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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
113
All stock options granted to current executive officers are made after a review by and with the approval of the Executive
Compensation Committee of the Board of Directors.
Summary of Employee Stock Purchase Plan Shares
The weighted average subscription date fair value of shares under the ESPP during fiscal 2010, 2009 and 2008 were
$7.43, $5.43 and $9.56, respectively. Employees purchased 3.3 million shares at an average price of $20.19, 3.2 million
shares at an average price of $19.04, and 2.4 million shares at an average price of $30.40, respectively, for fiscal 2010, 2009
and 2008. The intrinsic value of shares purchased during fiscal 2010, 2009 and 2008 was $33.9 million, $21.7 million and
$25.0 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of
purchase and the purchase price of the shares.
Summary of Restricted Stock Awards
Restricted stock award activity for fiscal 2010, 2009 and 2008 was as follows (shares in thousands):
Non-vested
Shares
Weighted
Average
Grant Date
Fair Value
November 30, 2007 ....................................................................................................
21
$
36.41
Awarded .................................................................................................................
—
$
—
Released .................................................................................................................
(15
)
$
34.94
Forfeited .................................................................................................................
(2
)
$
39.95
November 28, 2008 ....................................................................................................
4
$
39.31
Awarded ................................................................................................................
—
$
—
Released .................................................................................................................
(1
)
$
38.22
Forfeited .................................................................................................................
—
$
—
November 27, 2009 ....................................................................................................
3
$
40.01
Awarded ................................................................................................................
—
$
—
Released .................................................................................................................
(2
)
$
40.06
Forfeited .................................................................................................................
—
$
—
December 3, 2010 ......................................................................................................
1
$
39.96
The total fair value of restricted stock awards vested during fiscal 2010, 2009 and 2008 was $46.3 thousand, $39.4
thousand and $0.5 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.
Summary of Restricted Stock Units
Restricted stock unit activity for fiscal years 2010, 2009 and 2008 was as follows (in thousands):
2010
2009
2008
Beginning outstanding balance ...................................................................................
10,433
4,261
1,701
Awarded ......................................................................................................................
7,340
6,176
3,177
Released ......................................................................................................................
(2,589
)
(1,162
)
(422
)
Forfeited ......................................................................................................................
(1,294
)
(401
)
(195
)
Increase due to acquisition ..........................................................................................
—
1,559
—
Ending outstanding balance .......................................................................................
13,890
10,433
4,261
The weighted average grant date fair values of restricted stock units granted during fiscal 2010, 2009 and 2008 were
$33.47, $27.74 and $33.55, respectively. The total fair value of restricted stock units vested during fiscal 2010, 2009 and
2008 was $84.1 million, $27.1 million and $14.4 million, respectively.