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Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
91
(*) 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 and November 29, 2013 were $73.68 and $56.78, respectively.
Summary of Employee Stock Purchase Plan Shares
The weighted average subscription date fair value of shares under the ESPP during fiscal 2015, 2014 and 2013 were $20.81,
$17.02 and $11.40, respectively. Employees purchased 2.1 million shares at an average price of $52.37, 2.9 million shares at an
average price of $34.76, and 3.4 million shares at an average price of $25.71, respectively, for fiscal 2015, 2014 and 2013. The
intrinsic value of shares purchased during fiscal 2015, 2014 and 2013 was $53.9 million, $93.4 million and $58.5 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 Stock Options
There were no stock option grants during fiscal 2015 and 2014. Stock option activity under our stock option program for
fiscal 2015, 2014 and 2013 was as follows (shares in thousands):
Outstanding Options
Number of
Shares
Weighted
Average
Exercise
Price
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
Granted — $ —
Exercised (1,900) $ 28.83
Cancelled (34) $ 20.90
Increase due to acquisition 88 $ 14.38
November 27, 2015 1,327 $ 28.28
The weighted average fair value of options granted during fiscal 2013 was $8.64.
The total intrinsic value of options exercised during fiscal 2015, 2014 and 2013 was $92.3 million, $141.3 million and
$181.8 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.