Canon 2014 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2014 Canon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

74
15. STOCK-BASED COMPENSATION
On May 1, 2011, based on the approval of the stockholders,
the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 912,000 shares
of common stock. These option awards vest after two years
of continued service beginning on the grant date and have
a four year exercisable period. The grant-date fair value per
share of the stock options granted during the year ended
December 31, 2011 was ¥772.
On May 1, 2010, based on the approval of the stockholders,
the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 890,000 shares
of common stock. These option awards vest after two years
of continued service beginning on the grant date and have
a four year exercisable period. The grant-date fair value per
share of the stock options granted during the year ended
December 31, 2010 was ¥988.
On May 1, 2009, based on the approval of the stockholders,
the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 954,000 shares
of common stock. These option awards vest after two years
of continued service beginning on the grant date and have
a four year exercisable period. The grant-date fair value per
share of the stock options granted during the year ended
December 31, 2009 was ¥699.
On May 1, 2008, based on the approval of the stockholders,
the Company granted stock options to its directors, execu-
tive officers and certain employees to acquire 592,000 shares
of common stock. These option awards vest after two years
of continued service beginning on the grant date and have
a four year exercisable period. The grant-date fair value per
share of the stock options granted during the year ended
December 31, 2008 was ¥1,247.
The compensation cost recognized for these stock options
for the years ended December 31, 2014, 2013 and 2012 was
nil, ¥95 million and ¥364 million, respectively, and is includ-
ed in selling, general and administrative expenses in the con-
solidated statements of income.
A summary of option activity under the stock option plans as of and for the years ended December 31, 2014, 2013 and
2012 is presented below:
Shares
Weighted-average
exercise price
Weighted-average
remaining
contractual
term
Aggregate
intrinsic value
Yen Year Millions of yen
Outstanding at January 1, 2012 3,042,200 ¥ 4,268 2.0 ¥ 88
Exercised (10,800) 3,287
Forfeited (305,000) 4,493
Outstanding at December 31, 2012 2,726,400 4,247 1.6 37
Exercised (8,600) 3,287
Forfeited (60,400) 4,461
Outstanding at December 31, 2013 2,657,400 4,245 1.0 28
Exercised (67,200) 3,287
Forfeited/Expired (728,400) 4,869
Outstanding at December 31, 2014 1,861,800 ¥ 4,036 0.7 ¥ 248
Exercisable at December 31, 2014 1,861,800 ¥ 4,036 0.7 ¥ 248
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At December 31, 2014, all outstanding option awards were vested.
The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was nil, ¥570 million and
¥848 million, respectively. Cash received from the exercise of stock options for the years ended December 31, 2014, 2013 and
2012 was ¥221 million, ¥28 million and ¥35 million, respectively.