Yahoo 2014 Annual Report Download - page 141
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Stock Options. The Company’s Stock Plan, the Directors’ Plan, other stock-based awards assumed
through acquisitions (including stock-based commitments related to continued service of acquired
employees, such as the holdback by Yahoo of shares of Yahoo common stock issued to Tumblr’s
founder in connection with the Company’s acquisition of Tumblr in June 2013) are collectively
referred to as the “Plans.” Stock option activity under the Company’s Plans for the year ended
December 31, 2014 is summarized as follows (in thousands, except years and per share amounts):
Shares
Weighted
Average
Exercise
Price per
Share
Weighted
Average
Remaining
Contractual
Life
(in years)
Aggregate
Intrinsic Value
Outstanding at December 31, 2013(1)
20,968 $20.43 4.20 $428,414
Options granted(2)
38 $40.05
Options assumed in acquisitions
1,079 $16.75
Options exercised(3)
(9,970) $22.17
Options expired
(812) $22.00
Options cancelled/forfeited
(2,078) $18.20
Outstanding at December 31, 2014(1)
9,225 $18.57 4.33 $274,072
Vested and expected to vest at December 31,
2014(4)
7,940 $17.56 4.29 $261,608
Exercisable at December 31, 2014
4,031 $17.27 3.54 $134,001
(1) Includes shares subject to performance-based stock options for which performance goals had
not been set as of the date shown.
(2) Excludes tranches of previously granted performance-based stock options for which
performance goals were set during the year ended December 31, 2014.
(3) The Company generally issues new shares to satisfy stock option exercises.
(4) The expected to vest options are the result of applying the pre-vesting forfeiture rate
assumptions to total outstanding options.
The weighted average grant date fair values of all options granted and assumed in the years ended
December 31, 2012, 2013, and 2014 were $4.36, $18.72, and $31.31 per share, respectively.
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the
aggregate difference between the closing stock price of the Company’s common stock on
December 31, 2014 and the exercise price for in-the-money options) that would have been received
by the option holders if all in-the-money options had been exercised on December 31, 2014.
The total intrinsic values of options exercised in the years ended December 31, 2012, 2013, and 2014
were $45 million, $122 million, and $167 million, respectively.
As of December 31, 2014, there was $34 million of unamortized stock-based compensation expense
related to unvested stock options, which is expected to be recognized over a weighted average
period of 2.0 years.
Cash received from option exercises and purchases of shares under the Employee Stock Purchase
Plan for the year ended December 31, 2014 was $308 million.
137