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Note Q - Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note Q – Stock-Based Compensation In March 2006, the Board of Directors approved the Steven Madden, Ltd. 2006 Stock Incentive Plan (the “Plan”) under which nonqualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The stockholders approved the Plan on May 26, 2006. On May 25, 2007, the stockholders approved an amendment to the Plan to increase the maximum number of shares that may be issued under the Plan from 2,700,000 to 3,487,500. On May 22, 2009, the stockholders approved a second amendment to the Plan that increased the maximum number of shares that may be issued under the Plan to 9,144,000. The following table summarizes the number of shares of common stock authorized for use under the Plan, the amount of stock-based awards issued (net of expired or cancelled) under the Plan and the amount of common stock available for the grant of stock-based awards under the Plan:
Common Stock authorized |  |  | 9,144,000 |
Stock-based awards, including restricted stock and stock options, granted net of expired or cancelled |  |  | 6,345,000 |
Common Stock available for grant of stock-based awards as of June 30, 2011 |  |  | 2,799,000 |
Total equity-based compensation for the three and six months ended June 30 is as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Stock options |  | $ | 1,420 |  |  | $ | 816 |  |  | $ | 2,608 |  |  | $ | 1,346 |
Restricted stock |  |  | 1,620 |  |  |  | 1,043 |  |  |  | 2,957 |  |  |  | 2,330 |
Total |  | $ | 3,040 |  |  | $ | 1,859 |  |  | $ | 5,565 |  |  | $ | 3,676 |
Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income. Stock Options Cash proceeds and intrinsic values related to total stock options exercised during both the three- and six-month periods ended June 30, 2011 and 2010 are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Proceeds from stock options exercised |  | $ | 3,254 |  |  | $ | 1,581 |  |  | $ | 3,485 |  |  | $ | 1,913 |
Intrinsic value of stock options exercised |  | $ | 7,510 |  |  | $ | 4,026 |  |  | $ | 7,799 |  |  | $ | 4,614 |
Note Q – Stock-Based Compensation (continued) During the three and six months ended June 30, 2011, approximately 489,000 options with a weighted average exercise price of $13.48 and approximately 611,000 options with a weighted average exercise price of $13.92 vested, respectively. During the three and six months ended June 30, 2010, approximately 350,000 options with a weighted average exercise price of $9.55 and approximately 398,000 options with a weighted average exercise price of $9.36 vested, respectively. As of June 30, 2011, there were 2,024,000 unvested options with a total of $12,285 of unrecognized compensation cost and an average vesting period of 2.6 years. The Company estimates the fair value of options granted using the Black-Scholes option-pricing model, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. With the exception of special dividends paid in November of each 2005 and 2006, the Company historically has not paid dividends and thus the expected dividend rate is assumed to be zero. The following weighted average assumptions were used for stock options granted:
|  | Six months ended June 30,
|  | 2011 |  | 2010
Expected volatility |  | 47.6% to 48.7% |  | 47.5% to 52.4%
Risk-free interest rate |  | 1.22% to 1.78% |  | 1.62% to 2.16%
Expected life (in years) |  | 2.8 to 4.4 |  | 2.8 to 4.4
Expected dividend yield |  | None |  | None
Weighted average fair value |  | $10.83 |  | $8.48
Activity relating to stock options granted under the Company’s plans and outside the plans during the six months ended June 30, 2011 is as follows:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2011 |  |  | 2,703,000 |  |  | $ | 14.08 |  |  |  |  |  |  |
Granted |  |  | 563,000 |  |  |  | 26.10 |  |  |  |  |  |  |
Exercised |  |  | (313,000 | ) |  |  | 11.13 |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (158,000 | ) |  |  | 19.95 |  |  |  |  |  |  |
Outstanding at June 30, 2011 |  |  | 2,795,000 |  |  | $ | 16.50 |  |  |  | 5.0 |  |  | $ | 58,632 |
Exercisable at June 30, 2011 |  |  | 771,000 |  |  | $ | 12.95 |  |  |  | 4.5 |  |  | $ | 18,925 |
Note Q – Stock-Based Compensation (continued) Restricted Stock The following table summarizes restricted stock activity during the six months ended June 30, 2011 and 2010:
|  | 2011 |  |  | 2010 |
|  | Number of Shares |  |  | Weighted Average Fair Value at Grant Date |  |  | Number of Shares |  |  | Weighted Average Fair Value at Grant Date |
Non-vested at January 1 |  |  | 563,000 |  |  | $ | 17.20 |  |  |  | 671,000 |  |  | $ | 13.98 |
Granted |  |  | 323,000 |  |  |  | 31.16 |  |  |  | 177,000 |  |  |  | 20.33 |
Vested |  |  | (179,000 | ) |  |  | 14.93 |  |  |  | (267,000 | ) |  |  | 13.34 |
Forfeited |  |  | — |  |  |  | — |  |  |  | (5,000 | ) |  |  | 15.13 |
Non-vested at June 30 |  |  | 707,000 |  |  | $ | 24.15 |  |  |  | 576,000 |  |  | $ | 18.96 |
As of June 30, 2011, there was $14,195 of total unrecognized compensation cost related to restricted stock awards granted under the Plan. This cost is expected to be recognized over a weighted average of 3 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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