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v2.4.0.6
Stock-based Compensation
9 Months Ended
Oct. 27, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Stock-based Compensation
6. Stock-based Compensation

Stock-based compensation cost is measured at the grant date fair value and is recognized as an expense on a straight-line basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company estimates forfeitures for option grants that are not expected to vest. Stock-based compensation cost recognized in the thirteen and thirty nine weeks ended October 27, 2012 totaled $1.0 million and $2.7 million, respectively. Stock-based compensation cost recognized in the thirteen and thirty nine weeks ended October 29, 2011 totaled $2.9 million and $3.9 million, respectively.

 

Stock Options

 

The following table presents stock options granted, exercised, expired and aggregate intrinsic value under the existing Stock Plans for the thirty nine weeks ended October 27, 2012.

   

Number of
Shares

   

Weighted
Average
Exercise
Price

   

Weighted
Average
Remaining
Contractual
Life

   

Aggregate
Intrinsic
Value

 
          (Per share data)     (In Years)     (In thousands)  
                         
Outstanding as of January 28, 2012     3,185,112     $ 8.68                  
Options granted     385,000       30.71                  
Options exercised     (313,765 )     6.34                  
Options forfeited or expired     (202,404 )     11.44                  
                                 
Outstanding as of October 27, 2012     3,053,943     $ 11.51     8     $ 54,859  
                                 
Exercisable at October 27, 2012   1,441,131     $ 6.08       7     $ 33,469  

 

During the thirty nine weeks ended October 27, 2012, 385,000 stock options were granted at a weighted average grant date fair value of $15.07. For stock option exercises during the thirty nine weeks ended October 27, 2012, cash received, intrinsic value and excess tax benefit totaled $2.0 million, $7.1 million and $2.2 million, respectively.

 

The following table summarizes the assumptions used to measure the grant date fair value of stock options using the Black Scholes option pricing model.

 

 

Thirty Nine Weeks Ended 

October 27, 2012

Expected volatility (1) 51.8% – 68.2%
Risk-free interest rate (2) 0.8% – 0.9%
Expected term (in years) (3) 6.0 – 6.5
Expected dividend yield
 

 

(1) The expected volatility incorporates historical volatility of similar entities whose share prices are publicly available. The Company determined that the use of historical volatility for similar entities represents a more accurate calculation of option fair value than actual Company stock experience because of the limited duration the Company’s stock has been publicly traded.
(2) The risk-free interest rate was determined based on the rate of Treasury instruments with maturities similar to those of the expected term of the award being valued.
(3) Represents the period of time options are expected to be outstanding. The weighted-average expected option term was determined using the “simplified method” as allowed by SEC Staff Accounting Bulletin 114, Topic 14. The expected term used to value a share option grant under the simplified method is the midpoint between the vesting date and the contractual term of the share option. This method was used due to the lack of sufficient historical data to provide a basis upon which to estimate the expected term.

 

As of October 27, 2012 there was approximately $13.1 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized over a weighted-average period of 3 years.