Kohl's 2009 Annual Report Download - page 62
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Table of Contents
Nonvested stock awards
We have also awarded shares of nonvested common stock to eligible key employees. Substantially all awards have restriction periods tied primarily to
employment and/or service. Beginning in March 2007, certain key employees were offered the option of receiving a portion of their annual award in nonvested
stock. Nonvested stock awards vest over three to five 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.
The following table summarizes nonvested stock activity for 2009, 2008 and 2007:
Balance at beginning of year 150 $69.98 128 $51.17
Granted 187 44.86 116 75.95
Vested (54) 64.48 (77) 50.00
Forfeited (7) 54.90 (17) 60.22
Balance at end of year 276 $ 54.39 150 $69.98
The aggregate fair value of awards at the time of vesting was $3 million in 2009, $2 million in 2008 and $4 million in 2007.
Other required disclosures
Stock-based compensation expense for both stock options and nonvested stock awards is included in Selling, General and Administrative expense in
our Consolidated Statements of Income. Such expense totaled $64 million for 2009, $55 million for 2008 and $54 million for 2007.
Total unrecognized share-based compensation expense for all share-based payment plans was $118 million at January 30, 2010, of which approximately
$54 million is expected to be recognized in 2010, $31 million in 2011, $17 million in 2012, $13 million in 2013 and $3 million in 2014. Future compensation
expense may be impacted by future grants, changes in forfeiture estimates and/or actual forfeitures which differ from estimated forfeitures.
We are involved in various legal matters arising in the normal course of business. In the opinion of management, the outcome of such proceedings and
litigation will not have a material adverse impact on our financial position or results of operations.
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