Autodesk 2010 Annual Report Download - page 169

AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
amended (“2000 Plan”), which is available only to non-employee directors. Additionally, there are six expired or
terminated plans with options outstanding, including the 2006 Stock Plan (“2006 Plan”), which was replaced by
the 2008 Plan in March 2008.
The 2008 Plan was approved by Autodesk’s stockholders in November 2007 and became effective in March
2008. Under this plan, 16.5 million shares of Autodesk common stock, and 0.48 million shares that remained
available for issuance under the 2006 Stock Plan upon its expiration, were reserved for issuance. The 2008 Plan
permits the grant of stock options, restricted stock and restricted stock units; however, no more than 2.5 million
of the shares reserved for issuance under the 2008 Plan may be issued pursuant to awards of restricted stock and
restricted stock units. At January 31, 2010, 6.7 million shares were available for future issuance under the 2008
Plan. The 2008 Plan will expire in March 2011. The 2000 Plan, which was approved by the stockholders in June
2000, allows for an automatic annual grant of stock awards to non-employee members of Autodesk’s Board of
Directors. At January 31, 2010, 0.6 million shares were available for future issuance. The 2000 Plan expired on
March 15, 2010.
Options granted under the 2008 Plan and the 2000 Plan vest over periods ranging from one to four years and
generally expire within four to seven years from the date of grant. During fiscal 2010 and 2009, the exercise price
of all stock options granted under these plans is equal to the fair market value of the stock on the grant date.
On June 11, 2009, Autodesk’s stockholders approved the 2010 Outside Directors’ Stock Plan (“2010 Plan”),
which became effective March 16, 2010. The 2010 Plan reserves 2.5 million shares of Autodesk common stock,
plus up to 0.5 million shares available, but not previously granted, under the 2000 Plan. The 2010 Plan permits
the grant of stock options and restricted stock awards to non-employee members of Autodesk’s Board of
Directors. The 2010 Plan will expire in March 2020.
The following sections summarize activity under Autodesk’s stock plans.
Stock Options:
A summary of stock option activity for the fiscal year ended January 31, 2010 is as follows:
Number of
Shares
Weighted
average price
per share
(in thousands)
Options outstanding at January 31, 2009 ........................... 26,818 $30.13
Granted ................................................. 6,766 15.20
Exercised ................................................ (2,036) 12.18
Canceled ................................................ (2,465) 34.30
Options outstanding at January 31, 2010 ........................... 29,083 $27.56
Options exercisable at January 31, 2010 ............................ 17,027 $29.44
Options available for grant at January 31, 2010 ...................... 7,320
The total pre-tax intrinsic value of options exercised was $18.8 million in fiscal 2010, $46.7 million in fiscal
2009 and $308.5 million in fiscal 2008. 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 2010, 2009 and 2008, calculated as of the
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