Classmates.com 2008 Annual Report Download - page 139
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. STOCK-BASED COMPENSATION PLANS (Continued)
The following table summarizes the assumptions used in the Black-Scholes option-pricing model. The assumptions represent the weighted
average of the applicable assumption used to value stock options at their grant date. The Company did not grant any stock options in the years
ended December 31, 2008 and 2007.
The following table summarizes activity during the years ended December 31, 2006, 2007 and 2008:
Total unrecognized compensation cost related to unvested stock options at December 31, 2008, net of expected forfeitures, was
approximately $0.2 million and was expected to be recognized over a weighted-average period of 0.6 years.
The weighted-
average grant date fair value of stock options granted during the year ended December 31, 2006 was $4.51. The total intrinsic
value of options exercised during the years ended December 31, 2008, 2007 and 2006 was $0.7 million, $7.4 million and $17.3 million,
respectively. Cash received from the exercise of stock options was $1.7 million, $8.6 million and $9.5 million, respectively, for the years ended
December 31, 2008, 2007 and 2006. The tax benefits realized from stock options
F-44
Year Ended December 31,
2006
Risk
-
free interest rate
4.6
%
Expected term (in years)
3.8
Dividend yield
6.1
%
Volatility
60.0
%
Options
Outstanding
Weighted
-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
(in thousands)
(in years)
(in thousands)
Outstanding at January 1, 2006
11,628
$
13.31
Granted
210
$
13.18
Exercised
(2,163
)
$
4.37
Canceled
(2,566
)
$
23.46
Outstanding at December 31, 2006
7,109
$
12.37
Granted
—
$
—
Exercised
(1,068
)
$
8.06
Canceled
(778
)
$
15.12
Outstanding at December 31, 2007
5,263
$
12.83
Granted
—
—
Exercised
(220
)
$
7.57
Canceled
(139
)
$
12.53
Outstanding at December 31, 2008
4,904
$
13.08
4.0
$
2,122
Exercisable at December 31, 2008
4,811
$
13.09
4.0
$
2,122
Expected to vest at December 31, 2008
114
$
12.10
6.6
$
0