ADP 2014 Annual Report Download - page 63

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Time-Based Restricted Stock and Time-Based Restricted Stock Units:
Y ear ended June 30, 2015
Number of Shares
(in thousands)
Number of Units
(in thousands)
Restricted shares/units outstanding at J uly 1, 2014
2,341
571
Restricted shares/units granted
949
218
Restricted shares/units vested
(1,083)
(252)
Restricted shares/units forfeited
(148)
(72)
Share/unit increase for spin-off adjustment ratio
267
64
CDK employee restricted shares/units replaced at spin-off with CDK awards
(189)
(43)
Restricted shares/units outstanding at J une 30, 2015
2,137
486
Performance-Based Restricted Stock and Performance-Based Restricted Stock Units:
Y ear ended June 30, 2015
Number of Shares
(in thousands)
Number of Units
(in thousands)
Restricted shares/units outstanding at J uly 1, 2014
803
318
Restricted shares/units granted
339
217
Restricted shares/units vested
(224)
(13)
Restricted shares/units forfeited
(88)
(20)
Share/unit increase for spin-off adjustment ratio
118
67
CDK employee restricted shares/units replaced at spin-off with CDK awards
(45)
(35)
Restricted shares/units outstanding at J une 30, 2015
903
534
The aggregate intrinsic value of stock options outstanding and exercisable as of June 30, 2015 was $152.6 million and $120.3 million , respectively, which has a
remaining life of 6 years and 4 years , respectively. The aggregate intrinsic value for stock options exercised in fiscal 2015 , 2014 , and 2013 was $125.3 million ,
$156.3 million , and $135.1 million , respectively.
The fair value for stock options granted was estimated at the date of grant using the following assumptions:
2015
2014
2013
Risk-free interest rate 1.5%
1.7%
1.0%
Dividend yield 2.3%
2.4%
2.9%
Weighted average volatility factor 23.4%
23.8%
23.5%
Weighted average expected life (in years) 5.4
5.4
5.4
Weighted average fair value (in dollars) (A) $ 14.29
$ 11.89
$ 7.59
The weighted average fair values of shares granted were as follows:
Y ear ended June 30, 2015
2014
2013
Performance-based restricted stock (A) $ 64.91
$ 53.08
$ 48.46
Time-based restricted stock (A) $ 73.83
$ 62.85
$ 51.62
(A) The weighted average fair values of grants before September 30, 2014 were adjusted to reflect the impact of the spin-off of CDK .
B. Pension Plans
The Company has a defined benefit cash balance pension plan covering substantially all U.S. employees, under which employees are credited with a percentage of
base pay plus interest. The plan interest credit rate varies from year-to-year based on the ten-year U.S. Treasury rate . Employees are fully vested upon completion
of three years of service. The Company's policy is to make contributions within the range determined by generally accepted actuarial principles. Effective January
1,
59