Autodesk 2015 Annual Report Download - page 173

2015 Form 10-K 81
The following table summarizes information about options vested and exercisable, and outstanding at January 31, 2015:
Options Vested and Exercisable Options Outstanding
Number of
Shares
(in millions)
Weighted
average
contractual
life
(in years)
Weighted
average
exercise
price per
share
Aggregate
intrinsic
value(1)
(in millions)
Number of
Shares
(in millions)
Weighted
average
contractual
life
(in years)
Weighted
average
exercise
price per
share
Aggregate
intrinsic
value(1)
(in millions)
Range of per-share
exercise prices:
$12.31 - $29.49 0.9 $ 23.76 0.9 $ 23.83
$29.50 - $41.62 1.2 38.73 1.3 38.85
$42.39 - $43.81 0.4 43.80 0.5 43.79
2.5 3.9 $ 33.72 $ 49.9 2.7 4.2 $ 34.46 $ 53.1
____________________
(1) Represents the total pre-tax intrinsic value, based on Autodesk’s closing stock price of $54.01 per share as of January 31, 2015, 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 September 2022.
Restricted Stock:
A summary of restricted stock unit activity for the fiscal year ended January 31, 2015 is as follows:
Unreleased
Restricted Stock
Units
Weighted
average grant
date fair value
(in thousands)
Unreleased restricted stock units at January 31, 2014 6,515.6 $ 39.15
Granted 4,481.8 54.17
Vested (2,675.6) 37.36
Canceled/Forfeited (445.8) 41.43
Performance Adjustment (1) (74.7) 42.23
Unreleased restricted stock units at January 31, 2015 7,801.3 $ 48.46
_______________
(1) Based on Autodesk's financial results for the performance period, the fiscal 2014 and 2013 performance stock units were earned at
65.8% and 92.3% of the target award, respectively. The vesting of the performance stock units is subject to the holders satisfying the
remaining service condition of the awards.
For the restricted stock units granted during fiscal years ended January 31, 2015, 2014, and 2013, the weighted average
grant date fair value was $54.17, $42.37, and $33.32, respectively. The grant date fair value of the shares vested during fiscal
years ended January 31, 2015, 2014, and 2013 was $100.0 million, $73.8 million, and $33.6 million, respectively.
During the fiscal year ended January 31, 2015, Autodesk granted 4.0 million restricted stock units. The restricted stock
units vest over periods ranging from immediately upon grant to a pre-determined date that is typically within three years from
the date of grant. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units
are not entitled to any of the rights of a stockholder, including voting rights. The fair value of the restricted stock units is
expensed ratably over the vesting period. Autodesk recorded stock-based compensation expense related to restricted stock units
of $118.9 million, $74.9 million, and $70.5 million during fiscal years ended January 31, 2015, 2014, and 2013, respectively.
Included in the $70.5 million incurred in fiscal 2013, Autodesk incurred $16.6 million relating to the acceleration of vesting of
equity awards held in Socialcam for Socialcam employees immediately prior to the acquisition. As of January 31, 2015, total
compensation cost not yet recognized of $245.0 million related to non-vested awards, is expected to be recognized over a
weighted average period of 1.8 years. At January 31, 2015, the number of restricted stock units granted but unvested was 6.9
million.
2015 Annual Report