Autodesk 2008 Annual Report Download - page 140

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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
A summary of stock option activity for the fiscal year ended January 31, 2008 is as follows:
Number of
Shares
Weighted
average price
per share
(in thousands)
Options outstanding at January 31, 2007 ................................... 29,374 $21.03
Granted ......................................................... 10,508 32.25
Exercised ........................................................ (10,197) 16.12
Forfeited ........................................................ (1,411) 28.21
Expired ......................................................... (3,768)
Options outstanding at January 31, 2008 ................................... 24,506 $28.75
Options exercisable at January 31, 2008 .................................... 12,446 $18.73
Options available for grant at January 31, 2008(1) ............................ 2,847
(1) Does not include 16.5 million shares available under the 2008 Plan (see above).
The total pre-tax intrinsic value of options exercised was $308.5 million in fiscal 2008, $127.2 million in
fiscal 2007, and $341.1 million in fiscal 2006. The intrinsic value of options exercised is calculated as the
difference between the exercise price of the option and the market value of the stock on the date of exercise. The
weighted average grant date fair value of stock options granted during fiscal 2008, 2007 and 2006, calculated as
of the stock option grant date using the Black-Scholes-Merton option pricing model, was $14.41, $13.25 and
$13.45 per share, respectively. As of January 31, 2008, total compensation cost related to non-vested awards not
yet recognized of $91.2 million is expected to be recognized over a weighted average period of 1.81 years.
The following table summarizes information about options outstanding and exercisable at January 31, 2008:
Options Exercisable Options Outstanding
Number of
Shares (in
thousands)
Weighted
average
contractual
life (in
years)
Weighted
average
exercise
price
Aggregate
intrinsic
value(1)
(in millions)
Number of
Shares
(in
thousands)
Weighted
average
contractual
life
(in years)
Weighted
average
exercise
price
Aggregate
intrinsic
value(1)
(in millions)
Range of per-share exercise
prices:
$0.20 – $11.60 ............. 4,873 $ 8.48 4,904 $ 8.44
$11.69 – $29.37 ............ 4,933 19.24 6,694 20.52
$30.15 – $38.00 ............ 1,929 34.38 5,301 35.22
$38.10 – $45.29 ............ 499 41.07 6,523 43.93
$47.24 – $49.80 ............ 212 47.24 1,084 48.54
12,446 5.0 $18.73 $280.8 24,506 4.9 $28.75 $332.0
(1) Represents the total pre-tax intrinsic value, based on Autodesk’s closing stock price of $41.15 per share as
of January 31, 2008, which would have been received by the option holders had all option holders exercised
their options as of that date.
These options will expire if not exercised at specific dates ranging through November 2015. At January 31,
2008, a total of 24.9 million shares of Autodesk’s common stock have been reserved for future issuance under
existing stock option and stock purchase programs.
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