Symantec 1999 Annual Report Download - page 80

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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements, Continued
66
Stock option and warrant activity was as follows:
Weighted
Average
Number Exercise
(In thousands, except weighted average exercise price per share) of Shares Price Per Share
Outstanding at March 31, 1996 9,718 $ 13.43
Granted 2,681 13.90
Exercised (684) 9.89
Canceled (2,673)14.21
Outstanding at March 31, 1997 9,042 13.61
Granted 3,857 22.74
Exercised (2,158) 12.73
Canceled (1,413)15.29
Outstanding at March 31, 1998 9,328 17.32
Granted 3,331 20.18
Exercised (991) 13.40
Canceled (1,140)19.28
Outstanding at March 31, 1999 10,528 18.37
Stock option balances are as follows:
(In thousands) March 31,
1999 1998
Authorized and/or outstanding 11,707 10,785
Available for future grants 1,179 1,457
Exercisable and vested 3,965 3,173
The following tables summarize information about options outstanding at March 31, 1999:
Outstanding options
Exercisable options
Weighted
average Weighted Weighted
Number of contractual average Number of average
shares (in life exercise shares (in exercise
Range of Exercise Prices thousands) (in years) price thousands) price
$ 3.14 - $ 15.25 4,078 6.62 $12.57 2,462 $12.34
$15.26 - $ 22.63 3,509 8.56 19.01 865 17.84
$22.64 - $ 39.13 2,941 8.66 25.66 638 25.88
10,528 7.84 18.37 3,965 15.72
These options will expire if not exercised by specific dates ranging from April 1999 to March 2009. Prices for
options exercised during the three-year period ended March 31, 1999 ranged from $1.00 to $26.91.
We elected to follow APB Opinion No. 25, “Accounting for Stock Issued to Employees,” in accounting for our
employee stock options because, as discussed below, the alternative fair value accounting provided for under SFAS
No. 123, “Accounting for Stock-Based Compensation,” requires the use of option valuation models that were not
developed for use in valuing employee stock options. Under APB No. 25, because the exercise price of our employee
stock options generally equals the market price of the underlying stock on the date of grant, no compensation expense
is recognized in our financial statements.
Pro forma information regarding net income and earnings per share is required by SFAS No. 123. This information is
required to be determined as if we had accounted for our employee stock options (including shares issued under the
Employee Stock Purchase Plan, collectively called “options”) granted subsequent to March 31, 1995 under the fair