Avid 2009 Annual Report Download - page 78

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Information with respect to non-vested restricted stock units for the year ended December 31, 2009 is as follows:
Non-Vested Restricted Stock Units
Shares
Weighted-
Average
Grant-Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(in thousands)
Non-vested at December 31, 2008
989,772
$27.28
Granted (a)
86,500
$12.20
Vested
(284,634
)
$28.38
Forfeited
(148,283
)
$25.84
Non-vested at December 31, 2009
643,355
$25.14
1.01
$8,203
Expected to vest
580,163
$25.30
0.96
$7,397
(a) The restricted stock units granted during 2009 include 24,500 that vest at the earlier of one year from the grant date or the first fiscal
quarter certain performance-based criteria are met. The performance-based criteria were met during the three months ended
December 31, 2009, and the shares will vest during the first quarter of 2010 in accordance with the terms of the grant.
The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2008 and
2007 was $22.96 and $33.76, respectively. The total fair value of restricted stock units vested during the years ended
December 31, 2009, 2008, and 2007, was $2.8 million, $4.3 million, and $1.9 million, respectively.
Information with respect to non-vested restricted stock for the year ended December 31, 2009 is as follows:
Non-Vested Restricted Stock
Shares
Weighted-
Average
Grant-Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(in thousands)
Non-vested at December 31, 2008
100,000
$25.41
Granted
—
—
Vested
(50,000
)
$25.41
Forfeited
—
—
Non-vested at December 31, 2009
50,000
$25.41
1.97
$638
The weighted-average grant date fair value of restricted stock granted during the year ended December 31, 2007 was
$25.41. There were no grants of restricted stock during the years ended December 31, 2009 and 2008. The total fair value
of restricted stock vested during the years ended December 31, 2009, 2008 and 2007, was $0.6 million, $0.1 million, and
$0.1 million, respectively.
Stock Option Purchase
In June 2009, the Company completed a cash tender offer for certain employee stock options. The tender offer applied to
547,133 outstanding stock options having an exercise price equal to or greater than $40.00 per share and granted under the
Company’s Amended and Restated 2005 Stock Incentive Plan, Amended and Restated 1999 Stock Option Plan (including
the U.K. sub-plan), 1998 Stock Option Plan, 1997 Stock Option Plan, 1997 Stock Incentive Plan, as amended, and 1994
Stock Option Plan, as amended. Members of the Company’s Board of Directors, officers who file reports under
Section 16(a) of the Securities Exchange Act of 1934 and members of the Company’s executive staff were not eligible to
participate in this offer. Under the offer, eligible options with exercise prices equal to or greater than $40.00 and less than
$50.00 per share were eligible to receive a cash payment of $1.50 per share, and eligible options with exercise prices equal
to or greater than $50.00 per share were eligible to receive a cash payment of $1.00 per share.
Options to purchase a total of 419,042 shares of the Company’s common stock, of which 366,769 shares are available for
future grant, were tendered under the offer for an aggregate purchase price of approximately $0.5 million paid in exchange
for the cancellation of the eligible options. As a result of the tender offer, the Company incurred stock-based compensation
charges of approximately $0.1 million in its condensed consolidated statements of operations during the second quarter of
2009. This is the first time the Company has offered to purchase outstanding stock options in exchange for cash, and there
is no current intent to make another such offer in the future.