LifeLock 2013 Annual Report Download - page 82
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common stock under the ESPP. As of December 31, 2013, 107,074 shares of common stock had been issued under the ESPP. We recognized expense with
respect to the ESPP of $338 and $76 for the years ended December 31, 2013 and 2012, respectively.
The following table summarizes information on the activity of stock options, including performance-based options, under the 2006 and 2012 Plans for
the years ended December 31:
Outstanding at beginning of year 12,273,815 $ 4.24 8,660,771 $ 3.07 9,053,803 $ 2.88
Granted 5,494,969 11.57 5,127,486 6.19 1,477,013 4.26
Exercised (4,489,459) 3.27 (306,819) 2.39 (856,207) 2.05
Expired (33,951) 3.22 (357,482) 3.70 (466,852) 4.41
Forfeited (1,861,123) 7.40 (850,141) 4.91 (546,986) 3.61
Outstanding at end of year 11,384,251 $ 7.62 12,273,815 $ 4.22 8,660,771 $ 3.07
Exercisable at end of year 4,235,609 $ 4.39 6,379,166 $ 2.98 5,113,662 $ 2.78
The following table summarizes additional information about stock options, including performance-based options, outstanding and exercisable as of
December 31, 2013:
$0.01 - $3.50 2,243,070 4.96 $ 2.43 2,137,953 $ 2.43
$3.51 - $7.00 3,250,734 7.54 4.85 1,401,826 4.62
$7.01 - $10.50 2,055,167 8.83 9.21 344,271 8.78
$10.51 - $14.00 3,264,580 9.34 11.38 351,559 11.08
$14.01 - $17.50 570,700 9.84 15.55 - -
11,384,251 4,235,609
The weighted-average fair value of our outstanding stock options was $5.88 , $2.57, and $1.29, for the years ended December 31, 2013, 2012, and
2011, respectively. Such amounts were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions at
December 31:
Expected volatility 106.1% 94.6% 60.0%
Expected dividend yield 0.0% 0.0% 0.0%
Risk-free interest rate 1.3% 1.2% 2.0%
Expected term (years) 6.05 6.15 6.11
We derived the risk-free interest rate assumption from the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those
of the expected term of the awards being valued. We based the assumed dividend yield on our expectation of not paying dividends in the foreseeable future. We
estimated forfeitures at the time of grant and revised this estimate, if necessary, in subsequent periods if actual forfeitures differed from those estimates.
The weighted-average fair value of the options granted in the years ended December 31, 2013, 2012, and 2011 was $ 9.48, $4.74, and $2.43,
respectively. The total intrinsic value of options exercised in 2013, 2012, and 2011 was $41,793, $1,472, and $2,230, respectively. As of December 31,
2013, the total intrinsic value of outstanding and exercisable stock options was $99,204 and $50,916, respectively.
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