Symantec 2001 Annual Report Download - page 49

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Stock option activity was as follows: Weighted
Average
Exercise
Number Price Per
(In thousands, except weighted average exercise price per share) of Shares Share
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
Granted 5,181 44.93
Exercised (3,937) 16.03
Canceled (1,753) 20.46
Outstanding at March 31, 2000 10,019 32.67
Granted 9,167 39.14
Exercised (1,771) 20.60
Canceled (1,551) 41.76
Outstanding at March 31, 2001 15,864 $ 36.86
Stock option balances were as follows:
March 31
(In thousands) 2001 2000
Authorized and/or outstanding 19,917 11,512
Available for future grants 4,053 1,493
Exercisable and vested 4,784 2,446
The following tables summarize information about options outstanding at March 31, 2001:
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
$ 5.62 - $ 19.94 2,948 7.10 $ 15.30 1,770 $ 15.23
20.00 - 34.50 3,982 7.68 28.84 1,599 25.63
34.56 - 34.56 3,094 9.72 34.56 ——
34.94 - 52.56 2,812 9.09 43.88 759 41.52
52.63 - 71.13 2,652 8.87 62.59 578 62.19
71.38 - 80.81 376 8.87 75.94 78 76.49
15,864 8.45 $ 36.86 4,784 $ 29.55
symantec 2001__47
These options will expire if not exercised by specific dates through
March 2011. Prices for options exercised during the three-year period
ended March 31, 2001 ranged from $1.00 to $47.38.
In 1999, we issued 100,000 restricted shares to our current CEO for a
purchase price of par ($0.01 per share), vesting 50% at each anniversary
date beginning April 14, 2000. Unearned compensation equivalent to
the market value of the common stock on the date of grant, less par,
was charged to stockholders’equity and is being amortized into
compensation expense over the vesting term. At March 31, 2001,
there were 100,000 restricted shares outstanding with 50,000 vested.
The remaining 50,000 shares vested in April 2001.
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 compen-
sation expense is recognized in our financial statements.