Buckle announces accelerated vesting of stock options
22 Dec '06
1 min read
The Buckle Inc announced that pursuant to the terms of the Company's Executive Stock Option Plan, the recent market price of the Company's common stock has triggered the accelerated vesting of 268,889 stock options that were previously scheduled to vest on December 30, 2008.
Pursuant to FASB Statement No. 123 (revised 2004) Share-Based Payment ("SFAS 123 R"), the Company had been recording compensation expense for these options utilizing the modified prospective approach beginning with the first quarter of fiscal 2006 ending April 29, 2006 on a straight-line basis over the remaining vesting period.
The accelerated vesting will result in approximately $0.7 million of after-tax stock option compensation expense for the fourth quarter of fiscal 2006 ending February 3, 2007 compared to approximately $0.1 million which was expected for the quarter based on a vesting date of December 30, 2008.
marketing@alchempro.com
