Computer Associates 2015 Annual Report Download - page 90

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At March 31, 2015, options outstanding that have vested and are expected to vest were as follows:
WEIGHTED
WEIGHTED AVERAGE AGGREGATE
NUMBER AVERAGE REMAINING INTRINSIC
OF SHARES EXERCISE CONTRACTUAL LIFE VALUE(1)
(in millions) PRICE (in years) (in millions)
Vested 1.2 $ 25.92 6.7 $ 7.8
Expected to vest(2) 1.8 27.56 7.9 9.1
Total 3.0 $ 26.92 7.4 $ 16.9
(1) These amounts represent the difference between the exercise price and $32.61, the closing price of the Company’s common stock on March 31, 2015, the last trading day of the
Company’s fiscal year as reported on the NASDAQ Stock Market for all in-the-money options.
(2) Outstanding options expected to vest are net of estimated future forfeitures.
Additional information with respect to stock option activity was as follows:
WEIGHTED
NUMBER OF AVERAGE
SHARES EXERCISE
(in millions) PRICE
Outstanding at March 31, 2012 5.8 $ 23.52
Granted 1.8 24.39
Exercised (1.2) 17.17
Expired or terminated (0.4) 22.09
Outstanding at March 31, 2013 6.0 $ 25.17
Granted 1.7 27.86
Exercised (3.5) 25.06
Expired or terminated (0.5) 25.95
Outstanding at March 31, 2014 3.7 $ 26.13
Granted 0.9 29.13
Exercised (0.9) 25.46
Expired or terminated (0.5) 26.81
Outstanding at March 31, 2015 3.2 $ 27.02
WEIGHTED
NUMBER AVERAGE
OF SHARES EXERCISE
(in millions) PRICE
Options exercisable at:
March 31, 2013 3.7 $ 26.18
March 31, 2014 0.7 $ 26.07
March 31, 2015 1.2 $ 25.92
The following table summarizes stock option information at March 31, 2015:
OPTIONS OUTSTANDING OPTIONS EXERCISABLE
WEIGHTED WEIGHTED
AVERAGE AVERAGE
AGGREGATE REMAINING WEIGHTED AGGREGATE REMAINING WEIGHTED
INTRINSIC CONTRACTUAL AVERAGE INTRINSIC CONTRACTUAL AVERAGE
SHARES VALUE LIFE EXERCISE SHARES VALUE LIFE EXERCISE
RANGE OF EXERCISE PRICES (in millions) (in millions) (in years) PRICE (in millions) (in millions) (in years) PRICE
$19.93 — $25.00 0.9 $ 7.9 6.8 $ 23.56 0.6 $ 5.2 7.0 $ 23.46
$25.01 — $30.00 1.5 8.1 7.7 27.31 0.4 2.2 6.9 26.50
$30.01 — over 0.8 1.6 7.9 30.52 0.2 0.4 5.6 31.05
3.2 $ 17.6 7.5 $ 27.02 1.2 $ 7.8 6.7 $ 25.92
The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model. The Company
believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in
calculating the fair value of the Company’s stock options. Estimates of fair value are not intended to predict actual future
events or the value ultimately realized by employees who receive equity awards.
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