Apple 2011 Annual Report Download - page 69

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Restricted Stock Units
A summary of the Company’
s RSU activity and related information for the three years ended September 24, 2011, is as follows (in thousands,
except per share amounts):
The fair value as of the vesting date of RSUs was $1.5 billion, $1.0 billion and $221 million for 2011, 2010 and 2009, respectively. The majority
of RSUs that vested in 2011, 2010 and 2009, were net-
share settled such that the Company withheld shares with value equivalent to the
employees’
minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing
authorities. The total shares withheld were approximately 1.6 million, 1.8 million and 707,000 for 2011, 2010 and 2009, respectively, and were
based on the value of the RSUs on their vesting date as determined by the Company’s closing stock price. Total payments for the employees’
tax
obligations to the taxing authorities were $520 million, $406 million and $82 million in 2011, 2010 and 2009, respectively, and are reflected as a
financing activity within the Consolidated Statements of Cash Flows. These net-
share settlements had the effect of share repurchases by the
Company as they reduced and retired the number of shares that would have otherwise been issued as a result of the vesting and did not represent
an expense to the Company.
67
Number
of RSUs
Weighted
-
Average
Grant
Date Fair
Value
Aggregate
Intrinsic
Value
Balance at September 27, 2008
7,040
$
134.91
RSUs units granted
7,786
$
111.80
RSUs vested
(1,935
)
$
124.87
RSUs cancelled
(628
)
$
121.28
Balance at September 26, 2009
12,263
$
122.52
RSUs units granted
6,178
$
214.37
RSUs vested
(4,685
)
$
119.85
RSUs cancelled
(722
)
$
147.56
Balance at September 25, 2010
13,034
$
165.63
RSUs units granted
6,667
$
312.63
RSUs vested
(4,513
)
$
168.08
RSUs cancelled
(742
)
$
189.08
Balance at September 24, 2011
14,446
$
231.49
$
5,840,503