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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
108
Information regarding the stock options outstanding at November 27, 2009, November 28, 2008 and November 30,
2007 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
As of November 27, 2009
Options outstanding .................
41,251
$
29.45
4.33
$
295.8
Options vested and expected to vest ....
39,322
$
29.54
4.24
$
279.1
Options exercisable ..................
26,677
$
29.85
3.54
$
181.7
As of November 28, 2008
Options outstanding .................
40,704
$
29.67
4.00
$
76.1
Options vested and expected to vest ....
38,975
$
29.36
3.87
$
76.1
Options exercisable ..................
28,034
$
26.61
3.28
$
76.1
As of November 30, 2007
Options outstanding .................
47,742
$
28.47
4.36
$
654.2
Options vested and expected to vest ....
43,067
$
27.68
4.19
$
623.8
Options exercisable ..................
29,387
$
23.77
3.38
$
539.8
_________________________________________
(*) The intrinsic value is calculated as the difference between the market value as of end of the fiscal year and the exercise
price of the shares. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2009,
November 28, 2008 and November 30, 2007 were $35.38, $23.16 and $42.14, respectively.
All stock options granted to current executive officers are made after a review by and with the approval of the Executive
Compensation Committee of the Board of Directors.
Summary of Employee Stock Purchase Plan Shares
The weighted average subscription date fair value of shares under the ESPP during fiscal 2009, 2008 and 2007 were
$5.43, $9.56 and $12.03, respectively. Employees purchased 3.2 million shares at an average price of $19.04, 2.4 million
shares at an average price of $30.40, and 2.6 million shares at an average price of $25.24, respectively, for fiscal 2009, 2008
and 2007. The intrinsic value of shares purchased during fiscal 2009, 2008 and 2007 was $21.7 million, $25.0 million and
$39.8 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of
purchase and the purchase price of the shares.
Summary of Restricted Stock
Restricted stock award activity for fiscal 2009, 2008 and 2007 was as follows (shares in thousands):
2009
2008
2007
Non-vested
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested
Shares
Weighted
Average
Grant Date
Fair Value
Beginning outstanding balance
4
$
39.31
21
36.41
501
9.17
Awarded ..................
—
—
—
—
5
40.03
Released ..................
(1
38.22
(15
)
34.94
(92
29.32
Forfeited ..................
—
—
(2
)
39.95
(393
4.77
Ending outstanding balance ..
3
$
40.01
4
39.31
21
36.41