Avid 2011 Annual Report Download - page 81

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76
Expected dividend yield
Risk-free interest rate
Expected volatility
Expected life (in years)
Weighted-average fair value of options granted (per share)
2011
0.00%
2.03%
41.4%
4.48
$7.54
2010
0.00%
1.89%
45.9%
4.42
$5.55
2009
0.00%
2.21%
55.3%
4.38
$5.92
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2011, 2010 and 2009 was
approximately $1.1 million, $0.2 million and $0.2 million, respectively. Cash received from the exercise of stock options for the
years ended December 31, 2011, 2010 and 2009 was approximately $2.2 million, $0.9 million and $0.5 million, respectively. The
Company did not realize any actual tax benefit from the tax deductions for stock option exercises during the years ended
December 31, 2011, 2010 or 2009 due to the full valuation allowance on the Company's U.S. deferred tax assets.
Information with respect to non-vested restricted stock units for the year ended December 31, 2011 is as follows:
Non-vested at December 31, 2010
Granted (a)
Vested
Forfeited
Non-vested at December 31, 2011 (b)
Expected to vest
Non-Vested Restricted Stock Units
Shares
573,264
567,000
(216,068)
(102,163)
822,033
677,954
Weighted-
Average
Grant-Date
Fair Value
$18.15
$21.36
$25.02
$17.93
$19.45
$19.63
Weighted-
Average
Remaining
Contractual
Term (years)
1.90
1.77
Aggregate
Intrinsic
Value
(in thousands)
$7,004
$5,776
(a) Restricted stock units granted during the December 31, 2011 included 262,500 units that had vesting based on either market conditions
or a combination of performance or market conditions.
(b) Non-vested restricted stock units at December 31, 2011 included 438,500 units that had vesting based on either market conditions or a
combination of performance or market conditions.
The following table sets forth the weighted-average key assumptions and fair value results for restricted stock units with vesting
based on market conditions or a combination of performance or market conditions granted during the years ended December 31,
2011 and 2010. No restricted stock units with vesting based on market conditions or a combination of performance or market
conditions were granted during the year ended December 31, 2009.
Expected dividend yield
Risk-free interest rate
Expected volatility
Expected life (in years)
2011
0.00%
3.9%
41.5%
3.04
2010
0.00%
4.09%
46.7%
4.49
The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2010 and 2009
was $11.08 and $12.20, respectively. The total fair value of restricted stock units vested during the years ended December 31,
2011, 2010, and 2009 was $4.2 million, $3.8 million, and $2.8 million, respectively.
Information with respect to non-vested restricted stock for the year ended December 31, 2011 is as follows: