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CANON ANNUAL REPORT 2015
74
15. STOCK-BASED COMPENSATION
On May 1, 2011, based on the approval of the shareholders,
the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 912,000 shares
of common stock. These option awards vest after two years of
continued service beginning on the grant date and have a four
year exercisable period. The grant-date fair value per share of
the stock options granted during the year ended December
31, 2011 was ¥772.
On May 1, 2010, based on the approval of the sharehold-
ers, the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 890,000 shares
of common stock. These option awards vest after two years of
continued service beginning on the grant date and have a four
year exercisable period. The grant-date fair value per share of
the stock options granted during the year ended December
31, 2010 was ¥988.
On May 1, 2009, based on the approval of the sharehold-
ers, the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 954,000 shares
of common stock. These option awards vest after two years of
continued service beginning on the grant date and have a four
year exercisable period. The grant-date fair value per share of
the stock options granted during the year ended December
31, 2009 was ¥699.
The compensation cost recognized for these stock options for
the years ended December 31, 2015 and 2014 was nil and 2013
was ¥95 million, and is included in selling, general and adminis-
trative expenses in the consolidated statements of income.
A summary of option activity under the stock option plans as of and for the years ended December 31, 2015, 2014 and 2013
is presented below:
Shares
Weighted-
average
exercise price
Weighted-average
remaining
contractual
term
Aggregate
intrinsic value
Yen Year Millions of yen
Outstanding at January 1, 2013 2,726,400 ¥ 4,247 1.6 ¥ 37
Exercised (8,600) 3,287
Forfeited (60,400) 4,461
Outstanding at December 31, 2013 2,657,400 4,245 1.0 28
Exercised (67,200) 3,287
Forfeited/Expired (728,400) 4,869
Outstanding at December 31, 2014 1,861,800 4,036 0.7 248
Exercised (249,600) 3,311
Forfeited/Expired (316,200) 3,678
Outstanding at December 31, 2015 1,296,000 ¥ 4,263 0.4 ¥ —
Exercisable at December 31, 2015 1,296,000 ¥ 4,263 0.4 ¥ —
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At December 31, 2015, all outstanding option awards were vested.
The total fair value of shares vested during the years ended December 31, 2015 and 2014 was nil and 2013 was ¥570 mil-
lion. Cash received from the exercise of stock options for the years ended December 31, 2015, 2014 and 2013 was ¥826 million,
¥221 million and ¥28 million, respectively.