Sec Form 4 Filing - SMITH ALEX @ PIER 1 IMPORTS INC/DE - 2012-08-31

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person SMITH ALEX 2. Issuer Name and Ticker or Trading Symbol PIER 1 IMPORTS INC/DE [ PIR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) President & CEO (Last) (First) (Middle) C/O PIER 1 IMPORTS, INC., 100 PIER 1 PLACE 3. Date of Earliest Transaction (MM/DD/YY) 08/31/2012 (Street) FORT WORTH, TX76102 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price common stock 08/31/2012 J( 1 ) V 636.9953 A $ 17.812 899,266.6968 D common stock 09/04/2012 M 100,000 ( 2 ) A $ 6.69 999,266.6968 D common stock 09/04/2012 S 100,000 ( 2 ) D $ 18.7321 ( 4 ) 899,266.6968 D common stock 659,804 I By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Non-Qualified Stock Option (Right to Buy) $ 6.69 09/04/2012 M 100,000 ( 2 ) ( 3 ) 02/19/2017 common stock 100,000 $ 0 830,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other SMITH ALEX C/O PIER 1 IMPORTS, INC. 100 PIER 1 PLACE FORT WORTH, TX76102 X President & CEO Signatures /s/ Alexander W. Smith By: Michael A. Carter, Atty-in-Fact 09/05/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On August 31, 2012, the Pier 1 Imports, Inc. Stock Purchase Plan, restated as amended, purchased in a transaction exempt under Rule 16b-3(c), 636.9953 shares of common stock for the reporting person's account. Such shares were purchased at $17.8120 per share, the average of the closing prices of the Issuer's common stock on the New York Stock Exchange for each Friday in the month of August 2012, during which contributions were credited to the reporting person's account for the purchase of common stock. ( 2 )Exercise and subsequent sale of shares pursuant to a Rule 10b5-1 trading plan dated July 6, 2012. ( 3 )The option vested on 2-19-08, the first anniversary of the grant. ( 4 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.47 to $19.19, inclusive. The reporting person undertakes to provide Pier 1 Imports, Inc., any security holder of Pier 1 Imports, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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