XML 78 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Awards (Notes)
 3 Months Ended
Oct. 27, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Awards
Stock-Based Awards

The Company has certain stock-based compensation plans which provide for the grants of stock options, time based restricted share units (“RSUs”), and performance based restricted share units (“Performance RSUs”).

Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during the three months ended October 27, 2012 and October 29, 2011 were as follows:
 
For the Three Months Ended
 
October 27, 2012
 
October 29, 2011
 
 
(Dollars in thousands)
Stock-based compensation
$
2,266

 
$
1,326

 
Tax benefit recognized
$
(765
)
 
$
(372
)
 


As of October 27, 2012, unrecognized compensation expense related to stock options, RSUs and Performance RSUs was $6.4 million, $2.2 million and $10.6 million, respectively. This expense will be recognized over a weighted-average period of 2.1, 2.5 and 2.2 years, respectively, which is the weighted average remaining contractual term for RSUs and Performance RSUs. For performance based awards, the unrecognized compensation expense is based on the maximum amount of restricted share units that can be earned under outstanding awards. If the performance goals are not met, no compensation expense will be recognized for these share units and compensation expense previously recognized will be reversed.

 Stock Options - The following table summarizes stock option award activity during the three months ended October 27, 2012:
 
 
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
 
 
 
Outstanding as of July 28, 2012
3,298,747

 
$
17.08

Granted
—

 
$
—

Options exercised
(21,230
)
 
$
7.81

Forfeited or cancelled
(98,095
)
 
$
24.65

Outstanding as of October 27, 2012
3,179,422

 
$
16.91

 
 
 
 
Exercisable options as of October 27, 2012
1,787,886

 
$
20.84


 
Options exercisable presented above reflect the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate.

RSUs and Performance RSUs - The following table summarizes RSU and Performance RSU activity during the three months ended October 27, 2012:

 
Restricted Stock
 
RSUs
Performance RSUs
 
Share Units
 
Weighted Average Grant Price
 
Share Units
 
Weighted Average Grant Price
 
 
 
 
 
 
 
 
 
 
Outstanding as of July 28, 2012
222,760

 
$
14.49

 
774,264

 
$
18.76

 
Granted
1,280

 
$
17.80

 
101,568

 
$
13.85

 
Share units vested
(1,280
)
 
$
17.80

 
(36,341
)
 
$
14.53

 
Forfeited or cancelled
(3,000
)
 
$
7.98

 
(44,011
)
 
$
15.41

 
Outstanding as of October 27, 2012
219,760

 
$
14.58

 
795,480

 
$
18.51

 

 
The unvested time vesting share units reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures. The RSUs in the above tables that were granted and vested during the three months ended October 27, 2012 relate to director quarterly retainer awards. The Performance RSUs in the above table represent the maximum number of awards that could vest, which is two hundred percent of the target award. Accordingly, the target amount of Performance RSUs outstanding as of October 27, 2012 was 397,740. Approximately 101,000 Performance RSUs outstanding as of October 27, 2012 will be canceled in December 2012 as a result of the fiscal 2012 performance criteria.