goal performance-based awards, the grant date fair value is based on the probable
outcome of Pier 1 Imports achieving the Profit Goal for fiscal 2014. On the grant date, Pier 1 Imports assumed targets would be met and the maximum number of shares awarded would vest, therefore;
the maximum number of shares is included in the table. However, targets for fiscal 2014 were not achieved and the maximum number of shares did not vest. For TSR performance-based awards, the
grant date fair value is based on the probability Pier 1 Imports’ percentile ranking within the rankings of the annual equivalent return of the TSR of Pier 1 Imports and a peer group over a three-year
period will meet or exceed the established threshold.
Outstanding Equity Awards Table for the Fiscal Year Ended March 1, 2014
The following table provides information on the current outstanding stock option and unvested restricted stock awards held by each
NEO as of the end of fiscal 2014. Market value was determined using the closing price of Pier 1 Imports’ common stock of $18.92 (the
NYSE closing price on February 28, 2014, which was the last trading day of fiscal 2014).
Option Awards Stock Awards
Name Grant Date (1)
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock
That Have
Not
Vested (2)
(#)
Market
Value of
Shares or
Units of
Stock
That
Have Not
Vested
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other
Rights
That
Have Not
Vested (5)
(#)
Equity
Incentive
Plan
Awards:
Market or
Payout
Value of
Unearned
Shares,
Units or
Other
Rights
That
Have not
Vested
($)
Alexander W. Smith 02/19/2007 944,000 $ 6.69 02/19/2017
12/15/2009 62,500 (3) $1,182,500
02/27/2011 62,500 (6) $1,182,500
02/26/2012 125,000 (6) $2,365,000
03/03/2013 120,000 (6) $2,270,400
03/03/2013 75,000 (6) $1,419,000
06/13/2012 480,000 (4) $9,081,600
Charles H. Turner 06/28/2004 34,000 $17.25 06/28/2014
07/01/2005 15,000 $14.25 07/01/2015
04/11/2008 45,000 $ 7.45 04/11/2018
04/08/2011 5,780 $ 109,358
04/06/2012 7,350 $ 139,062
04/12/2013 8,388 $ 158,701
04/08/2011 5,780 $ 109,358
04/06/2012 6,431 $ 121,675
04/12/2013 7,340 $ 138,873
04/06/2012 17,142 $ 324,327
04/12/2013 13,107 $ 247,984
Michael R. Benkel 09/15/2008 20,000 $ 4.24 09/15/2018
04/08/2011 3,570 $ 67,544
04/06/2012 5,107 $ 96,624
04/12/2013 5,828 $ 110,266
04/08/2011 3,570 $ 67,544
04/06/2012 4,468 $ 84,535
04/12/2013 5,100 $ 96,492
04/06/2012 11,910 $ 225,337
04/12/2013 9,105 $ 172,267
44 PIER 1 IMPORTS, INC. 2014 Proxy Statement