HP 2011 Annual Report Download - page 101
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 2: Stock-Based Compensation (Continued)
The details of restricted stock awards granted and assumed through acquisitions were as follows:
2011 2010
Weighted- Weighted-
Average Grant Average Grant
Date Fair Date Fair
Value Value
Shares Per Share Shares Per Share
In thousands In thousands
Restricted stock ........................ 335 $42 1,543 $48
Restricted stock units .................... 17,234 $38 3,278 $48
17,569 $38 4,821 $48
In fiscal 2011, there were no restricted stock units assumed through acquisitions. In fiscal 2010,
approximately 3 million restricted stock units with a weighted-average grant date fair value of $48 per
share were assumed through acquisitions.
The details of non-vested restricted stock awards at fiscal year end were as follows:
2011 2010
Shares in thousands
Non-vested at October 31:
Restricted stock ................................................ 984 1,936
Restricted stock units ............................................ 15,829 3,912
16,813 5,848
At October 31, 2011, there was $526 million of unrecognized pre-tax stock-based compensation
expense related to non-vested restricted stock awards, which HP expected to recognize over the
remaining weighted-average vesting period of 1.4 years. At October 31, 2010, there was $152 million of
unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards,
which HP expected to recognize over the remaining weighted-average vesting period of 1.5 years.
Employee Stock Purchase Plan
HP sponsors the Hewlett-Packard Company 2011 Employee Stock Purchase Plan (the ‘‘2011
ESPP’’), pursuant to which eligible employees may contribute up to 10% of base compensation, subject
to certain income limits, to purchase shares of HP’s common stock. Purchases made prior to fiscal year
2011 were made under the Hewlett-Packard Company 2000 Employee Stock Purchase Plan (the ‘‘2000
ESPP’’), which expired in November 2010.
For purchases made on October 31, 2011, employees purchased stock under the 2011 ESPP at a
price equal to 95% of the fair market value on the purchase date. Because all the criteria of a
non-compensatory plan were met, no stock-based compensation expense was recorded in connection
with those purchases. From May 1, 2009 to October 31, 2010, no discount was offered for purchases
made under the 2000 ESPP. For purchases made on or before April 30, 2009, employees purchased
stock under the 2000 ESPP semi-annually at a price equal to 85% of the fair market value on the
purchase date, and HP recognized the expense based on a 15% discount of the fair market value for
those purchases.
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