Kohl's 2008 Annual Report Download - page 60

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KOHL’S CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
7. Stock-Based Compensation (continued)
Additional information related to stock options outstanding and exercisable at January 31, 2009, segregated
by grant price range, is summarized below:
Stock Options Outstanding Stock Options Exercisable
Range of Exercise Prices Shares
Weighted
Average
Remaining
Contractual
Life (in
years)
Weighted
Average
Exercise
Price Shares
Weighted
Average
Remaining
Contractual
Life (in
years)
Weighted
Average
Exercise
Price
(Shares in Thousands)
In-the-money:
$ 17.00 – $ 33.38 .................. 2,083 5.1 $27.16 1,657 4.7 $26.91
$ 34.66 $ 36.71 .................. 851 5.9 35.42 796 5.9 35.46
Out-of-the-money:
$ 36.97 – $ 42.89 .................. 2,480 6.5 42.50 156 9.2 41.56
$ 42.95 $ 49.56 .................. 2,476 9.8 47.24 1,687 10.1 47.55
$ 49.69 $ 51.50 .................. 1,690 8.8 50.34 1,135 9.3 50.42
$ 51.58 $ 51.81 .................. 2,156 4.3 51.81 1,014 4.3 51.81
$ 51.83 $ 66.25 .................. 2,651 6.7 60.22 1,884 6.9 61.15
$ 66.30 $ 75.90 .................. 1,600 7.1 68.54 1,266 7.6 67.75
$ 75.95 $ 75.95 .................. 3,080 5.1 75.95 793 5.0 75.95
$ 77.24 $ 77.62 .................. 67 5.3 77.25 18 5.6 77.29
19,134 6.6 $53.01 10,406 7.0 $51.11
Intrinsic value (in thousands) ............. $21,003 $17,240
The intrinsic value of outstanding and exercisable stock options represents the excess of our closing stock
price on January 31, 2009 ($36.71) over the exercise price multiplied by the applicable number of stock options.
Nonvested stock awards
We have also awarded shares of nonvested common stock to eligible key employees. Most awards have
restriction periods tied primarily to employment and/or service. In 2008, we awarded 50,000 nonvested stock
awards to our chief executive officer with vesting tied to certain corporate performance criteria. The awards have
historically vested over three years. Beginning in March 2007, certain key employees were offered the option of
receiving up to 50 percent of their annual award in nonvested stock. The annual nonvested stock award for such
employees vests over four years.
The fair value of nonvested stock awards is the closing price of our common stock on the date of grant. We
may acquire shares from employees in lieu of amounts required to satisfy minimum tax withholding
requirements upon the vesting of the employee’s unvested stock award. Such shares are then designated as
treasury shares.
F-21