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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
94
Summary of Stock Options
There were no stock option grants during fiscal 2014. Stock option activity under our stock option program for fiscal 2014,
2013 and 2012 was as follows (shares in thousands):
Outstanding Options
Number of
Shares
Weighted
Average
Exercise
Price
December 2, 2011................................................................................................................... 34,802 $ 31.47
Granted................................................................................................................................. 57 $ 32.19
Exercised.............................................................................................................................. (6,754) $ 23.61
Cancelled.............................................................................................................................. (4,692) $ 33.07
Increase due to acquisition................................................................................................... 1,104 $ 3.23
November 30, 2012 ................................................................................................................ 24,517 $ 32.09
Granted................................................................................................................................. 25 $ 45.03
Exercised.............................................................................................................................. (15,872) $ 32.15
Cancelled.............................................................................................................................. (1,584) $ 37.37
Increase due to acquisition................................................................................................... 273 $ 6.82
November 29, 2013 ................................................................................................................ 7,359 $ 29.93
Granted................................................................................................................................. — $ —
Exercised.............................................................................................................................. (4,055) $ 30.88
Cancelled.............................................................................................................................. (153) $ 25.37
Increase due to acquisition................................................................................................... 22 $ 29.44
November 28, 2014 ................................................................................................................ 3,173 $ 28.92
The weighted average fair values of options granted during fiscal 2013 and 2012 were $8.64 and $8.50, respectively.
The total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 was $141.3 million, $181.8 million and
$62.6 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise
and the exercise price of the shares.