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WESTERN DIGITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Incentive Plan that vested during 2015, 2014 and 2013, respectively. The tax benefit realized as a result of the afore-
mentioned expense was $24 million, $18 million and $14 million in 2015, 2014 and 2013, respectively. As of July 3,
2015, the aggregate unamortized fair value of all unvested RSUs granted under the 2004 Performance Incentive Plan
was $119 million, which will be recognized on a straight-line basis over a weighted average vesting period of approx-
imately 1.3 years.
Stock Option Activity
The following table summarizes stock option activity under the 2004 Performance Incentive Plan over the last
three fiscal years (in millions, except per share amounts and remaining contractual lives):
Number
of Shares
Weighted Average
Exercise Price
Per Share
Weighted Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic
Value
Options outstanding at June 29, 2012 ... 15.8 $21.89
Granted ......................... 3.4 43.51
Exercised ......................... (6.8) 18.53
Forfeited or expired ................. (0.5) 32.72
Options outstanding at June 28, 2013 ... 11.9 $29.47
Granted ......................... 1.6 68.96
Assumed ......................... 1.7 38.18
Exercised ......................... (4.5) 25.22
Forfeited or expired ................. (0.6) 67.23
Options outstanding at June 27, 2014 ... 10.1 $37.03
Granted ......................... 1.2 94.10
Assumed ......................... 0.1 3.49
Exercised ......................... (4.1) 31.90
Forfeited or expired ................. (0.5) 56.41
Options outstanding at July 3, 2015 .... 6.8 $50.00 4.3 $242
Exercisable at July 3, 2015 ............ 3.4 $34.81 3.2 $161
Vested and expected to vest after July 3,
2015 ............................ 6.7 $49.45 4.3 $241
If an option has an exercise price that is less than the quoted price of the Company’s common stock at the partic-
ular time, the aggregate intrinsic value of that option at that time is calculated based on the difference between the
exercise price of the underlying options and the quoted price of the Company’s common stock at that time. As of
July 3, 2015, the Company had options outstanding to purchase an aggregate of 5.5 million shares with an exercise
price below the quoted price of the Company’s stock on that date resulting in an aggregate intrinsic value of $242
million at that date. During 2015, 2014 and 2013, the aggregate intrinsic value of options exercised under the 2004
Performance Incentive Plan was $283 million, $247 million and $211 million, respectively, determined as of the date
of exercise.
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