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EXCEL - IDEA: XBRL DOCUMENT - Caribou Coffee Company, Inc.Financial_Report.xls
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v2.4.0.6
Equity and Stock Based Compensation
9 Months Ended
Sep. 30, 2012
Equity and Stock Based Compensation [Abstract]  
Equity and Stock Based Compensation

8. Equity and Stock Based Compensation

The Company maintains stock compensation plans, which provide for the granting of non-qualified stock options and restricted stock to officers and key employees and certain non-employees. Stock options have been granted at prices equal to the fair market values as of the dates of grant. Options and restricted stock generally vest over four years and options generally expire ten years from the grant date. Upon exercise of an option, new shares of stock are issued by the Company. Stock-based compensation expense for the thirteen weeks ended September 30, 2012 and October 2, 2011 was approximately $0.5 million in both periods and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense for the thirty-nine weeks ended September 30, 2012 and October 2, 2011 was approximately $1.4 million and $1.3 million, respectively.

Stock option activity during the period indicated is as follows (in thousands, except per share and life data):

 

                         
    Number of
Shares
    Weighted
Average
Exercise Price
    Weighted
Average
Contract
Life
 

Outstanding, January 1, 2012

    1,036     $ 3.45       6.1 Yrs  

Granted

    61     $ 16.70          

Exercised

    (116   $ 3.99          

Forfeited

    (4   $ 5.25          
   

 

 

   

 

 

         

Outstanding, April 1, 2012

    977     $ 4.20       6.1 Yrs  

Exercised

    (53   $ 7.33          

Forfeited

    (29   $ 2.11          
   

 

 

   

 

 

         

Outstanding, July 1, 2012

    895     $ 4.08       5.9 Yrs  

Exercised

    (3   $ 4.59          

Forfeited

    (3   $ 6.26          
   

 

 

   

 

 

         

Outstanding, September 30, 2012

    889     $ 4.07       5.7 Yrs  
   

 

 

   

 

 

         

Options vested at September 30, 2012

    803     $ 3.17       5.4 Yrs  
   

 

 

   

 

 

         

Our stock options were issued with an exercise price equal to the market price of our common stock on the date of grant. The weighted average fair value of our options granted during the thirty-nine week period ended September 30, 2012 was $8.97 per share. We estimated the fair value of each stock option award on the date of grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions:

 

         
    September 30,
2012
 

Expected stock price volatility

    64.8

Expected life

    4.9 Yrs  

Risk free interest rate

    0.9

Dividend yield

    0.0

Restricted Stock activity during the period indicated is as follows (in thousands, except per share data):

 

                 
    Number of
Shares
    Weighted
Average  Grant
Date

Fair Value
 

Outstanding, January 1, 2012

    550     $ 8.02  

Granted

    137     $ 16.70  

Vested

    (141   $ 8.54  

Forfeited

    (41   $ 9.26  
   

 

 

   

 

 

 

Outstanding, April 1, 2012

    505     $ 10.12  

Exercised

    (3   $ 1.86  

Forfeited

    (29   $ 9.09  
   

 

 

   

 

 

 

Outstanding, July 1, 2012

    473     $ 10.24  

Granted

    9     $ 12.84  

Exercised

    (66   $ 5.09  

Forfeited

    (4   $ 12.49  
   

 

 

   

 

 

 

Outstanding, September 30, 2012

    412     $ 11.11