Adobe 2009 Annual Report Download - page 109

Download and view the complete annual report

Please find page 109 of the 2009 Adobe annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 139

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139

ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
109
The total fair value of restricted stock awards vested during fiscal 2009, 2008 and 2007 was $39.4 thousand, $0.5
million and $0.7 million, respectively.
Restricted stock awards are considered outstanding at the time of grant, as the stock award holders are entitled to
dividends and voting rights. Unvested restricted stock awards are not considered outstanding in the computation of basic
earnings per share.
Restricted stock unit activity for fiscal years 2009, 2008 and 2007 was as follows (in thousands):
2009
2008
2007
Beginning outstanding balance .............................................
4,261
1,701
—
Awarded ...............................................................
6,176
3,177
1,771
Released ...............................................................
(1,162
)
(422
)
—
Forfeited ...............................................................
(401
)
(195
)
(70
)
Increase due to acquisition ................................................
1,559
—
—
Ending outstanding balance ...............................................
10,433
4,261
1,701
The weighted average grant date fair values of restricted stock units granted during fiscal 2009, 2008 and 2007 were
$27.74, $33.55 and $39.67, respectively. The total fair value of restricted stock units vested during fiscal 2009 and 2008 was
$27.1 million and $14.4 million, respectively.
Information regarding restricted stock units outstanding at the end of fiscal 2009, 2008 and 2007 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
2009
Restricted stock units outstanding .....................
10,433
1.82
$
369.1
Restricted stock units vested and expected to vest ........
8,078
1.63
$
285.7
2008
Restricted stock units outstanding .....................
4,261
1.73
$
98.7
Restricted stock units vested and expected to vest ........
3,351
1.52
$
77.6
2007
Restricted stock units outstanding .....................
1,701
1.88
$
71.7
Restricted stock units vested and expected to vest ........
1,309
1.65
$
55.2
_________________________________________
(*) The intrinsic value is calculated as the market value as of end of the fiscal year. As reported by the NASDAQ Global
Select Market, the market values as of November 27, 2009, November 28, 2008 and November 30, 2007 were $35.38,
$23.16 and $42.14, respectively.