Adobe 2008 Annual Report Download - page 98

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98
Information regarding restricted stock units outstanding at the end of fiscal 2008 and 2007 is summarized below.
Number of
Shares
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value*
(millions)
2008
Shares outstanding ..................
4,261
1.73 years
$
98.7
Shares vested and expected to vest .....
3,351
1.52 years
$
77.6
2007
Shares outstanding
..................
1,701
1.88 years $ 71.7
Shares vested and expected to vest .....
1,309
1.65 years
$
55.2
* The intrinsic value is calculated as the market value as of end of the fiscal year. As reported by
the NASDAQ Global Select Market, the market values as of November 28, 2008 and November
30, 2007 were $23.16 and $42.14, respectively.
Summary of Performance Shares
The following table sets forth the summary of performance share activity under our 2008 Program for fiscal 2008.
Shares
Granted
Maximum
Shares
Eligible
to Receive
Beginning balance ...................................
—
—
Awarded ...........................................
941
1,883
Forfeited ................................
...........
(116
) (232
)
Ending balance ......................................
825
1,651
The actual performance achievement of participants in the 2008 Program will be approved by the Executive
Compensation Committee in the first quarter of fiscal 2009.
In the first quarter of fiscal 2008, the Executive Compensation Committee certified the actual performance achievement
of participants in the 2006 Performance Share Program (“2006 Program”) and the 2007 Performance Share Program (“2007
Program”). Based upon the achievement of goals outlined in the 2006 Program and 2007 Program, participants had the ability
to receive up to 150% and 200%, respectively, of the target number of shares originally granted. Actual performance resulted
in participants achieving approximately 105% of target or 0.3 million shares for the 2006 Program and 200% of target or
0.7 million shares for the 2007 Program. Shares awarded under the 2006 Program vested 100% and were released in the first
quarter of fiscal 2008. Shares under the 2007 Program vested 25% in the first quarter of fiscal 2008 and the remaining 75%
vest evenly on the following three annual anniversary dates of the grant, contingent upon the recipient’ s continued service to
Adobe.
The following table sets forth the summary of performance share activity under our programs, based upon share awards
actually achieved, during fiscal 2008:
2008
Beginning balance .........................................
—
Shares achieved ...........................................
993
Released .................................................
(480
)
Forfeited .................................................
(130
)
Ending balance ............................................
383
The total fair value of performance awards vested during fiscal 2008 was $16.7 million.