Pier 1 2015 Annual Report Download - page 135

EXECUTIVE COMPENSATION
Name Grant Date
Estimated Future Payouts
Under Non-Equity
Incentive Plan Awards (1)
Estimated Future Payouts
Under Equity Incentive
Plan Awards (2)
All
other
Stock
Awards:
Number
of Shares
of Stock
or Units
(#)
All
Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)
Exercise
or Base
Price of
Option
Awards
($/Share)
Grant
Date
Fair
Value of
Stock
and
Option
Awards (3)
($)
Threshold
($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#)
Sharon M. Leite 04/03/2014 $ 29,500 $ 295,000 $ 737,500 – N/A – – N/A N/A N/A
04/06/2012 – – – 1,202 2,404 2,404 – N/A N/A $ 44,931
04/12/2013 – – – 917 1,835 1,835 – N/A N/A $ 34,296
04/11/2014 – – – 1,206 2,413 2,413 – N/A N/A $ 42,903
04/11/2014 – – – 1,045 2,090 5,225 – N/A N/A $ 47,234
04/11/2014 – – – 1,567 3,135 7,837 – N/A N/A $ 139,342
04/11/2014 – – – – N/A – 8,359 N/A N/A $ 148,623
10/16/2014 – – – – N/A – 40,760 N/A N/A $ 501,348
(1) These columns show the potential value of the payout for each NEO under the annual short-term incentive cash award described above (grant date April 3, 2014) if the threshold, target or maximum
amount of the Profit Goal for fiscal 2015 was met. The calculations for the short-term incentives are based on the NEO’s fiscal 2015 annual base salary. The fiscal 2015 annual base salary in effect for
incentive cash award calculations for Mr. Smith was $1,250,000; for Mr. Turner was $475,000; for Ms. Coffey was $270,000 for the period March 2, 2014 through April 26, 2014, $280,000 for the
period April 27, 2014 through February 9, 2015 and $325,000 for the period February 10, 2015 through February 28, 2015; for Mr. Benkel was $330,000 for the period March 2, 2014 through
April 26, 2014 and $360,000 for the period April 27, 2014 through February 28, 2015; for Ms. David was $420,000 for the period March 2, 2014 through April 26, 2014 and $430,000 for the period
April 27, 2014 through February 28, 2015; and for Ms. Leite was $360,000 for the period March 2, 2014 through April 26, 2014 and $400,000 for the period April 27, 2014 through February 28,
2015. The Realized Profit for fiscal 2015 was below the threshold set for fiscal 2015 and, as a result, no fiscal 2015 short-term incentives were earned.
(2) These columns show the potential number of shares that will vest for each NEO under the performance-based restricted stock awards described above (award dates, April 6, 2012, April 12, 2013 and
April 11, 2014, except for Mr. Smith who had February 26, 2012, March 3, 2013, and March 2, 2014 award dates) if the threshold, target or maximum amount of the fiscal 2015 Profit Goal was 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 11, 2014, except for Mr. Smith who
had a March 2, 2014 award date) if the threshold, target or maximum percentile TSR ranking within a peer group is attained. These columns also show the potential number of shares that will vest for
each NEO, other than Mr. Smith, under the e-Commerce sales performance based shares described above (award date April 11, 2014) if the threshold, target or maximum percentage of e-Commerce
sales is attained in fiscal 2017 and Pier 1 Imports attains a threshold level of total sales in fiscal 2017.
(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. Refer to footnote #2 of the Summary Compensation Table for additional information.
Outstanding Equity Awards Table for the Fiscal Year Ended February 28, 2015
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 2015. Market value was determined using the closing price of Pier 1 Imports common stock of $12.06 (the
NYSE closing price on February 27, 2015, which was the last trading day of fiscal 2015).
Name
Option Awards Stock Awards
Grant
Date (1)
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($)
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
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other
Rights
That Have
Not
Vested (4)
(#)
Equity
Incentive
Plan
Awards:
Market or
Payout
Value of
Unearned
Shares,
Units or
Other
Rights
That Have
not Vested
($)
Alexander W. Smith 02/19/2007 944,000 $ 6.69 02/19/2017
02/26/2012 87,250 (5) $1,052,235
03/03/2013 95,840 (5) $1,155,830
03/02/2014 120,000 (5) $1,447,200
03/03/2013 75,000 (5) $ 904,500
03/02/2014 75,000 (5) $ 904,500
06/13/2012 360,000 (3) $4,341,600
Charles H. Turner
(retired February 10,
2015)
07/01/2005 15,000 $14.25 07/01/2015
04/11/2008 45,000 $ 7.45 02/10/2018
PIER 1 IMPORTS, INC. 2015 Proxy Statement 53