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Share-Based Compensation - Restated (Tables)
 12 Months Ended
Feb. 02, 2013
Share-Based Compensation - Restated  
Schedule of assumptions used to estimate the fair value of options granted

 

 

 

Fiscal Year

 

Assumptions (1)

 

2012

 

2011

 

2010

 

Risk-free interest rates (2)

 

0.1% - 1.1%

 

0.1% - 1.3%

 

1.5% - 2.5%

 

Expected dividend yield

 

0.0%

 

0.0%

 

0.0%

 

Expected volatility rates of our common stock (3)

 

29.0% - 35.2%

 

30.7% - 37.8%

 

39.4% - 41.5%

 

Expected life of options (in years) (4)

 

1.0 - 5.0

 

1.0 - 5.0

 

5.0 - 8.0

 

Weighted average fair value of options (5)

 

$

8.46

 

$

10.07

 

$

4.52

 

 

(1)                                 Forfeitures were estimated based on historical experience and anticipated events.

 

(2)                                 Based on constant maturity interest rates for U.S. Treasury instruments with terms consistent with the expected lives of the awards.

 

(3)                                 We considered both the historical volatility as well as implied volatilities from the exchange-traded options on the common stock of a peer group of companies.

 

(4)                                 Expected lives were based on an analysis of historical exercise and post-vesting employment termination behavior. Since fair value was remeasured at the end of the year in 2011 and 2012, the expected life was adjusted based on the remaining life of the options.

 

(5)                                 The Company’s 2012, 2011 and 2010 common stock valuations relied on projections of our future performance, estimates of our weighted average cost of capital, and metrics based on the performance of a peer group of similar companies, including valuation multiples and stock price volatility. The fair value of equity per share utilized in our calculation ranged from $24.09 to $25.08 in fiscal 2012, $15.22 to $17.95 in fiscal 2011, and $11.55 to $14.47 in fiscal 2010.  For fiscal 2012 and 2011, the weighted average fair value of options was re-valued under liability accounting as of the end of the fiscal year for all options granted during the fiscal year. For fiscal 2010, the weighted average fair value of options is as of the grant date for options granted during fiscal 2010.

 
Schedule of summary of stock option activity

 

 

 

Number of
Shares
(In millions)

 

Weighted-Average
Exercise Price

 

Weighted-Average
Remaining
Contractual Term
(In years)

 

Aggregate
Intrinsic Value
(In millions)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 28, 2012

 

10.6

 

$

15.52

 

 

 

 

 

Granted

 

0.3

 

24.68

 

 

 

 

 

Exercised

 

(0.4

)

16.17

 

 

 

 

 

Cancelled/Forfeited

 

(1.4

)

15.48

 

 

 

 

 

Outstanding at February 2, 2013

 

9.1

 

$

15.86

 

4.6

 

$

101

 

Vested and Exercisable at February 2, 2013

 

5.9

 

$

15.58

 

4.1

 

$

67