Apple 2013 Annual Report Download - page 73

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Stock Options
A summary of the Company’s stock option activity and related information for 2013, 2012 and 2011, is as
follows:
Outstanding Options
Number of
Options
(in thousands)
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Balance at September 25, 2010 ........................ 21,725 $ 90.46
Options granted ................................. 1 $342.62
Options cancelled ............................... (163) $128.42
Options exercised ............................... (9,697) $ 67.63
Balance at September 24, 2011 ........................ 11,866 $108.64
Options assumed ................................ 41 $ 30.86
Options cancelled ............................... (25) $103.22
Options exercised ............................... (5,337) $ 84.85
Balance at September 29, 2012 ........................ 6,545 $127.56
Options granted ................................. 8 $ 30.36
Options assumed ................................ 29 $210.08
Options cancelled ............................... (8) $108.87
Options exercised ............................... (2,480) $108.33
Balance at September 28, 2013 ........................ 4,094 $139.65 1.1 $1,405
Exercisable at September 28, 2013 ...................... 4,072 $140.07 1.0 $1,396
Expected to vest after September 28, 2013 ............... 22 $ 61.93 7.8 $ 9
Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the
period in excess of the weighted-average exercise price multiplied by the number of options outstanding or
exercisable. Total intrinsic value of options at time of exercise was $1.0 billion, $2.3 billion and $2.6 billion for
2013, 2012 and 2011, respectively.
Share-based Compensation
The Company granted 8,000 and 1,370 stock options during 2013 and 2011, respectively. The weighted-average
grant date fair value per share of stock options granted during 2013 and 2011 was $294.84 and $181.13,
respectively. The Company did not grant any stock options during 2012.
During 2013 and 2012, in conjunction with certain business combinations, the Company assumed 29,000 and
41,000 stock options, respectively, which had a weighted-average fair value per share of $407.80 and $405.39,
respectively. The Company did not assume any stock options during 2011.
The weighted-average fair value of stock purchase rights per share was $115.19, $108.44 and $71.47 during
2013, 2012 and 2011, respectively.
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