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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
114
Information regarding restricted stock units outstanding at the end of fiscal 2010, 2009 and 2008 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
2010
Restricted stock units outstanding ..........................................
13,890
1.54
$
404.8
Restricted stock units vested and expected to vest .................
11,185
1.38
$
325.7
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
_________________________________________
(*) 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 December 3, 2010, November 27, 2009 and November 28, 2008 were $29.14,
$35.38 and $23.16, respectively.
Summary of Performance Shares
The following table sets forth the summary of performance share activity under our 2010 Program for fiscal 2010 (in
thousands):
Shares
Granted
Maximum
Shares
Eligible
to Receive
Beginning outstanding balance .....................................................................................................
—
—
Awarded ........................................................................................................................................
263
394
Forfeited ........................................................................................................................................
(13
(19
)
Ending outstanding balance ..........................................................................................................
250
375
The performance metrics under the 2009 Performance Share Program were not achieved and therefore no shares were
awarded.
In the first quarter of fiscal 2011, the Executive Compensation Committee certified the actual performance achievement
of participants in the 2010 Performance Share Program (the “2010 Program”). Based upon the achievement of goals outlined
in the 2010 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 135% of target or approximately 0.3 million shares for the 2010
Program. One third of the shares under the 2010 Program vested in the first quarter of fiscal 2011 and the remaining two
thirds vest evenly on the following two annual anniversary dates of the grant, contingent upon the recipient’ s continued
service to Adobe.
The following table sets forth the summary of performance share activity under our 2007 and 2008 programs, based
upon share awards actually achieved, for fiscal 2010 and 2009 (in thousands):
2010
2009
Beginning outstanding balance .......................................................................................
950
383
Achieved .........................................................................................................................
—
1,022
Released ..........................................................................................................................
(350
(382
)
Forfeited ..........................................................................................................................
(43
) (73
)
Ending outstanding balance ............................................................................................
557
950
The total fair value of performance awards vested during fiscal 2010, 2009 and 2008 was $12.0 million, $7.7 million
and $16.7 million, respectively.