Apple 2007 Annual Report Download - page 84
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Stock Option Activity
A summary of the Company's stock option activity and related information for the last three fiscal years follows (stock award amounts and
aggregate intrinsic value are presented in thousands):
Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading day of the fiscal period in excess of the
exercise price multiplied by the number of options outstanding or exercisable. Total intrinsic value of options at time of exercise was
$1.3 billion, $1.2 billion, and $1.1 billion for 2007, 2006, and 2005, respectively.
The Company recognized $242 million, $163 million and $49 million of stock-based compensation expense in 2007, 2006 and 2005,
respectively. Capitalized stock-based compensation costs were $9 million as of September 29, 2007. There were no stock-based compensation
costs capitalized as of September 30, 2006. The income tax benefit related to stock-based compensation expense was $81 million and
$39 million for the years ended September 29, 2007 and September 30, 2006, respectively. The total unrecognized compensation cost related to
stock options and RSUs expected to vest was $631 million and $375 million as of September 29, 2007 and September 30, 2006, respectively.
The total unrecognized compensation cost as of September 29, 2007, is expected to be recognized over a weighted-average period of 2.92 years.
80
Outstanding Options
Shares
Available
for Grant
Number of
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
Balance at September 25, 2004
24,050
110,722
$
10.52
Additional options authorized
49,000
—
—
Restricted stock units granted
(460
)
—
—
Options granted
(16,214
)
16,214
$
42.52
Options cancelled
3,844
(3,844
)
$
13.28
Options exercised
—
(
49,871
)
$
10.05
Restricted stock units cancelled
230
—
—
Plan shares expired
(1,493
)
—
—
Balance at September 24, 2005
58,957
73,221
$
17.79
Restricted stock units granted
(2,950
)
—
—
Options granted
(3,881
)
3,881
$
65.28
Options cancelled
2,325
(2,325
)
$
29.32
Restricted stock units cancelled
625
—
—
Options exercised
—
(
21,795
)
$
11.78
Plan shares expired
(82
)
—
—
Balance at September 30, 2006
54,994
52,982
$
23.23
Additional shares authorized
28,000
—
—
Restricted stock units granted
(2,640
)
—
—
Options granted
(14,010
)
14,010
$
94.52
Options cancelled
1,471
(1,471
)
$
55.38
Restricted stock units cancelled
20
—
—
Options exercised
—
(
15,770
)
$
18.32
Plan shares expired
(8
)
—
—
Balance at September 29, 2007
67,827
49,751
$
43.91
4.57
$
5,450,528
Exercisable at September 29, 2007
27,319
$
23.13
3.80
$
3,560,682
Expected to Vest after September 29,
2007
21,260
$
72.69
5.51
$
1,717,383