Stock Options and Restricted Stock
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Feb. 01, 2014
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Stock Options and Restricted Stock | G. STOCK OPTIONS AND RESTRICTED STOCK The Company has one active stock-based compensation plan: the 2006 Incentive Compensation Plan (as amended and restated effective as of August 1, 2013, the “2006 Plan”). Under the terms of the 2006 Plan, up to 7,250,000 shares of common stock are available for the granting of awards; provided, however, that the maximum number of those shares that may be subject to the granting of awards other than stock options and stock appreciation rights cannot exceed 4,250,000 shares. The terms of the 2006 Plan provide for grants of stock options, SARs, restricted stock, deferred stock, other stock-related awards and performance awards that may be settled in cash, stock or other property. The 2006 Plan is administered by the Compensation Committee, all of the members of which are non-employee directors who qualify as independent under the listing standards of the Nasdaq Global Select Market. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Options granted to employees and executives typically vest over three years and options granted to non-employee directors vest over two years. Generally, options expire ten years from the date of grant. 2006 Plan—Stock Option and Restricted Share Award Activity Stock Option Activity The following table summarizes stock option activity under the 2006 Plan for fiscal 2013:
The intrinsic value of options exercised was $23,700 in fiscal 2013. There were no options exercised in fiscal 2012. Restricted Share Activity The following table summarizes activity for non-vested shares (“restricted shares”) under the 2006 Plan for fiscal 2013:
Approximately $8.1 million of the total unrecognized stock compensation cost of $12.2 million is related to restricted shares unvested at February 1, 2014. Approximately $4.8 million of the $8.1 million of unrecognized stock compensation is tied to performance-based awards, which were not deemed probable at February 1, 2014. The remaining $3.3 million of unrecognized stock compensation is tied to time-based awards and is expected to be recognized over a weighted-average period of 27.0 months. Share Availability Under the 2006 Plan At February 1, 2014, the Company has 1,206,540 shares available for future grant under the 2006 Plan. Of this amount, 963,109 shares remain available for awards other than options and stock appreciation rights. 1992 Plan—Stock Option Activity- Grants still remain outstanding under the Company’s previous 1992 Stock Incentive Plan (as amended, the “1992 Plan”). As a result of the adoption of the 2006 Plan, however, no further grants can be made under the 1992 Plan. The following table summarizes stock option activity under the 1992 Plan for fiscal 2013:
The total intrinsic value of options exercised was $182,900 for fiscal 2013 and $99,400 for fiscal 2012. Non-Employee Director Compensation Plan In January 2010, the Company established a Non-Employee Director Stock Purchase Plan to provide a convenient method for its non-employee directors to acquire shares of the Company’s common stock at fair market value by voluntarily electing to receive shares of common stock in lieu of cash for service as a director. The substance of this plan is now encompassed within the Company’s Amended and Restated Non-Employee Director Compensation Plan. The following shares of common stock, with the respective fair value, were issued to its non-employee directors as compensation for fiscal 2013, fiscal 2012 and fiscal 2011:
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