AEO » Topics » 1994 Stock Option Plan

These excerpts taken from the AEO 10-K filed Mar 30, 2009.
1994 Stock Option Plan
 
On February 10, 1994, the Company’s Board adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the “1994 Plan”). The 1994 Plan provided for the grant of 12.2 million incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 24.3 million shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 8.1 million shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.
 
1994
Stock Option Plan



 



On February 10, 1994, the Company’s Board adopted the
American Eagle Outfitters, Inc. 1994 Stock Option Plan (the
“1994 Plan”). The 1994 Plan provided for the grant of
12.2 million incentive or non-qualified options to purchase
common stock. The 1994 Plan was subsequently amended to increase
the shares available for grant to 24.3 million shares.
Additionally, the amendment provided that the maximum number of
options that may be granted to any individual may not exceed
8.1 million shares. The options granted under the 1994 Plan
were approved by the Compensation Committee of the Board,
primarily vest over five years, and expire ten years from the
date of grant. The 1994 Plan terminated on January 2, 2004
with all rights of the optionees and all unexpired options
continuing in force and operation after the termination.


 




These excerpts taken from the AEO 10-K filed Apr 2, 2008.
1994 Stock Option Plan
 
On February 10, 1994, the Company’s Board adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the “1994 Plan”). The 1994 Plan provided for the grant of 12,150,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 24,300,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 8,100,000 shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.
 
1994
Stock Option Plan



 



On February 10, 1994, the Company’s Board adopted the
American Eagle Outfitters, Inc. 1994 Stock Option Plan (the
“1994 Plan”). The 1994 Plan provided for the grant of
12,150,000 incentive or non-qualified options to purchase common
stock. The 1994 Plan was subsequently amended to increase the
shares available for grant to 24,300,000 shares.
Additionally, the amendment provided that the maximum number of
options that may be granted to any individual may not exceed
8,100,000 shares. The options granted under the 1994 Plan
were approved by the Compensation Committee of the Board,
primarily vest over five years, and expire ten years from the
date of grant. The 1994 Plan terminated on January 2, 2004
with all rights of the optionees and all unexpired options
continuing in force and operation after the termination.


 




This excerpt taken from the AEO 10-K filed Apr 4, 2007.

1994 Stock Option Plan

On February 10, 1994, the Company’s Board adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the “1994 Plan”). The 1994 Plan provided for the grant of 12,150,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 24,300,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 8,100,000 shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

This excerpt taken from the AEO 10-Q filed Dec 1, 2006.

1994 Stock Option Plan

On February 10, 1994, the Company's Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the "1994 Plan"). The 1994 Plan provided for the grant of 12,150,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 24,300,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 8,100,000 shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board of Directors, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

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This excerpt taken from the AEO 10-Q filed Sep 13, 2006.

1994 Stock Option Plan

On February 10, 1994, the Company's Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the "1994 Plan"). The 1994 Plan provided for the grant of 8,100,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 16,200,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 5,400,000 shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board of Directors, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

This excerpt taken from the AEO 10-Q filed Aug 30, 2006.

1994 Stock Option Plan

On February 10, 1994, the Company's Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the "1994 Plan"). The 1994 Plan provided for the grant of 8,100,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 16,200,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 5,400,000 shares. The options granted under the 1994 Plan were approved by the Compensation Committee of the Board of Directors, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

This excerpt taken from the AEO 10-Q filed May 31, 2006.

1994 Stock Option Plan

On February 10, 1994, the Company's Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the "1994 Plan"). The 1994 Plan provided for the grant of 8,100,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 16,200,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 5,400,000 shares. The options granted under the 1994 Plan are approved by the Compensation Committee of the Board of Directors, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

This excerpt taken from the AEO 10-K filed Apr 5, 2006.

1994 Stock Option Plan

On February 10, 1994, the Company’s Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the “1994 Plan”). The 1994 Plan provided for the grant of 8,100,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 16,200,000 shares. Additionally, the amendment provided that the maximum number of options that may be granted to any individual may not exceed 5,400,000 shares. The options granted under the 1994 Plan are approved by the Compensation Committee of the Board of Directors, primarily vest over five years, and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

This excerpt taken from the AEO 10-Q filed Dec 5, 2005.

Stock Option Plan

The Company accounts for its stock-based compensation plans under Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees.  The pro forma information below is based on provisions of SFAS No. 123, Accounting for Stock-Based Compensation, as amended by SFAS No. 148, Accounting for Stock-Based Compensation-Transition and Disclosure ("SFAS No. 148"), issued in December 2002. SFAS No. 148 requires that the pro forma information regarding net income and earnings per share be determined as if the Company had accounted for its employee stock options granted beginning in the fiscal year subsequent to December 31, 1994 under the fair value method of that Statement. The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model.

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Three Months Ended

Nine Months Ended

(In thousands, except per share amounts)

October 29,
2005

October 30,
2004

(Restated)

October 29,
2005

October 30,
2004

(Restated)

Net income, as reported

$73,320

$57,898

$186,612

$112,426

Add:  stock-based compensation expense included in 
           reported net income, net of tax

(461) 73 82 222
Less:  total stock-based compensation expense 
           determined under fair value method, net of tax
(2,065) (2,473) (6,609) (8,792)
Pro forma net income $70,794 $55,498 $180,085 $103,856
         
Basic income per common share:        
As reported $0.48 $0.40 $1.22 $0.78
Pro forma $0.46 $0.38 $1.18 $0.72
         
Diluted income per common share:        
As reported $0.47 $0.38 $1.19 $0.75
Pro forma $0.45 $0.37 $1.15 $0.70

Historically, for pro forma reporting purposes the Company has followed the nominal vesting period approach for stock-based compensation awards with retirement eligibility provisions. Under this approach, the Company recognizes compensation expense over the vesting period of the award. If an employee retires before the end of the vesting period, any remaining unrecognized compensation cost is recognized at the date of retirement. SFAS No. 123(R) requires recognition of compensation cost under a non-substantive vesting period approach. This approach requires recognition of compensation expense over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. Additionally, for awards granted to retirement eligible employees, the full compensation cost of an award must be recognized immediately upon grant. 

The SEC has clarified that companies following the nominal vesting period approach should continue to follow that approach until the adoption of SFAS No. 123(R). Accordingly, the Company will continue to follow the nominal vesting period approach for any new stock based compensation awards containing retirement eligibility provisions granted prior to the adoption of SFAS No. 123(R) and for the remaining portion of unvested outstanding awards containing retirement eligibility provisions after adopting SFAS No. 123(R). Upon adoption of SFAS No. 123(R), the Company will apply the non-substantive vesting period approach to new stock award grants that have retirement eligibility provisions. Had the Company applied the non-substantive vesting period approach for retirement eligible employees, there would not have been an impact to our reported pro forma income per common share for Fiscal 2005 or Fiscal 2004.

This excerpt taken from the AEO 10-Q filed Sep 7, 2005.

Stock Option Plan

The Company accounts for its stock-based compensation plans under Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees.  The pro forma information below is based on provisions of SFAS No. 123, Accounting for Stock-Based Compensation, as amended by SFAS No. 148, Accounting for Stock-Based Compensation-Transition and Disclosure ("SFAS No. 148"), issued in December 2002.  SFAS No. 148 requires that the pro forma information regarding net income and earnings per share be determined as if the Company had accounted for its employee stock options granted beginning in the fiscal year subsequent to December 31, 1994 under the fair value method of that Statement.  The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model.

 

Three Months Ended

Six Months Ended

(In thousands, except per share amounts)

July 30,
2005

July 31,
2004

(Restated)

July 30,
2005

July 31,
2004

(Restated)

Net income, as reported

$58,019

$29,254

$113,292

$54,528

Add:  stock-based compensation expense included in 
           reported net income, net of tax

368 74 543 149
Less:  total stock-based compensation expense 
           determined under fair value method, net of tax
(2,114) (3,268) (4,544) (6,319)
Pro forma net income $56,273 $26,060 $109,291 $48,358
         
Basic income per common share:        
As reported $0.38 $0.20 $0.74 $0.38
Pro forma $0.37 $0.18 $0.72 $0.34
         
Diluted income per common share:        
As reported $0.37 $0.20 $0.72 $0.37
Pro forma $0.36 $0.18 $0.70 $0.33

Historically, for pro forma reporting purposes the Company has followed the nominal vesting period approach for stock-basked compensation awards with retirement eligibility provisions. Under this approach, the Company recognizes compensation expense over the vesting period of the award. If an employee retires before the end of the vesting period, any remaining unrecognized compensation cost is recognized at the date of retirement. SFAS No. 123(R) requires recognition of compensation cost under a non-substantive vesting period approach. This approach requires recognition of compensation expense over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. Additionally, for awards granted to retirement eligible employees, the full compensation cost of an award must be recognized immediately upon grant. 

The SEC recently clarified that companies following the nominal vesting period approach should continue to follow that approach until the adoption of SFAS No. 123(R). Accordingly, the Company will continue to follow the nominal vesting period approach for any new stock based compensation awards containing retirement eligibility provisions granted prior to the adoption of SFAS No. 123(R) and for the remaining portion of unvested outstanding awards containing retirement eligibility provisions after adopting SFAS No. 123(R). Upon adoption of SFAS No. 123(R), the Company will apply the non-substantive vesting period approach to new stock award grants that have retirement eligibility provisions. Had the Company applied the non-substantive vesting period approach for retirement eligible employees, there would not have been an impact to our reported pro forma income per common share for Fiscal 2005 or Fiscal 2004.

This excerpt taken from the AEO 10-Q filed Jun 3, 2005.

Stock Option Plan

The Company accounts for its stock-based compensation plans under Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees.  The pro forma information below is based on provisions of SFAS No. 123, Accounting for Stock-Based Compensation, as amended by SFAS No. 148, Accounting for Stock-Based Compensation-Transition and Disclosure ("SFAS No. 148"), issued in December 2002.  SFAS No. 148 requires that the pro forma information regarding net income and earnings per share be determined as if the Company had accounted for its employee stock options granted beginning in the fiscal year subsequent to December 31, 1994 under the fair value method of that Statement.  The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model.

Three Months Ended

(In thousands, except per share amounts)

April 30,
2005

May 1,
2004

(Restated)

Net income, as reported

$55,273

$25,274

Add:  stock-based compensation expense included in 
           reported net income, net of tax

144

75

Less:  total stock-based compensation expense 
           determined under fair value method, net of tax

(2,382)

(3,125)

Pro forma net income $53,035 $22,224
     
Basic income per common share:    
As reported $0.36 $0.18
Pro forma $0.35 $0.16
     
Diluted income per common share:    
As reported $0.35 $0.17
Pro forma $0.34 $0.15
This excerpt taken from the AEO 10-K filed Apr 14, 2005.

Stock Option Plan

 

On February 10, 1994, the Company’s Board of Directors adopted the American Eagle Outfitters, Inc. 1994 Stock Option Plan (the “1994 Plan”). The 1994 Plan provided for the grant of 8,100,000 incentive or non-qualified options to purchase common stock. The 1994 Plan was subsequently amended to increase the shares available for grant to 16,200,000 shares. Additionally, the amendment provided that the maximum number of options which may be granted to any individual may not exceed 5,400,000 shares. The options granted under the 1994 Plan are approved by the Compensation and Stock Option Committee of the Board of Directors, primarily

 

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vest over five years and expire ten years from the date of grant. The 1994 Plan terminated on January 2, 2004 with all rights of the optionees and all unexpired options continuing in force and operation after the termination.

 

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