Symantec 2008 Annual Report Download - page 180
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reduce future stock-based compensation expense that we would otherwise be required to recognize in our results of
operations after adoption of SFAS No. 123R. Because of system constraints, it is not practicable for us to estimate
the amount by which the acceleration of vesting will reduce our future stock-based compensation expense. The
acceleration of the vesting of these options did not result in a charge to expense in fiscal 2006.
Valuation of stock-based awards
The fair value of each stock option granted under our equity incentive plans and each ESPP purchase right
granted prior to July 1, 2005 is estimated on the date of grant using the Black-Scholes option-pricing model with the
following weighted-average assumptions:
Fiscal
2008
Fiscal
2007
Fiscal
2006
Fiscal
2006
Employee
Stock Options
Employee
Stock
Purchase Plan
Expected life ............................... 3years 3 years 3 years 0.5 years
Expected volatility........................... 33% 34% 45% 33%
Risk-free interest rate ........................ 4.52% 4.86% 3.55% 4.26%
The expected life of options is based on an analysis of our historical experience of employee exercise and post-
vesting termination behavior considered in relation to the contractual life of the option. Expected volatility is based
on the average of the historical volatility for the period commensurate with the expected life of the option and the
implied volatility of traded options. The risk free interest rate is equal to the U.S. Treasury constant maturity rates
for the period equal to the expected life. We do not currently pay cash dividends on our common stock and do not
anticipate doing so in the foreseeable future. Accordingly, our expected dividend yield is zero. The fair value of each
RSU is equal to the market value of Symantec’s common stock on the date of grant. The fair value of each ESPP
purchase right granted from July 1, 2005 onwards is equal to the 15% discount on shares purchased. We estimate
forfeitures of options, and RSUs, at the time of grant based on historical experience and record compensation
expense only for those awards that are expected to vest.
98
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)