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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 non-vested stock options for the fiscal year ended June 30, 2012:
As of June 30, 2012 , there was $1,808,000 of total unrecognized compensation cost related to non-
vested stock options, which is expected
to be recognized over a weighted-average period of 1.1 years. The total fair values of shares vested during fiscal 2012 , 2011 and 2010
were
$3,599,000 , $3,425,000 , $3,293,000 , respectively.
Cash received from option exercises during fiscal 2012 , 2011 and 2010 totaled $2,405,000 , $3,506,000 , and $4,134,000
, 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 generally subject to
the employee’s continued employment by the Company. As of June 30, 2012 , 1,749,519
shares previously awarded have not yet been delivered.
Compensation expense associated with this program was $20,978,000 , $17,008,000 and $14,614,000 for fiscal years 2012 , 2011 and 2010
,
respectively.
The following is a summary of the changes in non-vested incentive shares for the fiscal year ended June 30, 2012:
As of June 30, 2012 , there was $36,092,000 of total unrecognized compensation cost related to non-
vested incentive shares, which is
expected to be recognized over a weighted-average period of 2.9 years. The total fair values of shares vested during fiscal 2012 , 2011 and
2010
were $19,516,000 , $15,916,000 , $14,301,000 , respectively.
Performance shares
Eligible employees, including Avnet’s executive officers, may receive a portion of their long-term equity-
based incentive compensation
through the performance share program, which allows for the award of shares of stock against performance-based criteria (“
Performance Share
Program”). The Performance Share Program provides for the issuance to each grantee of a number of shares of Avnet’
s common stock at the end
of a three-year period based upon the Company’
s achievement of performance goals established by the Compensation Committee of the Board
of Directors for each three-
year period. The performance goals have recently consisted of measures of economic profit and total shareholder
return.
61
Shares
Weighted
Average
Grant-Date
Fair Value
Non-vested stock options at July 2, 2011
919,294
$
9.69
Granted
332,476
$
9.67
Vested
(345,254
)
$
10.43
Forfeited
(19,221
)
$
9.30
Non-vested stock options at June 30, 2012
887,295
$
9.41
Shares
Weighted
Average
Grant-Date
Fair Value
Non-vested incentive shares at July 2, 2011
1,414,784
$
26.47
Granted
1,114,510
$
27.94
Vested
(704,220
)
$
27.71
Forfeited
(75,555
)
$
26.38
Non-vested incentive shares at June 30, 2012
1,749,519
$
26.82