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AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Thefollowingisasummaryofthechangesinnon-vestedstockoptionsforthefiscalyear2016:
Weighted
Average
Grant-Date
Shares Fair Value
Non-vestedstockoptionsatJune27,2015 935,500 $ 11.35
Granted 377,700 10.69
Vested (374,336) 12.23
Forfeited (19,713) 10.99
Non-vestedstockoptionsatJuly2,2016 919,151 $ 11.20
As of July 2, 2016, there was $2.4 million of total unrecognized compensation cost related to stock options, which is
expected to be recognized over a weighted-average period of 2.1 years. The total fair value of stock options vested, as of the
vestingdates,duringfiscal2016,2015and2014were$4.6million,$4.0millionand$3.7million,respectively.
Cashreceivedfromstockoptionexercisesduringfiscal2016,2015and2014totaled$0.8million,$2.6million,and$4.7
million,respectively.Theimpactofthesecashreceiptsisincludedin“Other,net”withinfinancingactivitiesintheaccompanying
consolidatedstatementsofcashflows.
Restricted stock units
Deliveryofrestricted stock units, and the associated compensation expense,is recognized overthe vesting period andis
generallysubjecttotheemployee’scontinuedservicetotheCompany,exceptforemployeeswhoareretirementeligibleunder
thetermsoftherestrictedstockunits.AsofJuly2,2016,1.7millionsharespreviouslyawardedhavenotyetvested.Stock-based
compensationexpenseassociatedwithrestrictedstockunitswas$43.9million,$50.5millionand$34.4millionforfiscalyears
2016,2015and2014,respectively.
Thefollowingisasummaryofthechangesinnon-vestedrestrictedstockunitsduringfiscal2016:
Weighted
Average
Grant-Date
Shares Fair Value
Non-vestedrestrictedstockunitsatJune27,2015 1,930,352 $ 36.15
Granted 1,051,740 41.27
Vested (1,172,898) 36.23
Forfeited (88,975)$ 38.26
Non-vestedrestrictedstockunitsatJuly2,2016 1,720,219 $ 39.12
AsofJuly 2, 2016, there was$33.3 millionoftotal unrecognized compensation expenserelated to non-vested restricted
stock units, which is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of restricted
stockunitsvestedduringfiscal2016,2015and2014was$42.5million,$36.2millionand$30.5million,respectively.
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