CDW 2006 Annual Report Download - page 58

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48
The following table sets forth the summary of stock option activity for the year ended December 31,
2006:
Options
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
($000) (1)
Outstanding at January 1, 2006 10,199,500 $ 38.26
Granted 693,337 $ 55.58
Exercised (2,653,554) 28.00
Forfeited or expired (162,200) 57.62
Outstanding at December 31, 2006 8,077,083 $ 42.73 8.07 $ 222,856
Vested at December 31, 2006 5,392,718 $ 40.35 7.41 $ 161,604
Exercisable at December 31, 2006 5,373,167 $ 40.40 7.40 $ 160,771
Expected to vest at December 31, 2006 2,638,978 $ 47.51 9.40 $ 60,206
(1) These amounts are based on the difference between $70.32, the closing price of the
Company’s common stock on December 31, 2006, and the exercise price.
A summary of the status of our nonvested restricted stock and restricted stock units (collectively,
“Restricted Stock”) as of January 1, 2006, and changes through the year ended December 31,
2006, is presented below:
Restricted Stock
Shares
Weighted-
Average
Grant-Date
Fair Value
Nonvested at January 1, 2006 10,400 $ 55.93
Granted 141,054 $ 55.41
Vested (2,800) 55.05
Forfeited (4,006) 55.40
Nonvested at December 31, 2006 144,648 $ 55.46
Our net income for the year ended December 31, 2006 includes $15.8 million of compensation
expense and $6.0 million of income tax benefits related to our share-based compensation
arrangements. No portion of share-based compensation was capitalized.
For the year ended December 31, 2006:
• Cash proceeds related to stock option exercises were $74.3 million.
• The intrinsic value of stock options exercised was $85.5 million.
• The fair value of Restricted Stock that vested was $0.2 million.
• The tax benefit realized from the exercise of stock options and the vesting of Restricted
Stock was $30.5 million.