Time Magazine 2014 Annual Report Download - page 107

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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, 2014:
Number
of Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
(thousands) (in years) (thousands)
Outstanding as of December 31, 2013 ............. 36,493 $ 33.41
Granted ..................................... 3,129 76.96
Exercised ................................... (10,214) 32.99
Forfeited or expired ........................... (947) 43.75
Adjustment due to the Time Separation(a) .......... 1,360
Outstanding as of December 31, 2014(a) ........... 29,821 36.27 4.88 $ 1,470,001
Exercisable as of December 31, 2014(a) ............ 22,454 30.22 3.83 $ 1,239,551
(a) The weighted-average exercise price of the stock options included in the line item “Adjustment due to the Time Separation” is equal to the weighted-
average exercise price of the stock options at their grant date divided by a factor of approximately 1.04. The weighted-average exercise price of the stock
options outstanding and exercisable as of December 31, 2014 reflect the Adjustment.
As of December 31, 2014, the number, weighted-average exercise price, aggregate intrinsic value and weighted-average
remaining contractual term of the aggregate Time Warner stock options that either had vested or are expected to vest
approximate the corresponding amounts for options outstanding. As of December 31, 2014, approximately 30 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,
2014 2013 2012
Total intrinsic value ......................................... $ 402 $ 491 $ 342
Cash received .............................................. 338 674 1,107
Tax benefits realized ........................................ 143 178 127
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 precedes 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,
2014 2013 2012
RSUs .................................................... $ 65.56 $ 54.04 $ 37.52
PSUs .................................................... 93.45 101.14 85.42
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