TiVo 2013 Annual Report Download - page 92
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Table of Contents
Net cash proceeds from the exercise of stock options were $7.9 million, $16.3 million, and $11.3 million for the twelve months ended
January 31, 2014, 2013, and 2012, respectively. Information regarding stock options outstanding at January 31, 2014 is summarized as
follows:
Shares outstanding 7,664 $7.45 2.94 $ 38,064
Shares vested and expected to vest 7,585 $7.42 2.91 $37,903
Shares exercisable 6,725 $ 7.19 2.70 $35,161
The Company had 4.8 million RSAs and RSUs outstanding as of January 31, 2014 which were excluded from the options outstanding
balances in the preceding tables. The grant of these RSAs and RSUs has been deducted from the shares available for grant under the
Company’s stock option plans. Aggregate intrinsic value of RSAs and RSUs at January 31, 2014 was $59.3 million based on the
Company’s closing stock price on January 31, 2014. The total fair value of RSAs and RSUs vested was $38.6 million, $27.5 million, and
$13.5 million for the twelve months ended January 31, 2014, 2013, and 2012, respectively.
The following table summarizes the activities for the Company’s unvested RSAs and RSUs for the three years ended January 31, 2014,
2013, and 2012:
Unvested stock at January 31, 2011
4,650
$ 10.03
Granted
2,813
$ 10.01
Vested
(1,374)
$9.80
Forfeited
(543)
$10.57
Unvested stock at January 31, 2012
5,546
$ 10.02
Granted
2,876
$11.53
Vested
(2,427)
$11.32
Forfeited
(518)
$11.10
Unvested stock at January 31, 2013
5,477
$10.85
Granted
2,979
$12.27
Vested
(3,197)
$12.08
Forfeited
(472)
$11.47
Unvested stock at January 31, 2014
4,787
$11.88
In fiscal year 2010, the Company awarded 300,000 shares of restricted stock to the Company’s Chief Executive Officer that would vest
over a five-year period. The vesting conditions of these awards are tied to the market value of the Company's common stock. The fair value of
these 300,000 shares of performance-based restricted stock units was estimated using a Monte-Carlo analysis. On March 28, 2013 the board
approved the modification of 240,000 unvested shares of the market-based awards and extends the performance period to January 31, 2018.
Total compensation cost recognized related to these performance-based awards was approximately $519,000, $155,000, and $254,000 for the
fiscal years ended January 31, 2014, 2013, and 2012, respectively. As of January 31, 2014, $1.3 million of total unrecognized compensation
cost related to these awards is expected to be recognized over the remaining vesting period of 4 years.
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