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| <NonNumbericText> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--> <div align="left" style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt"> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="3%"></td> <td width="97%"></td> </tr> <tr valign="top"> <td> <b><font style="font-family: 'Times New Roman', Times">2. </font></b> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Accounting for Stock-Based Compensation</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. This valuation model requires the use of subjective assumptions, including expected option life, expected volatility and the expected employee forfeiture rate. The Company uses historical data to estimate the option life and the employee forfeiture rate, and uses historical volatility when estimating the stock price volatility. There were no options to purchase common stock granted during the 13 weeks ended October 30, 2010 and October 31, 2009. The options to purchase common stock granted during the 39 weeks ended October 30, 2010 and October 31, 2009 were 1,177 and 1,419, respectively, with a weighted-average fair value estimated at $7.88 and $9.45 per share, respectively, using the following assumptions: </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="77%"> </td><!-- colindex=01 type=maindata --> <td width="2%"> </td><!-- colindex=02 type=gutter --> <td width="4%" align="right"> </td><!-- colindex=02 type=lead --> <td width="1%" align="right"> </td><!-- colindex=02 type=body --> <td width="4%" align="left"> </td><!-- colindex=02 type=hang1 --> <td width="3%"> </td><!-- colindex=03 type=gutter --> <td width="4%" align="right"> </td><!-- colindex=03 type=lead --> <td width="1%" align="right"> </td><!-- colindex=03 type=body --> <td width="4%" align="left"> </td><!-- colindex=03 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> </td> <td> </td> <td colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>39 Weeks Ended</b> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> </td> <td> </td> <td colspan="3" nowrap="nowrap" align="center" valign="bottom"> <b>October 30,<br /> </b> </td> <td> </td> <td colspan="3" nowrap="nowrap" align="center" valign="bottom"> <b>October 31,<br /> </b> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> </td> <td> </td> <td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>2010</b> </td> <td> </td> <td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>2009</b> </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td> </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Volatility </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 51.6 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 47.9 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Risk-free interest rate </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 1.6 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 1.5 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Expected life (years) </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 3.5 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 3.5 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Expected dividend yield </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 0 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 0 </td> <td nowrap="nowrap" align="left" valign="bottom"> % </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b> <font style="font-family: 'Times New Roman', Times"> </font> </b> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b> <font style="font-family: 'Times New Roman', Times"> </font> </b> </div> <!-- XBRL Pagebreak End --> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In the 13 weeks ended October 30, 2010 and October 31, 2009, the Company included compensation expense relating to stock option grants of $3,059 and $3,030, respectively, in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. In the 39 weeks ended October 30, 2010 and October 31, 2009, the Company included compensation expense relating to stock option grants of $9,083 and $8,472, respectively, in selling, general and administrative expenses. As of October 30, 2010, the unrecognized compensation expense related to the unvested portion of our stock options was $12,358, which is expected to be recognized over a weighted average period of 1.7 years. The total intrinsic values of options exercised during the 13 weeks ended October 30, 2010 and October 31, 2009 were $57,965 and $648, respectively. The total intrinsic values of options exercised during the 39 weeks ended October 30, 2010 and October 31, 2009 were $59,198 and $3,375, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> During the 13 weeks ended October 30, 2010, the Company had no restricted share grants. During the 13 weeks ended October 31, 2009, the Company granted 43 shares of restricted stock which had a fair market value of $23.43 per share. The restricted shares vest in equal annual installments over three years. During the 39 weeks ended October 30, 2010 and October 31, 2009, the Company granted 743 shares and 614 shares, respectively, of restricted stock which had a weighted-average fair market value of $20.43 and $25.84 per share, respectively. The restricted shares vest in equal annual installments over three years. During the 13 weeks ended October 30, 2010 and October 31, 2009, the Company included compensation expense relating to the restricted share grants in the amount of $4,412 and $4,946, respectively, in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. During the 39 weeks ended October 30, 2010 and October 31, 2009, the Company included compensation expense relating to the restricted share grants in the amount of $13,060 and $14,754, respectively, in selling, general and administrative expenses. As of October 30, 2010, there was $19,788 of unrecognized compensation expense related to nonvested restricted stock awards that is expected to be recognized over a weighted average period of 1.8 years. </div> </div> </NonNumbericText> |
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