ADP 2015 Annual Report Download - page 63

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In fiscal 2016 , the following activity occurred under the Company’s existing plans.
Stock Options:
Number
of Options
(in thousands)
Weighted
Average Price
(in dollars)
Options outstanding at July 1, 2015
5,888
$ 55
Options granted
1,138
$ 75
Options exercised
(1,982)
$ 41
Options canceled
(175)
$ 70
Options outstanding at June 30, 2016
4,869
$ 65
Options exercisable at June 30, 2016
2,197
$ 54
Shares available for future grants, end of year
20,469
Shares reserved for issuance under stock option plans, end of year
25,338
Time-Based Restricted Stock and Time-Based Restricted Stock Units:
Number of Shares
(in thousands)
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2015
2,137
486
Restricted shares/units granted
1,018
244
Restricted shares/units vested
(1,134)
(245)
Restricted shares/units forfeited
(132)
(51)
Restricted shares/units outstanding at June 30, 2016
1,889
434
Performance-Based Restricted Stock and Performance-Based Restricted Stock Units:
Number of Shares
(in thousands)
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2015
903
534
Restricted shares/units granted
286
358
Restricted shares/units vested
(540)
(37)
Restricted shares/units forfeited
(75)
(44)
Restricted shares/units outstanding at June 30, 2016
574
811
The aggregate intrinsic value of outstanding stock options and exercisable stock options as of June 30, 2016 was $130.1 million and $83.8 million ,
respectively, which have a remaining life of 7 years and 6 years , respectively. The aggregate intrinsic value for stock options exercised in fiscal 2016 , 2015 , and
2014 was $85.4 million , $125.3 million , and $156.3 million , respectively.
The fair value for stock options granted was estimated at the date of grant using the following assumptions:
2016
2015
2014
Risk-free interest rate 1.6%
1.5%
1.7%
Dividend yield 2.6%
2.3%
2.4%
Weighted average volatility factor 25.6%
23.4%
23.8%
Weighted average expected life (in years) 5.4
5.4
5.4
Weighted average fair value (in dollars) (A) $ 13.16
$ 14.29
$ 11.89
The weighted average fair values of shares granted were as follows:
60