XML 38 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 13 - Stock Incentive Plans | 12 Months Ended
--- | ---
Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
(13) | Stock Incentive Plans
On April 3, 2000, the Company adopted the 2000 Stock Option Plan (the Plan). In 2003, the Company adopted the Build-A-Bear Workshop, Inc. 2002 Stock Incentive Plan, in 2004, the Company adopted the Build-A-Bear Workshop, Inc. 2004 Stock Incentive Plan and in 2009, the Company amended and restated the Build-A-Bear Workshop, Inc. 2004 Stock Incentive Plan (collectively, the Plans). Under the Plans, as amended, from January 3, 2009, up to 3,230,000 shares of common stock were reserved and may be granted to employees and nonemployees of the Company. The Plan allows for the grant of incentive stock options, nonqualified stock options, stock appreciation rights (SAR) and restricted stock. Options granted under the Plan expire no later than 10 years from the date of the grant. The exercise price of each incentive stock option shall not be less than 100% of the fair value of the stock subject to the option on the date the option is granted. The exercise price of all options shall be the fair market value on the date of the grant. The vesting provision of individual options is at the discretion of the compensation committee of the board of directors and generally ranges from one to four years. Each share of stock awarded pursuant to an option or subject to the exercised portion of a SAR reduces the number of shares available by one share. Each share of stock awarded pursuant to any other stock-based awards, including restricted stock grants, reduces the number of shares available by 1.27 shares.
| (a) | Stock Options
The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, January 3, 2009 |  |  | 354,772 |  |  | $ | 15.98 |  |  |  |  |  |  |
Granted |  |  | 480,967 |  |  |  | 5.04 |  |  |  |  |  |  |
Forfeited |  |  | 30,392 |  |  |  | 14.25 |  |  |  |  |  |  |
Outstanding, January 2, 2010 |  |  | 805,347 |  |  |  | 9.51 |  |  |  |  |  |  |
Granted |  |  | 391,228 |  |  |  | 6.63 |  |  |  |  |  |  |
Exercised |  |  | 28,484 |  |  |  | 0.87 |  |  |  |  |  |  |
Forfeited |  |  | 42,868 |  |  |  | 9.32 |  |  |  |  |  |  |
Outstanding, January 1, 2011 |  |  | 1,125,223 |  |  |  | 8.73 |  |  |  |  |  |  |
Granted |  |  | 305,727 |  |  |  | 6.22 |  |  |  |  |  |  |
Exercised |  |  | 55,501 |  |  |  | 5.13 |  |  |  |  |  |  |
Forfeited |  |  | 164,633 |  |  |  | 7.04 |  |  |  |  |  |  |
Outstanding, December 31, 2011 |  |  | 1,210,816 |  |  | $ | 8.49 |  |  |  | 7.1 |  |  | $ | 2,480 |
Options Exercisable As Of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 480,814 |  |  | $ | 12.18 |  |  |  | 5.1 |  |  | $ | 729 |
The expense recorded related to options granted during fiscal 2011 was determined using the Black-Scholes option pricing model and the provisions of Staff Accounting Bulletin (SAB) 107 and 110, which allow the use of a simplified method to estimate the expected term of “plain vanilla” options. The assumptions used in the option pricing model during fiscal 2011 were: (a) dividend yield of 0%; (b) volatility of 65%; (c) risk-free interest rates ranging from 1.2% to 2.5%; and (d) an expected life of 6.25 years. The grant date fair value of options granted in 2011 was approximately $1.2 million. The assumptions used in the option pricing model during fiscal 2010 were: (a) dividend yield of 0%; (b) volatility of 65%; (c) risk-free interest rates ranging from 2.1% to 3.4%; and (d) an expected life of 6.25 years. The assumptions used in the option pricing model during fiscal 2009 were: (a) dividend yield of 0%; (b) volatility of 65%; (c) risk-free interest rates ranging from 2.3% to 3.1%; and (d) an expected life of 6.25 years. The total intrinsic value of options exercised in fiscal 2011 and fiscal 2010 was approximately $0.1 and $0.2 million. No options were exercised in 2009. The Company generally issues new shares to satisfy option exercises. Shares available for future option, non-vested stock and restricted stock grants were 1,104,894 and 1,877,010 at the end of 2011 and 2010, respectively.
| (b) | Restricted Stock
The following table is a summary of the balance and activity for the Plans related to unvested restricted stock granted as compensation to employees and directors for the periods presented:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding, January 3, 2009 |  |  | 713,756 |  |  | $ | 13.82 |
Granted |  |  | 1,144,343 |  |  |  | 4.72 |
Vested |  |  | 294,545 |  |  |  | 12.47 |
Forfeited |  |  | 113,246 |  |  |  | 9.72 |
Outstanding, January 2, 2010 |  |  | 1,450,308 |  |  |  | 7.23 |
Granted |  |  | 486,302 |  |  |  | 6.56 |
Vested |  |  | 376,142 |  |  |  | 10.05 |
Forfeited |  |  | 92,095 |  |  |  | 6.73 |
Outstanding, January 1, 2011 |  |  | 1,468,373 |  |  |  | 6.32 |
Granted |  |  | 532,791 |  |  |  | 6.46 |
Vested |  |  | 394,766 |  |  |  | 8.52 |
Forfeited |  |  | 168,267 |  |  |  | 5.68 |
Outstanding, December 31, 2011 |  |  | 1,438,131 |  |  | $ | 5.85 |
The vesting date fair value of shares that vested in 2011, 2010 and 2009 was $2.5 million, $2.6 million and $1.6 million, respectively. During 2011, 455,640 shares of non-vested restricted stock were granted to employees of the Company. The shares vest over a period of four years from the grant date at a grant date fair values ranging from $5.31 to $7.94. Various members of the Company’s board of directors were granted an additional 77,151 shares in the aggregate of non-vested restricted stock as compensation for services. The shares were issued subject to a restriction of continued service on the board of directors and all restrictions lapse one year from the grant date or upon a director’s retirement upon the completion of his or her term, if earlier. During 2010, 402,656 shares of non-vested restricted stock were granted to employees of the Company. The shares vest over a period of four years from the grant date at grant date fair values ranging from $5.94 to $9.64. Various members of the Company’s board of directors were granted an additional 83,646 shares in the aggregate of non-vested restricted stock as compensation for services. The shares were issued subject to a restriction of continued service on the board of directors and all restrictions lapse one year from the grant date or upon a director’s retirement upon the completion of his or her term, if earlier. During 2009, 564,045 shares of non-vested restricted stock were granted to employees of the Company. The shares vest over a period of four years from the grant date at grant date fair values ranging from $4.41 to $5.14. An additional 460,990 shares were granted to certain employees at grant date fair values ranging from of $4.25 to $4.49. These shares cliff vest three years from the grant date. Various members of the Company’s board of directors were granted an additional 119,308 shares in the aggregate of non-vested restricted stock as compensation for services. The shares were issued subject to a restriction of continued service on the board of directors and all restrictions lapse one year from the grant date or upon a director’s retirement upon the completion of his or her term, if earlier. The aggregate unearned compensation expense related to options and restricted stock was $6.5 million as of December 31, 2011. Based on the vesting provisions of the underlying equity instruments, future compensation expense related to previously issued options and restricted stock at December 31, 2011 will be as follows (in thousands):
2012 |  | $ | 1,507 |
2013 |  |  | 2,485 |
2014 |  |  | 1,700 |
2015 |  |  | 787 |
|  | $ | 6,479 |
The outstanding non-vested restricted stock is included in the number of outstanding shares on the face of the consolidated balance sheets, but is treated as outstanding stock options for accounting purposes. The shares of non-vested restricted stock, accounted for as options, are included in the calculation of diluted earnings per share using the two-class, with the proceeds equal to the sum of unrecognized compensation cost.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration