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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
112
Summary of Stock Options
Option activity under our stock option program for fiscal years 2010, 2009 and 2008 was as follows (shares in
thousands):
Outstanding Options
Number of
Shares
Weighted
Average
Exercise
Price
November 30, 2007 ....................................................................................................
47,742
$
28.47
Granted ..................................................................................................................
5,462
$
35.08
Exercised ................................................................................................................
(9,983
)
$
25.45
Cancelled ...............................................................................................................
(2,517
)
$
35.34
November 28, 2008 ....................................................................................................
40,704
$
29.67
Granted ..................................................................................................................
5,758
$
22.90
Exercised ................................................................................................................
(7,560
)
$
17.15
Cancelled ...............................................................................................................
(3,160
)
$
33.57
Increase due to acquisition .....................................................................................
5,509
$
20.15
November 27, 2009 ....................................................................................................
41,251
$
29.45
Granted ..................................................................................................................
3,198
$
34.03
Exercised ................................................................................................................
(5,196
)
$
20.48
Cancelled ...............................................................................................................
(2,908
)
$
33.94
Increase due to acquisition .....................................................................................
730
$
8.24
December 3, 2010 ......................................................................................................
37,075
$
30.33
The weighted average fair values of options granted during fiscal 2010, 2009 and 2008 were $9.17, $8.39 and $10.32,
respectively.
The total intrinsic value of options exercised during fiscal 2010, 2009 and 2008 was $72.7 million, $91.8 million and
$142.4 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of
exercise and the exercise price of the shares.
Information regarding the stock options outstanding at December 3, 2010, November 27, 2009 and November 28, 2008
is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
As of December 3, 2010
Options outstanding ..................................
37,075
$
30.33
3.62
$
116.3
Options vested and expected to vest .........
35,961
$
30.42
3.56
$
111.0
Options exercisable ...................................
27,763
$
31.17
3.06
$
72.7
As of November 27, 2009
Options outstanding ..................................
41,251
$
29.45
4.33
$
295.8
Options vested and expected to vest .........
39,322
$
29.54
4.24
$
279.1
Options exercisable ...................................
26,677
$
29.85
3.54
$
181.7
As of November 28, 2008
Options outstanding ..................................
40,704
$
29.67
4.00
$
76.1
Options vested and expected to vest .........
38,975
$
29.36
3.87
$
76.1
Options exercisable ...................................
28,034
$
26.61
3.28
$
76.1
_________________________________________
(*) The intrinsic value is calculated as the difference between the market value as of end of the fiscal year and the exercise
price of the shares. As reported by the NASDAQ Global Select Market, the market values as of December 3, 2010,
November 27, 2009 and November 28, 2008 were $29.14, $35.38 and $23.16, respectively.