HP 2012 Annual Report Download - page 105
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 2: Stock-Based Compensation (Continued)
conditions, were used to determine the weighted-average fair values of these PRU awards for fiscal
years ended October 31:
2012 2011 2010
Weighted-average fair value of grants per share ...................... $3.35(1) $27.59(2) $57.13(3)
Expected volatility(4) .......................................... 41% 30% 38%
Risk-free interest rate ......................................... 0.14% 0.38% 0.73%
Dividend yield .............................................. 1.78% 0.75% 0.64%
Expected life in months ........................................ 15 19 22
(1) Reflects the weighted-average fair value for the third year of the three-year performance period
applicable to PRUs granted in fiscal 2010 and for the second year of the three-year performance
period applicable to PRUs granted in fiscal 2011. The estimated fair value of the Target Shares for
the third year for PRUs granted in fiscal 2011 will be determined on the measurement date
applicable to those PRUs, which will occur during the period that the annual performance goals
are approved for those PRUs, and the expense will be amortized over the remainder of the
applicable three-year performance period.
(2) Reflects the weighted-average fair value for the third year of the three-year performance period
applicable to PRUs granted in fiscal 2009, for the second year of the three-year performance
period applicable to PRUs granted in fiscal 2010 and for the first year of the three-year
performance period applicable to PRUs granted in fiscal 2011.
(3) Reflects the weighted-average fair value for the third year of the three-year performance period
applicable to PRUs granted in fiscal 2008, for the second year of the three-year performance
period applicable to PRUs granted in fiscal 2009 and for the first year of the three-year
performance period applicable to PRUs granted in fiscal 2010.
(4) HP uses historic volatility for PRU awards, as implied volatility cannot be used when simulating
multivariate prices for companies in the S&P 500.
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