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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
A summary of stock option activity under the Plans as of and for the year ended June 30, 2010 is as follows:
Weighted Average
Total Weighted Total Remaining
Number of Average Intrinsic Contractual Term
Options Exercise Price Value (Yrs)
(In 000’s) (In 000’s)
Options outstanding as of July 1, 2009 5,926.0 $ 16.10 $ 26,861.4 6.83
Granted 1,829.1 $ 18.37
Pre−vest cancels (687.2) $ 20.05
Exercised (627.8) $ 6.69
Post−vest cancels (81.5) $ 24.12
Options outstanding as of June 30, 2010 6,358.6 $ 17.16 $ 18,954.0 6.72
Options exercisable as of June 30, 2010 3,240.4 $ 13.49 $ 18,284.0 5.28
The weighted average grant date fair value of stock options granted was $6.56, $8.54, and $7.99 during the years ended June 30,
2010, 2009 and 2008, respectively. For the years ended June 30, 2010, 2009 and 2008, the total intrinsic value of stock options
exercised was $8.1 million, $11.4 million, and $14.4 million, respectively, and the related excess tax benefits from stock options
exercised were $3.5 million, $3.3 million, and $9.3 million, respectively.
For the years ended June 30, 2010, 2009 and 2008, proceeds from stock options exercised were $4.2 million, $3.0 million, and
$3.8 million, respectively,
A summary of nonvested share activity under the Plans, which includes RSU’s, deferred shares, and PBRS awards, as of and for
the year ended June 30, 2010 is as follows:
Weighted
Average
Total Grant
Number of Date Fair
Nonvested Shares Value
(In 000’s)
Nonvested shares outstanding as of July 1, 2009 1,768.4 $ 20.69
Granted 692.5 $ 18.35
Vested & settled (545.7) $ 14.57
Pre−vest cancels (271.3) $ 21.20
Nonvested shares outstanding as of June 30, 2010 1,643.9
Nonvested shares unvested as of June 30, 2010 1,472.8
The weighted average grant date fair value of nonvested shares granted during the years ended June 30, 2010, 2009 and 2008 were
$18.35, $25.10, and $23.95, respectively. The total intrinsic value of grants which vested and settled was $9.6 million, $1.1 million, and
$14.3 million in the years ended June 30, 2010, 2009 and 2008, respectively.
As of June 30, 2010, there was $29.5 million of total unrecognized compensation cost related to stock options and nonvested
shares granted under the Plans. The cost is expected to be recognized in the Company’s financial statements over a weighted−average
period of 1.69 years.
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