Plantronics 2008 Annual Report Download - page 79

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73
Employee Stock Purchase Plan
On June 10, 2002, the Board of Directors of Plantronics approved the 2002 Employee Stock Purchase Plan (the "2002 ESPP"), which
was approved by the stockholders on July 17, 2002, to provide certain employees with an opportunity to purchase common stock
through payroll deductions. On August 17, 2007, 0.4 million shares were added to the plan. The plan qualifies under Section 423 of
the Internal Revenue Code. Under the 2002 ESPP, which is effective through June 2012, the purchase price of Plantronics’ common
stock is equal to 85% of the lesser of the fair market value of Plantronics’ common stock on (i) the first day of the offering period, or
(ii) the last day of the offering period. Each offering period is six months long. There were 91,886, 242,530 and 238,844 shares issued
under the 2002 ESPP in fiscal 2006, 2007 and 2008, respectively. At March 31, 2008, there were 289,530 shares reserved for future
issuance under the ESPP.
Stock Options
The following is a summary of the Company’s stock option activity during fiscal 2008:
Weighted Weighted
Average Average Aggregate
Number of Exercise Remaining Intrinsic
Shares Price Contractual Life Value
(in thousands) (in years) (in thousands)
Outstanding at March 31, 2007 9,033 26.17$
Options granted 772 26.85$
Options exercised (576) 16.94$ 5,519$
Options forfeited or expired (668) 32.98$
Outstanding at March 31, 2008 8,561 26.32$ 4.12 3,363$
Exercisable at March 31, 2008 6,510 26.80$ 3.63 3,304$
Options Outstanding
Options outstanding as of March 31, 2008 include 8.2 million shares that are vested or expected to vest with a weighted average
exercise price of $26.39, a weighted average remaining contractual life of 4.06 years and an aggregate intrinsic value of $3.4 million.
The total cash received from employees as a result of employee stock option exercises during fiscal 2008 was $9.8 million. The
Company settles employee stock option exercises with newly issued common shares approved by stockholders for inclusion in the
1993 Stock Plan or the 2003 Stock Plan.
Restricted Stock
The following is a summary of the Company’s restricted stock award activity during the fiscal 2008:
Weighted
Average
Number of Grant Date
Shares Fair Value
(in thousands)
Non-vested at March 31, 2007 287 27.09$
Granted 113 $ 27.17
Vested (77) 27.59$
Forfeited (35) 28.90$
Non-vested at March 31, 2008 288 26.77$
The total fair value of restricted stock awards vested during the year ended March 31, 2008 was $2.1 million.