FL » Topics » Notes to Director Compensation Table
This excerpt taken from the FL DEF 14A filed Apr 9, 2009.
Notes to Director Compensation Table
(1)
Column (c) reflects the following three items:
•
The fiscal 2008 compensation expense recognized by the Company for the portion of the annual retainer fees and committee chair retainer fees paid in shares of the Company’s common stock or deferred by the director, as shown in the table below. In 2008, we made the annual stock payment to each director
on July 1. Under the terms of the 2007 Stock Incentive Plan, the stock payment was valued at the closing price of a share of the Company’s common stock on June 30, which was $12.45. The 2008 expense is equal to the number of shares received or deferred by the director multiplied by $12.45, the grant date
fair value of the payment under FAS 123R. Directors who deferred the stock portion of their annual retainer were credited with deferred stock units on the annual payment date valued at $12.45 per unit.
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