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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 2014 :
The weighted-average grant-date fair values of stock options granted during fiscal 2014 , 2013 and 2012 were $11.45 , $11.33 and $9.67
,
respectively.
At June 28, 2014 , the aggregate intrinsic value of all outstanding stock option awards was $23.3 million
and all exercisable stock options
awards was $13.4 million .
The following is a summary of the changes in non-vested stock options for the fiscal year ended June 28, 2014 :
As of June 28, 2014 , there was $2.6 million
of total unrecognized compensation cost related to stock options, which is expected to be
recognized over a weighted-average period of 2.2 years. The total fair value of shares vested, as of the vesting dates, during fiscal 2014 ,
2013
and 2012 were $3.7 million , $3.4 million and $3.6 million , respectively.
Cash received from stock option exercises during fiscal 2014 , 2013 and 2012 totaled $4.7 million , $2.1 million , and $2.4 million
,
respectively. The impact of these cash receipts is included in “Other, net”
as financing activity in the accompanying consolidated statements of
cash flows.
Restricted incentive shares
Delivery of restricted incentive shares, and the associated compensation expense, is spread equally over the vesting period and is generally
subject to the employee’s continued service and employment by the Company, except for employees who are retirement eligible. As of
June 28,
2014 , 2.0 million shares previously awarded have not yet vested. Stock-
based compensation expense associated with restricted incentive shares
was $34.4 million , $26.8 million and $21.0 million for fiscal years 2014 , 2013 and 2012 , respectively.
65
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Life
Outstanding at June 29, 2013
2,579,188
$
26.65
70 Months
Granted
417,692
39.04
109 Months
Exercised
(1,185,004
)
24.65
40 Months
Forfeited or expired
(2,700
)
17.47
3 Months
Outstanding at June 28, 2014
1,809,176
$
30.84
81 Months
Exercisable at June 28, 2014
820,520
$
27.40
61 Months
Shares
Weighted
Average
Grant-Date
Fair Value
Non-vested stock options at June 29, 2013
944,290
$
10.21
Granted
417,692
11.45
Vested
(373,326
)
9.87
Forfeited —
—
Non-vested stock options at June 28, 2014
988,656
$
10.86