Autodesk 2001 Annual Report Download - page 45

42 FY 01 Autodesk, Inc.
These options will expire if not exercised at specific dates
ranging through January 2011.
A total of 16.4 million shares of Autodesk’s common stock
have been reserved for future issuance under existing
stock option programs.
Employee Stock Purchase Plan
Under Autodesk’s employee stock purchase plan, eligible
employees may purchase shares of Autodesk’s common
stock, at their discretion using up to 15 percent of their
compensation subject to certain limitations, at not less
than 85 percent of fair market value as defined in the plan
agreement. Autodesk issued 0.9 million shares at an aver-
age price of $18.27 per share in fiscal 2001, 0.8 million
shares at an average price of $20.25 in fiscal 2000, and
0.6 million shares at an average price of $23.21 in
fiscal 1999. At January 31, 2001, a total of 3.3 million shares
were available for future issuance under the plan.
Pro Forma Net Income (Loss) Information
Autodesk applies APB 25 in accounting for its employee
stock plans. Accordingly, no compensation expense is rec-
ognized in Autodesk’s consolidated statement of
operations, other than for stock awards that have exercise
prices less than the fair market value of Autodesk’s com-
mon stock at the date of grant.
Had compensation expense been determined in accor-
dance with the fair value method prescribed by SFAS 123,
Autodesk’s pro forma net income for fiscal 2001 was
$39.1 million, loss for fiscal 2000 was $44.7 million and net
income for fiscal 1999 was $52.2 million. Pro forma basic
net income (loss) per share was $0.68 in fiscal 2001, $(0.74)
in fiscal 2000, and $0.93 in fiscal 1999. Pro forma diluted
net income (loss) per share was $0.67 in fiscal 2001, $(0.74)
in fiscal 2000, and $0.88 in fiscal 1999.
The weighted average estimated fair value of stock options
granted was $17.50 per share during fiscal 2001,$14.38 dur-
ing fiscal 2000 and $14.14 during fiscal 1999. These were
estimated using the Black-Scholes option-pricing model,
based on the following assumptions: expected volatility of
0.6 for fiscal 2001, 2000 and 1999; the weighted average
estimated life was 5 years for fiscal 2001 and 2000 and
3 years for 1999; the weighted average risk-free rate was
5.7% for fiscal 2001, 5.8% for fiscal 2000 and 5.6% for
fiscal 1999; and the dividend yield was 0.8% for fiscal 2001,
0.9% for fiscal 2000 and 0.7% for fiscal 1999.
The weighted average estimated fair value of shares
granted under the employee stock purchase plan was
$8.58 per share during fiscal 2001,$7.64 during fiscal 2000,
and $9.07 during fiscal 1999. These were estimated using
the Black-Scholes option-pricing model, based on the fol-
lowing assumptions: expected volatility of 0.7 for
fiscal 2001, 0.6 for fiscal 2000 and 1999; the weighted aver-
age estimated life was 0.5 years for fiscal 2001, 2000 and
1999; the weighted average risk-free rate was 5.3% for
fiscal 2001, 4.2% for fiscal 2000 and 5.1% for fiscal 1999;
and the dividend yield was 0.8% for fiscal 2001, 0.9% for
fiscal 2000 and 0.7% for fiscal 1999.
Pretax Savings Plan
Autodesk has a 401(k) plan that covers nearly all U.S.
employees. Eligible employees may contribute up to
20 percent of their pretax salary, subject to limitations
mandated by the Internal Revenue Service. Autodesk
makes voluntary contributions and matches a portion of
employee contributions. Autodesk’s contributions were
$5.0 million in fiscal 2001, $5.0 million in fiscal 2000 and
$4.6 million in fiscal 1999.
Autodesk provides defined-contribution plans in certain
foreign countries where required by statute. Autodesk’s
funding policy for foreign defined contribution plans is
consistent with the local requirements in each country.
Autodesk’s contributions to these plans were $2.8 million
in fiscal 2001, $2.4 million in fiscal 2000 and $1.7 million in
fiscal 1999.