iRobot 2011 Annual Report Download - page 114

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Form 10-K
iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
During the fiscal year ended December 31, 2011, the Company recognized $0.0 million of stock based
compensation expense associated with restricted stock awards. As of December 31, 2011, the unamortized fair
value of all restricted stock awards was $0.0 million. The table below summarizes activity relating to restricted
stock units:
Number of
Shares Underlying
Restricted Stock
Weighted Average
Grant Date Fair
Value
Outstanding at December 27, 2008 ....................... 168,716 $15.60
Granted ............................................. 183,139 9.94
Vested .............................................. (46,162) 15.09
Forfeited ............................................ (4,469) 16.23
Outstanding at January 2, 2010 .......................... 301,224 $12.23
Granted ............................................. 382,564 16.84
Vested .............................................. (98,015) 13.18
Forfeited ............................................ (15,696) 13.17
Outstanding at January 1, 2011 .......................... 570,077 $15.14
Granted ............................................. 282,744 32.08
Vested .............................................. (168,041) 15.31
Forfeited ............................................ (77,275) 16.73
Outstanding at December 31, 2011 ....................... 607,505 $22.77
During the fiscal year ended December 31, 2011, the Company recognized $3.6 million of stock based
compensation expense associated with restricted stock units. As of December 31, 2011, January 1, 2011 and
January 2, 2010 the unamortized fair value of all restricted stock units was $11.7 million, $7.6 million and $3.2
million, respectively. The Company expects to recognize associated stock-based compensation expense of
$3.9 million, $3.5 million, $3.1 million and $1.2 million in 2012, 2013, 2014 and 2015, respectively.
The following includes significant activity that is included in the stock option activity and restricted stock
activity tables above:
On December 30, 2011, in connection with the appointment of a new member to its board of directors, the
Company granted 7,370 restricted stock units. Additionally on December 30, 2011, in connection with the
commencement of his employment, the Company granted one employee stock options exercisable for an
aggregate of 15,000 shares of the Company’s common stock and 7,500 restricted stock units. The above stock
options have a per share exercise price of $29.85, the closing price of the Company’s common stock on
NASDAQ on December 30, 2011. The stock options will vest 25% on the first anniversary of the grant date and
quarterly over the following three years, and the restricted stock units will vest 25% on each anniversary of the
grant date.
On September 30, 2011, the Company granted to certain employees an annual merit grant totaling 43,400
restricted stock units. These restricted stock units will vest 25% on each anniversary of the grant date.
On July 1, 2011, the Company granted one member of the Board of Directors 6,118 restricted stock units in
connection with the commencement of her appointment. These restricted stock units will vest 25% on each
anniversary of the grant date. Also on July 1, 2011, the Company granted each of its nine non-employee board
members 3,059 restricted stock units. These restricted stock units will vest 100% on the first anniversary of the
grant.
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