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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
91
We recognize the estimated compensation cost of performance shares, net of estimated forfeitures. The fiscal 2014 and
2013 awards are earned upon achievement of an objective total stockholder return measure at the end of the three-year performance
period, as described above. The fair value of the awards was fixed at grant date and will be amortized over the longer of the
remaining performance or service period. In previous years, the awards were earned upon attainment of identified performance
goals, some of which contained discretionary metrics. As such, these awards were measured based on our traded stock price at
the end of each reporting period until achieved. The fair value of the awards were based on the achievement date and amortized
over the longer of the remaining performance or service period.
Summary of Restricted Stock Units
Restricted stock unit activity for fiscal 2014, 2013 and 2012 was as follows (in thousands):
2014 2013 2012
Beginning outstanding balance.................................................................................. 17,948 18,415 16,871
Awarded..................................................................................................................... 4,413 7,236 9,431
Released..................................................................................................................... (7,502)(6,224)(5,854)
Forfeited..................................................................................................................... (1,295)(1,479)(2,147)
Increase due to acquisition......................................................................................... — — 114
Ending outstanding balance....................................................................................... 13,564 17,948 18,415
The weighted average grant date fair values of restricted stock units granted during fiscal 2014, 2013 and 2012 were $61.16,
$39.87 and $31.36, respectively. The total fair value of restricted stock units vested during fiscal 2014, 2013 and 2012 was $457.3
million, $249.5 million and $180.1 million, respectively.
Information regarding restricted stock units outstanding at November 28, 2014, November 29, 2013 and November 30,
2012 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
2014
Restricted stock units outstanding............................................................. 13,564 0.94 $ 999.4
Restricted stock units vested and expected to vest ................................... 12,352 0.87 $ 903.1
2013
Restricted stock units outstanding............................................................. 17,948 1.09 $ 1,019.1
Restricted stock units vested and expected to vest ................................... 16,265 1.02 $ 920.5
2012
Restricted stock units outstanding............................................................. 18,415 1.37 $ 637.3
Restricted stock units vested and expected to vest ................................... 16,289 1.26 $ 562.8
_________________________________________
(*) 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 November 28, 2014, November 29, 2013 and November 30, 2012 were $73.68, $56.78
and $34.61, respectively.