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CITRIX SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F-24
The following table summarizes the Company's service based and market performance non-vested stock unit activity for
the year ended December 31, 2014:
Number of
Shares
Weighted-
Average
Fair Value
at Grant Date
Non-vested stock units at December 31, 2013 4,631,979 $ 74.47
Granted 2,935,952 60.08
Assumed from acquisitions 90,930 65.12
Vested (1,639,573) 72.15
Forfeited (981,993) 76.69
Non-vested stock units at December 31, 2014 5,037,295 66.20
For the years ended December 31, 2014, 2013 and 2012, the Company recognized stock-based compensation expense of
$143.1 million, $130.2 million and $89.5 million, respectively, related to non-vested stock units. The fair value of the non-
vested stock units released in 2014, 2013, and 2012 was $118.3 million, $95.4 million and $50.3 million, respectively. As of
December 31, 2014, there was $226.7 million of total unrecognized compensation cost related to non-vested stock units. The
unrecognized cost is expected to be recognized over a weighted-average period of 1.99 years.
Stock Options
Stock options granted under the 2014 Plan typically have a five-year life and vest over three years, with 33.3% of the
shares underlying the option vesting on the first anniversary of the date of grant and the remainder of the underlying shares
vesting in equal installments at a rate of 2.78% thereafter (the "Standard Vesting Rate"). The Company also assumes stock
options in connection with certain of its acquisitions for which the vesting period is typically reset to vest over three years at
the Standard Vesting Rate. See Note 3 for more information related to acquisitions.
A summary of the status and activity of the Company’s fixed option awards is as follows:
Options
Number of
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
(in years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 2013 5,406,977 $ 59.64 2.15
Exercised (1,308,653) 35.62
Forfeited or expired (520,775) 65.20
Outstanding at December 31, 2014 3,577,549 67.60 1.29 $ 17,061
Vested or expected to vest 3,574,580 67.62 1.29 $ 16,980
Exercisable at December 31, 2014 3,483,456 68.06 1.25 $ 15,368
The Company recognized stock-based compensation expense of $20.9 million, $48.9 million and $56.4 million related to
options for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, there was $2.9 million
of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-
average period of 0.89 years. The total intrinsic value of stock options exercised during 2014, 2013 and 2012 was $37.1
million, $77.7 million and $131.4 million, respectively.
Stock Option Valuation Information
The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. There were no
stock options granted and/or assumed during the year ended December 31, 2014. The weighted-average fair value of stock
options granted and/or assumed during 2013 and 2012 was $56.97 and $23.95, respectively.