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Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
89
The expected term of ESPP shares is the average of the remaining purchase periods under each offering period. The
assumptions used to value employee stock purchase rights were as follows:
Fiscal Years
2015 2014 2013
Expected life (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0
Volatility 26 - 30% 26 - 28% 26 - 30%
Risk free interest rate 0.11 - 0.67% 0.06 - 0.47% 0.09 - 0.34%
Summary of Restricted Stock Units
Restricted stock unit activity for fiscal 2015, 2014 and 2013 was as follows (in thousands):
2015 2014 2013
Beginning outstanding balance 13,564 17,948 18,415
Awarded 4,012 4,413 7,236
Released (6,561)(7,502)(6,224)
Forfeited (946)(1,295)(1,479)
Ending outstanding balance 10,069 13,564 17,948
The weighted average grant date fair values of restricted stock units granted during fiscal 2015, 2014 and 2013 were $75.47,
$61.16 and $39.87, respectively. The total fair value of restricted stock units vested during fiscal 2015, 2014 and 2013 was $495.1
million, $457.3 million and $249.5 million, respectively.
Information regarding restricted stock units outstanding at November 27, 2015, November 28, 2014 and November 29,
2013 is summarized below:
Number of
Shares
(thousands)
Weighted
Average
Remaining
Contractual
Life
(years)
Aggregate
Intrinsic
Value(*)
(millions)
2015
Restricted stock units outstanding 10,069 0.93 $ 928.0
Restricted stock units vested and expected to vest 9,267 0.86 $ 842.9
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
_________________________________________
(*) 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 27, 2015, November 28, 2014 and November 29, 2013 were $92.17, $73.68
and $56.78, respectively.