Time Magazine 2013 Annual Report Download - page 114

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The following table summarizes information about stock options outstanding as of December 31, 2013:
Number
of Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
(thousands) (in years) (thousands)
Outstanding as of December 31, 2012 ........ 56,003 $32.46
Granted ................................ 1,512 56.17
Exercised ............................... (20,168) 32.64
Forfeited or expired ....................... (854) 29.74
Outstanding as of December 31, 2013 ........ 36,493 33.41 4.88 $ 1,324,904
Exercisable as of December 31, 2013 ......... 26,517 31.75 3.88 $ 1,006,768
As of December 31, 2013, the number, weighted-average exercise price, aggregate intrinsic value and
weighted-average remaining contractual term of Time Warner stock options vested and expected to vest
approximate amounts for options outstanding. As of December 31, 2013, approximately 35 million shares of
Time Warner common stock were available for future grants of stock options under the Company’s equity plan.
The following table summarizes information about stock options exercised (millions):
Year Ended December 31,
2013 2012 2011
Total intrinsic value ................................ $ 491 $ 342 $ 80
Cash received ..................................... 674 1,107 204
Tax benefits realized ............................... 178 127 30
Restricted Stock Units and Target Performance Stock Units
The following table sets forth the weighted-average grant date fair value of RSUs and target PSUs. For
certain PSUs, the service inception date proceeds the grant date and requires the Company to apply mark-to-
market accounting that is reflected in the grant date fair values presented:
Year Ended December 31,
2013 2012 2011
RSUs ........................................... $ 54.04 $ 37.52 $ 36.00
PSUs ........................................... 78.85 85.13 45.89
The following table summarizes information about unvested RSUs and target PSUs as of December 31,
2013:
Number of
Shares/Units
Weighted-
Average
Grant Date
Fair Value
Aggregate
Intrinsic
Value
(thousands) (thousands)
Unvested as of December 31, 2012 .................... 17,358 $ 31.65
Granted(a) ........................................ 3,645 54.51
Vested ........................................... (5,799) 24.64
Forfeited ......................................... (638) 36.32
Unvested as of December 31, 2013 .................... 14,566 40.31 $1,015,573
(a) Includes 3.3 million RSUs and 0.2 million target PSUs granted during 2013 and a payout adjustment of 0.2 million PSUs due to the
actual performance level achieved for PSUs granted in 2010 that vested during 2013.
98