HIBB » Topics » Employee Stock Purchase Plan

This excerpt taken from the HIBB 10-Q filed Sep 13, 2007.

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 3,921 shares of common stock at $23.27 per share through the ESPP during the thirteen weeks ended August 4, 2007. The assumptions used in the option pricing model for the thirteen weeks ended August 4, 2007 were: (a) expected life of 3 months (.25 years); (b) volatility of 39.2%; (c) risk-free interest rate of 5.08%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the thirteen weeks ended August 4, 2007 was $5.99. Our employees purchased 8,917 shares of common stock at an average price of $23.85 per share during the twenty-six weeks ended August 4, 2007. The assumptions used in the option pricing model for the twenty-six weeks ended August 4, 2007 were: (a) expected life of 3 months (.25 years); (b) volatility between 39.2% and 41.8%; (c) risk-free interest rate between 4.97% and 5.08%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the twenty-six weeks ended August 4, 2007 was $6.31.

 

During the thirteen weeks ended July 29, 2006, our employees purchased 3,864 shares of common stock at $20.32 per share through the ESPP. The assumptions used in the option pricing model for the thirteen weeks ended July 29, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of 40.8%; (c) risk-free interest rate of 4.63%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the thirteen weeks ended July 29, 2006 was $7.04. Our employees purchased 9,875 shares of common stock at an average price of $22.69 per share during the twenty-six weeks ended July 29, 2006. The assumptions used in the option pricing model for the twenty-six weeks ended July 29, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility

 

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between 40.8% and 41.0%; (c) risk-free interest rate between 3.98% and 4.63%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the twenty-six weeks ended July 29, 2006 was $6.44.

 

The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin (“FTB”) No. 97-1, “

This excerpt taken from the HIBB 10-Q filed Jun 14, 2007.

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 4,996 shares of common stock at $24.30 per share through the ESPP during the thirteen weeks ended May 5, 2007. The assumptions used in the option pricing model for the thirteen weeks ended May 5, 2007 were: (a) expected life of 3 months (.25 years); (b) volatility of 41.8%; (c) risk-free interest rate of 4.97%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the thirteen weeks ended May 5, 2007 was $6.56. During the thirteen weeks ended April 29, 2006, our employees purchased 6,011 shares of common stock at $24.21 per share through the ESPP. The assumptions used in the option pricing model for the thirteen weeks ended April 29, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of 41.0%; (c) risk-free interest rate of 3.98%; and (d) dividend yield of 0.0%. The weighted-average grant date fair value of ESPP options granted during the thirteen weeks ended April 29, 2006 was $6.05.

 

The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin (“FTB”) No. 97-1, “

This excerpt taken from the HIBB DEF 14A filed May 2, 2007.
2005 Employee Stock Purchase Plan

 

The 2005 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Under a plan which so qualifies, a participant recognizes no taxable income upon either the grant or the exercise of the purchase rights. The participant will not recognize taxable income until there is a sale or other disposition of the shares acquired under the 2005 ESPP or in the event the participant should die while still owning the purchased shares. Shareholder approval of the proposed amendment is required if we intend to extend participation in the 2005 ESPP to employees of the holding company.

 

The tax treatment of a sale or disposition of shares acquired under the 2005 ESPP will depend on whether the “holding period” requirements are satisfied. Generally, these requirements are satisfied if a participant does not sell or dispose of shares acquired in a given purchase period within two years after the beginning of such period, or within one year after the end of such period.

 

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If a participant sells or disposes of shares before the holding period requirements are satisfied with respect to such shares, then the participant will recognize ordinary income at the time of such sale or disposition equal to the lesser or (1) the fair market value of such shares on the last day of the purchase period from which they were acquired minus the option price, or (2) the amount realized on the sale or disposition minus the option price. Any gain in excess of this amount can be treated as capital gain.

 

If a participant sells or disposes of shares after the holding period requirements are satisfied with respect to such shares, then the participant will recognize ordinary income in the year of sale or disposition equal to the lesser of: (1) the fair market value of such shares on the sale or disposition date minus the option price or (2) 15% of the fair market value of such shares on the first day of the purchase period from which they were acquired. Any additional gain upon the disposition will be taxed as a long-term capital gain.

 

If the participant owns shares acquired under the 2005 ESPP at the time of death, then, regardless of whether the holding period requirements are satisfied, the amount of ordinary income equals the lesser of: (1) the fair market value of such shares on the date of death minus the option price or (2) 15% of the fair market value of such shares on the first day of the purchase period from which they were acquired.

 

Hibbett is not allowed any deductions upon either the grant or exercise of the purchase rights. If the holding period requirements are not satisfied with respect to the sale or disposition of any shares acquired under the 2005 ESPP, then we will be entitled to a tax deduction in the year of such sale or disposition equal to the amount of ordinary income recognized by the participant as a result of such sale or disposition. In all other cases, we are entitled to no deduction.

 

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

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 17,992 shares of common stock at an average price of $22.02 per share during the fiscal year ended February 3, 2007. The assumptions used in the option pricing model for the fifty-three weeks ended February 3, 2007 were: (a) expected life of 3 months (.25 years); (b) volatility between 40.7% and 41.0%; (c) risk-free interest rate between 3.98% and 4.93%; and (d) dividend yield of 0.0%. The weighted average grant date fair value of ESPP options granted during the fifty-three weeks ended February 3, 2007 was $5.93.

 

The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin (“FTB”) No. 97-1, “

This excerpt taken from the HIBB 10-Q filed Dec 7, 2006.

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 4,331 shares of common stock at $20.32 per share through the ESPP during the thirteen weeks ended October 28, 2006. The assumptions used in the option pricing model for the thirteen weeks ended October 28, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of 40.7%; (c) risk-free interest rate of 4.93%; and (d) dividend yield of 0.0%. The weighted average grant date fair value of ESPP options granted during the thirteen weeks ended October 28, 2006 was $5.07. Our employees purchased 14,206 shares of common stock at an average price of $21.96 per share during the thirty-nine weeks ended October 28, 2006. The assumptions used in the option pricing model for the thirty-nine weeks ended October 28, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of between 40.7% and 41.0%; (c) risk-free interest rate between 3.98% and 4.93%; and (d) dividend yield of 0.0%. The weighted average grant date fair value of ESPP options granted during the thirty-nine weeks ended October 28, 2006 was $6.02.

 

The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin (“FTB”) No. 97-1, “

This excerpt taken from the HIBB 10-Q filed Sep 7, 2006.

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 3,864 shares of common stock at $20.32 per share through the ESPP during the thirteen weeks ended July 29, 2006. The assumptions used in the option pricing model for the thirteen weeks ended July 29, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of 40.8%; (c) risk-free interest rate of 4.63%; and (d) dividend yield of 0.0%. The weighted average grant date fair value of ESPP options granted during the thirteen weeks ended July 29, 2006 was $7.04. Our employees purchased 9,875 shares of common stock at an average price of $22.69 per share during the twenty-six weeks ended July 29, 2006. The assumptions used in the option pricing model for the twenty-six weeks ended July 29, 2006 were: (a) expected life of 3 months (.25 years); (b) volatility of between 40.8% and 41.0%; (c) risk-free interest rate between 3.98% and 4.63%; and (d) dividend yield of 0.0%. The weighted average grant date fair value of ESPP options granted during the twenty-six weeks ended July 29, 2006 was $6.44.

 

The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin (“FTB”) No. 97-1, “

This excerpt taken from the HIBB 10-Q filed Jun 7, 2006.

Employee Stock Purchase Plan

 

The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the fair market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employees purchased 6,011 shares of common stock at $24.21 per share through the ESPP during the thirteen weeks ended April 29, 2006. The expense related to the ESPP during this period was determined using the Black-Scholes option pricing model and the provisions of FASB Technical Bulletin 97-1 (“FTB 97-1”), “

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