Seagate 2008 Annual Report Download - page 120
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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
10. Compensation (Continued)
Nonvested Share Activity
The following is a summary of nonvested share activity under the Company's stock plans, including nonvested stock assumed from Maxtor,
for the fiscal year ended July 3, 2009:
At July 3, 2009, the total compensation cost related to nonvested shares granted to employees under the Company's stock option plans
(excluding nonvested shares exchanged in the Maxtor acquisition) but not yet recognized was approximately $12 million, net of estimated
forfeitures of approximately $1 million. This cost is being amortized on a straight-line basis over a weighted-
average remaining term of 2.9 years
and will be adjusted for subsequent changes in estimated forfeitures. The aggregate fair value of nonvested shares vested during fiscal year 2009
was approximately $12 million. At July 3, 2009, the stock-based compensation cost related to nonvested shares exchanged in the Maxtor
acquisition had been completely amortized.
Performance Share Activity
The following is a summary of performance share activity under the Company's stock plans for the fiscal year ended July 3, 2009:
At July 3, 2009, the total compensation cost related to performance shares granted to employees under the Company's stock option plans
but not yet recognized was approximately $14 million. This cost is being amortized on a straight-line basis over a weighted-average remaining
term of 2.3 years. As of July 3, 2009, none of the performance shares issued have vested.
118
Nonvested Shares
Number of
Shares
Weighted
-
Average
Grant-
Date
Fair Value
(In millions)
Nonvested at June 27, 2008
1.0
$
19.10
Granted
1.3
$
13.01
Forfeitures and cancellations
(0.3
)
$
6.28
Vested
(0.6
)
$
14.12
Nonvested at July 3, 2009
1.4
$
10.79
Performance Shares
Number of
Shares
Weighted-
Average
Grant-
Date
Fair Value
(In millions)
Performance Shares at June 27, 2008
0.9
$
26.47
Granted
0.2
$
6.78
Forfeitures and cancellations
(0.1
)
$
24.15
Vested
0.0
Performance Shares at July 3, 2009
1.0
$
22.72