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EX-31.2 - CFO SECTION 302 CERTIFICATION - Vera Bradley, Inc.d428260dex312.htm
EX-31.1 - CEO SECTION 302 CERTIFICATION - Vera Bradley, Inc.d428260dex311.htm
EX-32.1 - SECTION 906 CERTIFICATIONS - Vera Bradley, Inc.d428260dex321.htm
v2.4.0.6
Stock-Based Compensation
9 Months Ended
Oct. 27, 2012
Stock-Based Compensation
7. Stock-Based Compensation

The Company accounts for stock-based compensation under the fair-value recognition provisions of ASC 718, Stock Compensation. Under these provisions, for its awards of restricted stock and restricted stock units, the Company recognizes share-based compensation expense in an amount equal to the fair market value of the underlying stock on the grant date of the respective award.

The Company reserved 6,076,001 shares of common stock for issuance or transfer under the 2010 Equity and Incentive Plan, which allows for grants of restricted stock units as well as other equity awards.

Awards of Restricted Stock Units

During the thirteen weeks ended October 27, 2012, the Company granted a total of 2,353 time-based restricted stock units with an aggregate fair value of $0.1 million to certain employees under the 2010 Equity and Incentive Plan compared to a total of 841 time-based restricted stock units with an aggregate fair value of $0.1 million granted in the same period of the prior year.

During the thirty-nine weeks ended October 27, 2012, the Company granted a total of 179,865 time-based and performance-based restricted stock units with an aggregate fair value of $5.3 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 110,943 time-based restricted stock units with an aggregate fair value of $4.6 million granted in the same period of the prior year. The Company determined the fair value of the awards based on the closing price of the Company’s common stock on the grant date.

The time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. The Company is recognizing the expense relating to these awards, net of estimated forfeitures, on a straight-line basis over three years.

Performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout the three-year performance period and the Company’s achievement of annual net income targets during the three-year performance period. The Company is recognizing the expense relating to these awards, net of estimated forfeitures and based on the probable outcome of achievement of the net income targets, on a straight-line basis over three years.

The following table sets forth a summary of restricted stock unit activity for the thirty-nine week period ended October 27, 2012 (units in thousands):

 

     Time-based
Restricted Stock Units
     Performance-based
Restricted Stock Units
 
     Number of
Units
    Weighted-
Average
Grant
Date Fair
Value
(per unit)
     Number of
Units
    Weighted-
Average
Grant
Date Fair
Value
(per unit)
 

Nonvested units outstanding at January 28, 2012

     160      $ 33.49         —        $ —     

Granted

     94        29.76         86        29.62   

Vested

     (80     27.38         —          —     

Forfeited

     (16     29.67         (6     29.62   
  

 

 

      

 

 

   

Nonvested units outstanding at October 27, 2012

     158      $ 34.77         80      $ 29.62