The Gap 2009 Annual Report Download - page 76

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Information about stock options outstanding, vested or expected to vest, and exercisable at January 30, 2010, is
as follows:
Range of Exercise Prices
Options Outstanding Options Exercisable
Number of
Shares at
January 30, 2010
Weighted-
Average
Remaining
Contractual
Life (in years)
Weighted-
Average
Exercise Price
Number of
Shares at
January 30, 2010
Weighted-
Average
Exercise Price
$ 4.10 - $15.42 .............................. 6,393,104 5.45 $12.77 3,530,455 $13.54
$15.95 - $18.26 .............................. 5,656,858 6.31 $17.15 3,286,742 $17.37
$18.29 - $19.68 .............................. 5,732,135 7.68 $19.34 1,686,918 $19.31
$19.70 - $21.55 .............................. 6,417,070 4.49 $21.22 6,168,769 $21.26
$21.60 - $30.13 .............................. 4,864,902 2.53 $24.05 4,858,402 $24.05
$30.25 - $45.56 .............................. 1,412,593 0.22 $42.77 1,412,593 $42.77
30,476,662 5.12 $19.79 20,943,879 $21.29
Vested or expected to vest at January 30, 2010 . . 25,548,499 4.56 $20.38
The aggregate intrinsic value of options outstanding, options vested or expected to vest, and options exercisable at
January 30, 2010 was $52 million, $39 million, and $25 million, respectively. Options exercisable at January 30, 2010
had a weighted-average remaining contractual life of 3.74 years.
Employee Stock Purchase Plan
Under our Employee Stock Purchase Plan (“ESPP”), eligible U.S. employees are able to purchase our common stock
at 85 percent of the closing price on the New York Stock Exchange on the last day of the three-month purchase
period. Accordingly, compensation expense is recognized for an amount equal to the 15 percent discount.
Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from
1 percent to 15 percent. There were 1,574,464, 1,543,827, and 1,485,699 shares issued under the ESPP during fiscal
2009, 2008, and 2007, respectively. At January 30, 2010, there were 8,684,826 shares reserved for future issuances.
Note 11. Leases
We lease most of our store premises and some of our corporate facilities and distribution centers. These operating
leases expire at various dates through 2033. Most store leases are for a five year base period and include options
that allow us to extend the lease term beyond the initial base period, subject to terms agreed upon at lease
inception. Some leases also include early termination options, which can be exercised under specific conditions.
We also lease certain equipment under operating leases that expire at various dates through 2012.
The aggregate minimum non-cancelable annual lease payments under leases in effect on January 30, 2010, are
as follows:
($ in millions)
Fiscal Year
2010 ............................................................................................ $ 986
2011............................................................................................. 792
2012 ............................................................................................ 608
2013 ............................................................................................ 476
2014 ............................................................................................ 372
Thereafter ....................................................................................... 938
Totalminimumleasecommitments ............................................................... $4,172
The total minimum lease commitment amount above does not include minimum sublease rent income of
$17 million receivable in the future under non-cancelable sublease agreements.
60 Gap Inc. Form 10-K