Medtronic 2013 Annual Report Download - page 114
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75732me_10K.indd 99 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
Stock Options The following table summarizes all stock option activity, including activity from options assumed or issued as a
result of acquisitions, during fiscal years 2013, 2012, and 2011:
Fiscal Year
2013 2012 2011
Options (in
thousands)
Wtd. Avg.
Exercise
Price Options (in
thousands)
Wtd. Avg.
Exercise
Price Options (in
thousands)
Wtd. Avg.
Exercise
Price
Beginning balance 74,590 $ 44.80 84,652 $ 45.23 89,613 $ 46.13
Granted 4,437 39.54 4,634 34.93 6,371 37.59
Exercised (6,096) 37.73 (1,218) 34.95 (627) 32.84
Canceled (10,911) 45.57 (13,478) 44.98 (10,705) 48.91
Outstanding at year-end 62,020 $ 44.98 74,590 $ 44.80 84,652 $ 45.23
Exercisable at year-end 50,908 $ 46.65 60,833 $ 46.73 66,286 $ 47.24
For options outstanding and exercisable at April 26, 2013, the weighted average remaining contractual life was 4.27 years and
3.41 years, respectively. The total intrinsic value, calculated as the closing stock price at year-end less the option exercise price,
of options exercised during fiscal years 2013, 2012, and 2011 was $39 million, $5 million, and $4 million, respectively. For options
outstanding and exercisable at April 26, 2013, the total intrinsic value of in-the-money options was $236 million and $137 million,
respectively. The Company issues new shares when stock option awards are exercised. Cash received from the exercise of stock
options for the fiscal year ended April 26, 2013 was $230 million. The Company’s tax benefit related to the exercise of stock
options for fiscal year 2013 was $12 million. Unrecognized compensation expense related to outstanding stock options as of
April 26, 2013 was $46 million and is expected to be recognized over a weighted average period of 2.4 years and will be adjusted
for any future changes in estimated forfeitures.
Restricted Stock Awards The following table summarizes restricted stock award activity during fiscal years 2013, 2012, and
2011:
Fiscal Year
2013 2012 2011
Awards (in
thousands)
Wtd. Avg.
Grant
Price Awards (in
thousands)
Wtd. Avg.
Grant
Price Awards (in
thousands)
Wtd. Avg.
Grant
Price
Nonvested, beginning
balance 9,980 $ 37.80 9,207 $ 40.42 8,909 $ 42.67
Granted 3,135 39.53 3,785 35.60 2,682 37.52
Vested (2,445) 35.58 (2,194) 44.74 (1,809) 47.28
Forfeited (612) 36.34 (818) 38.46 (575) 40.12
Nonvested at year-end 10,058 $ 38.97 9,980 $ 37.80 9,207 $ 40.42
Unrecognized compensation expense related to restricted stock awards as of April 26, 2013 was $159 million and is expected to
be recognized over a weighted average period of 2.4 years and will be adjusted for any future changes in estimated forfeitures.
96