Symantec 2003 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2003 Symantec annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

62 Symantec 2003
Stock option balances were as follows:
March 31,
(IN THOUSANDS) 2003 2002
Authorized and/or outstanding 38,030 38,511
Available for future grants 14,864 9,727
Exercisable and vested 9,287 8,434
The following table summarizes information about options outstanding as of March 31, 2003:
Outstanding Options Exercisable Options
Weighted
Number Average Weighted Number Weighted
of Shares Contractual Average of Shares Average
Range of Exercise Prices (in thousands) Life (in years) Exercise Price (in thousands) Exercise Price
$4.50 – $17.25 4,850 6.27 $12.16 3,095 $11.34
17.28 – 22.22 4,969 7.70 18.43 1,813 18.48
22.28 – 32.18 4,846 7.75 28.31 2,013 27.89
32.32 – 33.66 5,024 8.77 32.90 983 32.86
33.71 – 47.92 3,930 8.24 37.48 1,383 35.19
23,619 7.73 $25.42 9,287 $22.15
These options will expire if not exercised by specific dates through
March 2013. Prices for options exercised during the three years ended
March 31, 2003 ranged from $2.81 to $40.19.
We elected to follow APB No. 25, Accounting for Stock Issued to
Employees, in accounting for our employee stock options because the
alternative fair value accounting provided for under SFAS No. 123,
Accounting for Stock-Based Compensation, requires the use of option
valuation models that were not developed for use in valuing employee
stock options. Under APB No. 25, because the exercise price of our
employee stock options generally equals the market price of the
underlying stock on the date of grant, no compensation expense is
recognized in our consolidated financial statements.
Pro forma information regarding net income (loss) and net income (loss)
per share is required by SFAS No. 123. This information is required to
be determined as if we had accounted for our employee stock options,
including shares issued under the Employee Stock Purchase Plan, collec-
tively called “options,” granted subsequent to March 31, 1995 under
the fair value method of that statement. The fair value of options
granted during fiscal 2003, 2002 and 2001 reported below has been
estimated at the date of grant using the Black-Scholes option-pricing
model assuming no expected dividends and the following weighted
average assumptions:
Employee Stock Options Employee Stock Purchase Plans
2003 2002 2001 2003 2002 2001
Expected life (years) 5.23 5.62 5.01 0.50 0.50 0.50
Expected volatility 0.72 0.76 0.71 0.59 0.80 0.84
Risk free interest rate 3.12% 4.60% 4.50% 1.35% 2.70% 6.00%