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Table of Contents


A summary of the activity in the stock option awards for the last three years is presented below.
 2014 2013




 Shares
Weighted
Average
Exercise
Price Shares
Weighted
Average
Exercise
Price
Outstanding at beginning of year     22,702,534 $ 4.48 12,578,071 $ 5.25
Granted     — — 2,003,000 5.24
Assumed — Merger     — — 13,142,351 3.62
Forfeited     (1,323,664) 10.46 (2,072,560) 8.83
Exercised     (12,776,244) 3.83 (2,948,328) 1.40
Outstanding at end of year     8,602,626 $ 4.53 22,702,534 $ 4.48
The weighted-average grant date fair value of options granted during 2013 was $3.00, using the following weighted average assumptions for grants:
• Risk-free interest rates of 1.69%
• Expected lives of six years
• A dividend yield of zero
• Expected volatility ranging from 61% to 69%
• Forfeitures are anticipated at 5% and are adjusted for actual experience over the vesting period
The following table summarizes information about stock options outstanding and exercisable at December 26, 2015.
Options Outstanding Options Exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Number
Exercisable
Weighted Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
$0.83 $3.00 1,579,501 1.99 $ 1.44 1,579,501 1.99 $ 1.44
3.01 5.12 788,176 2.12 4.34 784,622 2.11 4.35
5.13 194,805 1.45 5.13 194,805 1.45 5.13
5.14 8.00 2,904,615 5.94 5.66 2,237,948 5.36 5.79
8.01 11.27 312,500 1.20 9.64 312,500 1.20 9.64
$0.83 $11.27 5,779,597 3.93 $ 4.53 5,109,376 3.42 $ 4.43
The intrinsic value of options exercised in 2015, 2014, and 2013, was $12 million, $27 million, and $10 million, respectively. The aggregate intrinsic value
of options outstanding and exercisable at December 26, 2015 was $8 million and $8 million, respectively.
As of December 26, 2015, there was approximately $1.8 million of total stock-based compensation expense that has not yet been recognized relating to non-
vested stock option awards. This expense is expected to be recognized over a weighted-average period of approximately 0.9 years. The Company estimates
that all of the 0.7 million unvested options will vest. The number of exercisable options was 5.1 million and 6.7 million shares of common stock at December
26, 2015 and December 27, 2014, respectively.
94