Graco 2012 Annual Report Download - page 93

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87
The following table summarizes the changes in the number of shares of common stock under option for the following periods
(shares and aggregate intrinsic value in millions):
Shares
Weighted-
Average
Exercise
Price
Exercisable
at End of
Year
Weighted-
Average
Exercise
Price
Weighted-
Average
Fair Value
of Options
Granted
During the
Year
Aggregate
Intrinsic
Value
Outstanding at December 31, 2009 16.3 $22 7.6 $26 $21.1
Granted 1.5 $14 $5
Exercised (0.1) $9 $0.5
Forfeited / expired (1.4) $23
Outstanding at December 31, 2010 16.3 $22 8.9 $26 $35.4
Granted 1.0 $19 $7
Forfeited / expired (1.9) $23
Outstanding at December 31, 2011 15.4 $21 9.8 $24 $25.3
Exercised (1.8) $9 $19.1
Forfeited / expired (2.5) $26
Outstanding at December 31, 2012 11.1 $22 9.0 $23 $27.8
Vested and expected to vest at December 31, 2012 11.0 $22
At December 31, 2012, the aggregate intrinsic value of exercisable options was $16.4 million.
The weighted-average remaining contractual life for options outstanding and options exercisable was four years and three years,
respectively, as of December 31, 2012.
The following table summarizes the changes in the number of shares of restricted stock, restricted stock units and performance-
based restricted stock units for the following periods (shares in millions):
Shares
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 2009 4.6 $15
Granted 2.2 $14
Vested (1.1) $24
Forfeited (0.5) $13
Outstanding at December 31, 2010 5.2 $13
Granted 2.5 $17
Vested (1.2) $19
Forfeited (0.4) $14
Outstanding at December 31, 2011 6.1 $13
Granted 2.4 $19
Vested (2.2) $10
Forfeited (0.8) $18
Outstanding at December 31, 2012 5.5 $17
Expected to vest at December 31, 2012 5.2 $17
The fair values of awards that vested were $41.4 million, $21.5 million and $17.0 million in 2012, 2011 and 2010, respectively.
During 2012, 2011 and 2010, the Company awarded 1.0 million, 0.5 million and 0.9 million performance-based restricted stock
units, respectively, which entitle recipients to shares of the Company’s stock at the end of a three-year vesting period if specified
market conditions are achieved (“PSUs”). The PSUs entitle recipients to shares of common stock equal to 0% up to 200% of the
number of units granted at the vesting date depending on the level of achievement of the specified market and service conditions.
As of December 31, 2012, 1.9 million PSUs were outstanding, and based on performance through December 31, 2012, recipients