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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following is a summary of the changes in outstanding options for fiscal 2011:
The weighted-average grant-
date fair values of stock options granted during fiscal 2011, 2010, and 2009 were $8.72, $9.58 and
$10.21, respectively. There were no intrinsic values of share options outstanding or exercisable at July 2, 2011 and July 3, 2010. The
total intrinsic values of share options exercised during fiscal 2009 was $3,000.
The following is a summary of the changes in non-vested stock options for the fiscal year ended July 2, 2011:
As of July 2, 2011, there was $8,910,000 of total unrecognized compensation cost related to non-
vested stock options, which is
expected to be recognized over a weighted-
average period of 3.2 years. The total fair values of shares vested during fiscal 2011, 2010
and 2009 were $3,425,000, $3,293,000, $5,555,000, respectively.
Cash received from option exercises during fiscal 2011, 2010 and 2009 totaled $3,506,000, $4,134,000, and $563,000,
respectively. The impact of these cash receipts is included in “Other, net”
in financing activities in the accompanying consolidated
statements of cash flows.
Incentive shares
Delivery of incentive shares, and the associated compensation expense, is spread equally over a five-
year period and is subject to
the employee’
s continued employment by the Company. As of July 2, 2011, 1,414,784 shares previously awarded have not yet been
delivered. Compensation expense associated with this program was $17,008,000, $14,614,000 and $14,883,000 for fiscal years 2011,
2010 and 2009, respectively.
63
Weighted
Weighted
Average
Average
Remaining
Exercise
Contractual
Shares
Price
Life
Outstanding at July 3, 2010
3,530,118
$
21.06
56 Months
Granted
382,612
$
24.41
109 Months
Exercised
(751,396
)
$
18.69
20 Months
Forfeited or expired
(102,119
)
$
29.35
18 Months
Outstanding at July 2, 2011
3,059,215
$
21.79
59 Months
Exercisable at July 2, 2011
2,139,921
$
19.99
42 Months
Weighted
Average
Grant
-
Date
Shares
Fair Value
Non
-
vested stock options at July 3, 2010
881,556
$
10.40
Granted
382,612
$
8.72
Vested
(330,200
)
$
10.37
Forfeited
(14,674
)
$
11.67
Non
-
vested stock options at July 2, 2011
919,294
$
9.69