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Table of Contents VMware, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following table summarizes option activity since January 1, 2012 for VMware and EMC stock options (shares in thousands):
The above table includes stock options granted in conjunction with unvested stock options assumed in business combinations. As a result,
the weighted-average exercise price per share may vary from the VMware stock price at time of grant.
Options outstanding that are exercisable and that have vested and are expected to vest as of December 31, 2014 were as follows:
(1)
The aggregate intrinsic values represent the total pre-tax intrinsic values based on VMware's closing stock price of $82.52 as of December 31, 2014 , which would have been
received by the option holders had all in-the-money options been exercised as of that date.
(2)
These aggregate intrinsic values represent the total pre-tax intrinsic values based on EMC’s adjusted closing stock price of $29.74 as of December 31, 2014 , which would have
been received by the option holders had all in-the-money options been exercised as of that date.
The total fair value of VMware stock options that vested during the years ended December 31, 2014 , 2013 and 2012 was $64 million , $60
million and $72 million , respectively.
91
VMware Stock Options
EMC Stock Options
Number of
Shares
Weighted-
Average
Exercise Price
(per share)
Number of
Shares
Weighted-
Average
Exercise Price
(per share)
Outstanding, January 1, 2012
16,174
$
35.27
3,628
$
13.16
Options relating to employees transferred (to) from EMC
—
—
(
177
)
4.40
Granted
1,201
4.67
—
—
Forfeited
(644
)
42.07
(36
)
14.96
Expired
—
—
(
11
)
12.67
Exercised
(6,598
)
30.44
(761
)
12.35
Outstanding, December 31, 2012
10,133
34.36
2,643
15.12
Options relating to employees transferred (to) from EMC
—
—
(
97
)
11.87
Granted
1,434
71.53
—
—
Forfeited
(416
)
36.25
(46
)
16.09
Expired
(387
)
105.81
(29
)
12.99
Exercised
(5,009
)
28.12
(775
)
15.39
Outstanding, December 31, 2013
5,755
44.12
1,696
15.53
Options relating to employees transferred (to) from EMC
—
—
149
15.87
Granted
2,695
50.91
—
—
Forfeited
(220
)
47.89
(2
)
19.10
Expired
—
—
(
9
)
14.14
Exercised
(2,361
)
35.58
(563
)
14.37
Outstanding, December 31, 2014
5,869
50.54
1,271
16.08
VMware Stock Options
EMC Stock Options
Outstanding
Options
(in thousands)
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Term
(in years)
Aggregate
Intrinsic Value
(1)
(in millions)
Outstanding
Options
(in thousands)
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Term
(in years)
Aggregate
Intrinsic Value
(2)
(in millions)
Exercisable, December 31, 2014
2,818
$
37.40
2.09
$
128
1,228
$
15.84
3.81
$
17
Vested and expected to vest,
December 31, 2014
5,584
48.57
4.26
204
1,269
16.07
3.90
17