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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 2013 :
The weighted-average grant-date fair values of stock options granted during fiscal 2013 , 2012 and 2011 were $11.33 , $9.67 and $8.72
,
respectively.
At June 29, 2013 , the aggregate intrinsic value of all outstanding stock option awards was $18,089,000
and all exercisable stock options
awards was $13,624,000 .
The following is a summary of the changes in non-vested stock options for the fiscal year ended June 29, 2013 :
As of June 29, 2013 , there was $2,534,000 of total unrecognized compensation cost related to non-
vested stock options, which is expected
to be recognized over a weighted-average period of 2.2 years. The total fair values of shares vested during fiscal 2013 , 2012 and 2011
were
$3,424,000 , $3,599,000 , $3,425,000 , respectively.
Cash received from option exercises during fiscal 2013 , 2012 and 2011 totaled $2,053,000 , $2,405,000 , and $3,506,000
, 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 29, 2013 , 2,009,510
shares previously awarded have not yet been delivered.
Compensation expense associated with this program was $26,788,000 , $20,978,000 and $17,008,000 for fiscal years 2013 , 2012 and 2011
,
respectively.
62
Years Ended
June 29, 2013
June 30, 2012
July 2, 2011
Expected term (years)
6.00
6.00
6.00
Risk-free interest rate
0.9
%
1.2
%
1.8
%
Weighted average volatility
35.0
%
33.7
%
33.7
%
Dividend yield —
—
—
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Life
Outstanding at June 30, 2012
2,881,918
$
23.78
61 Months
Granted
416,128
$
32.34
110 Months
Exercised
(708,421
)
$
18.25
12 Months
Forfeited or expired
(10,437
)
$
30.50
40 Months
Outstanding at June 29, 2013
2,579,188
$
26.65
70 Months
Exercisable at June 29, 2013
1,634,898
$
25.37
53 Months
Shares
Weighted
Average
Grant-Date
Fair Value
Non-vested stock options at June 30, 2012
887,295
$
9.41
Granted
416,128
$
11.33
Vested
(359,133
)
$
9.53
Forfeited
—
$
—
Non-vested stock options at June 29, 2013
944,290
$
10.21