Seagate 2008 Annual Report Download - page 119
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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
10. Compensation (Continued)
Stock Option Activity
The Company issues new common shares upon exercise of stock options. The following is a summary of option activity for the Company's
stock option plans, including options assumed from Maxtor, for the fiscal year ended July 3, 2009:
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the
Company's common shares for the 28.3 million options that were in-the-money at July 3, 2009. During fiscal years 2009, 2008 and 2007, the
aggregate intrinsic value of options exercised under the Company's stock option plans was $12 million, $155 million and $280 million,
respectively, determined as of the date of option exercise. The aggregate fair value of options vested during fiscal year 2009 was approximately
$61 million.
At July 3, 2009 the total compensation cost related to options granted to employees under the Company's stock option plans (excluding
options assumed in the Maxtor acquisition) but not yet recognized was approximately $74 million, net of estimated forfeitures of approximately
$10 million. This cost is being amortized on a straight-line basis over a weighted-average remaining term of approximately 2 years and will be
adjusted for subsequent changes in estimated forfeitures. At July 3, 2009, the stock-based compensation cost related to options assumed in the
Maxtor acquisition was substantially complete.
117
Options
Number of
Shares
Weighted
-
Average
Exercise
Price
Weighted
-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(In millions)
(Dollars in millions)
Outstanding at June 27, 2008
55.0
$
17.10
Granted
25.1
5.51
Exercised
(2.9
)
4.78
Forfeitures and cancellations
(9.8
)
19.11
Outstanding at July 3, 2009
67.4
$
13.03
4.7
$
181
Vested and expected to vest at July 3, 2009
62.5
$
13.36
4.6
$
158
Exercisable at July 3, 2009
31.6
$
14.84
3.4
$
47