Stein Mart Inc. (SMRT, Financial) filed Amended Annual Report for the period ended 2010-01-30.
Stein Mart Inc. has a market cap of $448.5 million; its shares were traded at around $10.32 with a P/E ratio of 15.6 and P/S ratio of 0.4. SMRT is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
In addition to annual retainers, Members of the Companys Board of Directors continue to be compensated through attendance fees and receipt of equity-based compensation. For 2010, each non-employee Director (that is a Director who does not receive a salary from the Company) shall receive attendance fees of $2,000 for attending meetings of the Board and $1,500 for committee meetings attended in person, or $750 for committee meetings held by conference call. Mercer has recommended additional emphasis on equity-based compensation. Accordingly, in 2009, each non-employee Director received Options to acquire 7,500 shares of the Companys common stock at an exercise price of $2.50 per share (which was double the trading price of the Companys shares on the date the Options were awarded) and in 2010, each non-employee Director received $40,000 in value of the Companys shares which equaled 3,918 Restricted Shares (subject to vesting over three (3) years as described below) on the grant date based on the closing price of the Companys shares on that date.
In 2010, to compensate certain Directors with additional responsibilities, (i) the Companys Lead Director receives an additional annual retainer of $20,000, (ii) the Chairperson of the Companys Audit Committee receives an additional annual retainer of $25,000, and (iii) the Chairpersons of the Compensation and Strategic Planning Committees each receive an additional annual retainer of $15,000.
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Stein Mart Inc. has a market cap of $448.5 million; its shares were traded at around $10.32 with a P/E ratio of 15.6 and P/S ratio of 0.4. SMRT is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
The Companys philosophy is to target non-employee director compensation at the mid-range of peer group pay levels. Based on a study conducted by Mercer, cash compensation for the Companys Board of Directors is below peer group 50th percentile levels and total compensation (including equity grants) is well below peer group 25th percentile levels. Consistent with the reduction in Base Compensation of the Companys salaried employees in 2009, the Board reduced its annual retainers from $30,000 as existed in 2008 to $25,000 for 2009. In view of the material improvement in the Companys performance in 2009, the Board restored its annual retainer to $30,000 for 2010.In addition to annual retainers, Members of the Companys Board of Directors continue to be compensated through attendance fees and receipt of equity-based compensation. For 2010, each non-employee Director (that is a Director who does not receive a salary from the Company) shall receive attendance fees of $2,000 for attending meetings of the Board and $1,500 for committee meetings attended in person, or $750 for committee meetings held by conference call. Mercer has recommended additional emphasis on equity-based compensation. Accordingly, in 2009, each non-employee Director received Options to acquire 7,500 shares of the Companys common stock at an exercise price of $2.50 per share (which was double the trading price of the Companys shares on the date the Options were awarded) and in 2010, each non-employee Director received $40,000 in value of the Companys shares which equaled 3,918 Restricted Shares (subject to vesting over three (3) years as described below) on the grant date based on the closing price of the Companys shares on that date.
In 2010, to compensate certain Directors with additional responsibilities, (i) the Companys Lead Director receives an additional annual retainer of $20,000, (ii) the Chairperson of the Companys Audit Committee receives an additional annual retainer of $25,000, and (iii) the Chairpersons of the Compensation and Strategic Planning Committees each receive an additional annual retainer of $15,000.
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