Pizza Hut 2010 Annual Report Download - page 200
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103
Award Activity
Stock Options and SARs
Shares
W
eighted-Average
Exercise
Price
Weighted-
Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
(in millions)
Outstanding at the beginning of the year 41,665 $ 23.59
Granted 6,197 33.57
Exercised (9,937
)
16.46
Forfeited or expired (1,487
)
31.49
Outstanding at the end of the year 36,438
(
a) $ 26.91 6.02 $ 829
Exercisable at the end of the year 20,504 $ 22.67 4.43 $ 553
(a) Outstanding awards include 12,058 options and 24,380 SARs with average exercise prices of $18.52 and $31.06,
respectively.
The weighted-average grant-date fair value of stock options and SARs granted during 2010, 2009 and 2008 was $8.21,
$7.29 and $10.91, respectively. The total intrinsic value of stock options and SARs exercised during the years ended
December 25, 2010, December 26, 2009 and December 27, 2008, was $259 million, $217 million and $145 million,
respectively.
As of December 25, 2010, there was $81 million of unrecognized compensation cost related to stock options and SARs,
which will be reduced by any forfeitures that occur, related to unvested awards that is expected to be recognized over a
remaining weighted-average period of approximately 2 years. The total fair value at grant date of awards vested during
2010, 2009 and 2008 was $47 million, $52 million and $54 million, respectively.
RSUs and PSUs
As of December 25, 2010, there was $12 million of unrecognized compensation cost related to 1.7 million unvested RSUs
and PSUs.
Form 10-K