Apple 2014 Annual Report Download - page 75

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Restricted Stock Units
A summary of the Company’s RSU activity and related information for 2014, 2013 and 2012, is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per Share
Aggregate
Intrinsic Value
(in millions)
Balance at September 24, 2011 101,122 $33.07
RSUs granted 54,597 $61.62
RSUs vested (44,137) $29.32
RSUs cancelled (6,545) $36.57
Balance at September 29, 2012 105,037 $49.27
RSUs granted 39,415 $78.23
RSUs vested (42,291) $45.96
RSUs cancelled (8,877) $57.31
Balance at September 28, 2013 93,284 $62.24
RSUs granted 59,269 $74.54
RSUs vested (43,111) $57.29
RSUs cancelled (5,620) $68.47
Balance at September 27, 2014 103,822 $70.98 $10,460
The fair value as of the respective vesting dates of RSUs was $3.4 billion, $3.1 billion and $3.3 billion for 2014, 2013 and 2012,
respectively. The majority of RSUs that vested in 2014, 2013 and 2012 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 15.6 million,
15.5 million and 16.1 million for 2014, 2013 and 2012, respectively, and were based on the value of the RSUs on their
respective vesting dates as determined by the Company’s closing stock price. Total payments for the employees’ tax
obligations to taxing authorities were $1.2 billion, $1.1 billion and $1.2 billion in 2014, 2013 and 2012, 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.
Stock Options
The Company had 6.6 million stock options outstanding as of September 27, 2014, with a weighted-average exercise price per
share of $21.99 and weighted-average remaining contractual term of 1.4 years, substantially all of which are exercisable. The
aggregate intrinsic value of the stock options outstanding as of September 27, 2014 was $520 million, which 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. Total intrinsic value of options at time of exercise was $1.5 billion, $1.0
billion and $2.3 billion for 2014, 2013 and 2012, respectively.
Apple Inc. | 2014 Form 10-K | 73