|
Stock Based Compensation (Tables)
|
12 Months Ended |
|
Jan. 28, 2012
|
| Components of Stock Based Compensation Expense |
Stock-based compensation expense included the following components:
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2011 |
|
2010 |
|
2009 |
|
(millions) |
Stock options |
$ |
28 |
|
|
$ |
34 |
|
|
$ |
43 |
|
Stock credits |
20 |
|
|
19 |
|
|
26 |
|
Restricted stock |
2 |
|
|
2 |
|
|
3 |
|
Restricted stock units |
20 |
|
|
11 |
|
|
4 |
|
|
$ |
70 |
|
|
$ |
66 |
|
|
$ |
76 |
|
|
| Weighted Average Assumption Used To Estimate Fair Value of Stock Options |
The fair value of stock-options granted during 2011, 2010 and 2009 and the weighted average assumptions used to estimate the fair value are as follows:
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2011 |
|
2010 |
|
2009 |
Weighted average grant date fair value of stock options
granted during the period |
$ |
7.12 |
|
|
$ |
7.34 |
|
|
$ |
2.51 |
|
Dividend yield |
2.3 |
% |
|
1.0 |
% |
|
2.3 |
% |
Expected volatility |
38.8 |
% |
|
37.6 |
% |
|
36.4 |
% |
Risk-free interest rate |
2.0 |
% |
|
2.7 |
% |
|
1.9 |
% |
Expected life |
5.6 years |
|
5.5 years |
|
5.4 years |
|
| Schedule of Stock Option Activity |
Stock option activity for 2011 is as follows:
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Shares |
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
Aggregate
Intrinsic
Value
|
|
(thousands) |
|
|
|
(years) |
|
(millions) |
Outstanding, beginning of period |
38,101.3 |
|
|
$ |
25.59 |
|
|
|
|
|
Granted |
4,874.9 |
|
|
$ |
23.43 |
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|
|
|
|
Canceled or forfeited |
(1,532.7 |
) |
|
$ |
26.90 |
|
|
|
|
|
Exercised |
(7,038.2 |
) |
|
$ |
20.07 |
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|
|
|
Outstanding, end of period |
34,405.3 |
|
|
$ |
26.36 |
|
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|
|
|
Exercisable, end of period |
23,381.3 |
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|
$ |
29.57 |
|
|
4.1 |
|
|
$ |
99 |
|
Options expected to vest |
9,701.1 |
|
|
$ |
19.56 |
|
|
8.1 |
|
|
$ |
138 |
|
|
| Additional Information Relating to Stock Options |
Additional information relating to stock options is as follows:
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2011 |
|
2010 |
|
2009 |
|
(millions) |
Intrinsic value of options exercised |
$ |
64 |
|
|
$ |
13 |
|
|
$ |
2 |
|
Grant date fair value of stock options that vested during the year |
50 |
|
|
55 |
|
|
71 |
|
Cash received from stock options exercised |
141 |
|
|
39 |
|
|
8 |
|
Tax benefits realized from exercised stock options
and vested restricted stock |
20 |
|
|
4 |
|
|
— |
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|
| Activity Related to Stock Credits |
Activity related to stock credits for 2011 is as follows:
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|
|
|
Shares |
Stock credits, beginning of period |
2,418,345 |
|
Additional dividend equivalents earned |
20,961 |
|
Stock credits forfeited |
(61,807 |
) |
Stock credits distributed |
(727,629 |
) |
Stock credits, end of period |
1,649,870 |
|
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| Fair Value of Restricted Stock Awards and Restricted Stock Units Granted |
The weighted average grant date fair value of restricted stock and restricted stock units granted during 2011, 2010 and 2009 are as follows:
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2011 |
|
2010 |
|
2009 |
Restricted stock |
$ |
23.43 |
|
|
$ |
20.89 |
|
|
$ |
— |
|
Restricted stock units |
$ |
23.69 |
|
|
$ |
20.95 |
|
|
$ |
3.59 |
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Restricted Stock [Member]
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| Activity Related to Restricted Stock and Restricted Stock Units |
Restricted stock award activity for 2011 is as follows:
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Shares |
|
Weighted
Average
Grant Date
Fair Value
|
Nonvested, beginning of period |
250,046 |
|
|
$ |
28.48 |
|
Granted |
115,236 |
|
|
23.43 |
|
Forfeited |
(5,724 |
) |
|
21.84 |
|
Vested |
(145,936 |
) |
|
33.90 |
|
Nonvested, end of period |
213,622 |
|
|
$ |
22.23 |
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Restricted Stock Units [Member]
|
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| Activity Related to Restricted Stock and Restricted Stock Units |
Activity related to restricted stock units for 2011 is as follows:
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Shares |
|
Weighted
Average
Grant Date
Fair Value
|
Nonvested, beginning of period |
3,788,634 |
|
|
$ |
8.57 |
|
Granted – performance-based |
715,100 |
|
|
23.43 |
|
Performance adjustment |
476,922 |
|
|
22.72 |
|
Granted – time-based |
37,719 |
|
|
28.63 |
|
Dividend equivalents |
116,422 |
|
|
23.04 |
|
Forfeited |
(288,071 |
) |
|
10.29 |
|
Vested |
(40,401 |
) |
|
22.54 |
|
Nonvested, end of period |
4,806,325 |
|
|
$ |
12.47 |
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