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10-K
ICONIX BRAND GROUP, INC. filed this Form 10-K on 03/28/2019
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The aggregate intrinsic value is calculated as the difference between the market price of the Company’s common stock as of December 31, 2018 and the exercise price of the underlying options. At December 31, 2018 and 2017, the aggregate intrinsic value of options outstanding and exercisable was $0 and $0, respectively. There were no unamortized options as of December 31, 2018.

Warrants

 

Warrants

 

Warrants

 

 

Weighted Average

Exercise Price

 

Outstanding at January 1, 2017

 

 

2,000

 

 

$

66.40

 

Granted

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Expired/Forfeited

 

 

 

 

 

 

Outstanding at December 31, 2017

 

 

2,000

 

 

$

66.40

 

Granted

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Expired/Forfeited

 

 

(2,000

)

 

 

66.40

 

Outstanding at December 31, 2018

 

 

 

 

$

 

Exercisable at December 31, 2018

 

 

 

 

$

 

 

All warrants issued in connection with acquisitions were recorded at fair market value using the Black Scholes model and are recorded as part of purchase accounting. Certain warrants are exercised using the cashless method.

The weighted average contractual term (in years) of warrants outstanding and exercisable as of December 31, 2018 and 2017 were 0 and 0.76, respectively.

Restricted stock

Compensation cost for restricted stock is measured as the excess, if any, of the quoted market price of the Company’s stock at the date the common stock is issued over the amount the employee must pay to acquire the stock (which is generally zero). The compensation cost, net of projected forfeitures, is recognized over the period between the issue date and the date any restrictions lapse, with compensation cost for grants with a graded vesting schedule recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The restrictions do not affect voting and dividend rights.

The following tables summarize information about unvested restricted stock transactions:

 

 

 

FY 2018

 

 

FY 2017

 

 

 

Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

 

Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Non-vested, January 1,

 

 

130,808

 

 

$

252.90

 

 

 

128,050

 

 

$

263.20

 

Granted

 

 

319,378

 

 

 

2.20

 

 

 

48,774

 

 

 

80.40

 

Vested

 

 

(109,872

)

 

 

21.40

 

 

 

(31,892

)

 

 

106.40

 

Forfeited/Canceled

 

 

(24,919

)

 

 

76.00

 

 

 

(14,123

)

 

 

81.40

 

Non-vested, December 31,

 

 

315,396

 

 

$

108.60

 

 

 

130,808

 

 

$

252.90

 

 

The Company has awarded time-based restricted shares of common stock to certain employees. The awards have restriction periods tied to employment and vest over a maximum period of 5 years. The cost of the time-based restricted stock awards, which is the fair market value on the date of grant net of estimated forfeitures, is expensed ratably over the vesting period. During FY 2018 and FY 2017, the Company awarded approximately 0.3 million and 0.1 million restricted shares, respectively, with a fair market value of approximately $0.7 million and $3.9 million, respectively.

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