Adobe 2011 Annual Report Download - page 108

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108
Information regarding restricted stock units outstanding at December 2, 2011, December 3, 2010 and November 27, 2009
is summarized below:
2011
Restricted stock units outstanding
Restricted stock units vested and expected to vest
2010
Restricted stock units outstanding
Restricted stock units vested and expected to vest
2009
Restricted stock units outstanding
Restricted stock units vested and expected to vest
Number of
Shares
(thousands)
16,871
14,931
13,890
11,185
10,433
8,078
Weighted
Average
Remaining
Contractual
Life
(years)
1.35
1.25
1.54
1.38
1.82
1.63
Aggregate
Intrinsic
Value(*)
(millions)
$ 457.4
$ 404.3
$ 404.8
$ 325.7
$ 369.1
$ 285.7
_________________________________________
(*) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global
Select Market, the market values as of December 2, 2011, December 3, 2010 and November 27, 2009 were $27.11, $29.14
and $35.38, respectively.
Summary of Performance Shares
The following table sets forth the summary of performance share activity under our 2011 Program for the fiscal year ended
December 2, 2011 (in thousands):
Beginning outstanding balance
Awarded
Forfeited
Ending outstanding balance
Shares
Granted
—
425
(47)
378
Maximum
Shares Eligible
to Receive
—
638
(71)
567
In the first quarter of fiscal 2012, the Executive Compensation Committee certified the actual performance achievement of
participants in the 2011 Performance Share Program (the “2011 Program”). Based upon the achievement of goals outlined in the
2011 Program, participants had the ability to receive up to 150% of the target number of shares originally granted. Actual
performance resulted in participants achieving 130% of target or approximately 0.5 million shares for the 2011 Program. One
third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on
the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
In the first quarter of fiscal 2011, the Executive Compensation Committee certified the actual performance achievement of
participants in the 2010 Performance Share Program (the “2010 Program”). Based upon the achievement of goals outlined in the
2010 Program, participants had the ability to receive up to 150% of the target number of shares originally granted. Actual
performance resulted in participants achieving 135% of target or approximately 0.3 million shares for the 2010 Program. One
third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on
the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
The performance metrics under the 2009 Performance Share Program were not achieved and therefore no shares were
awarded.
Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)