Crucial 2015 Annual Report Download - page 80

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78
Equity Plans
As of September 3, 2015, our equity plans permit us to issue an aggregate of up to 170 million shares of common stock, of
which 112 million shares were available for future awards. Awards are subject to terms and conditions as determined by our
Board of Directors.
Stock Options
Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year
from the date of grant. Stock options issued after February 2014 generally expire eight years from the date of grant. Options
issued prior to February 2014 generally expire six years from the date of grant.
Option activity for 2015 is summarized as follows:
Number of
Shares
Weighted-
Average
Exercise Price
Per Share
Weighted-
Average
Remaining
Contractual
Life
(In Years) Aggregate
Intrinsic Value
Outstanding at August 28, 2014 48 $ 10.57
Granted 8 34.45
Exercised (10) 7.35
Canceled or expired (2) 15.93
Outstanding at September 3, 2015 44 15.33 3.8 $ 256
Exercisable at September 3, 2015 18 $ 9.33 2.4 $ 145
Expected to vest after September 3, 2015 25 19.11 4.7 109
The total intrinsic value was $229 million, $421 million, and $103 million for options exercised during 2015, 2014, and
2013, respectively.
Stock options granted and assumptions used in the Black-Scholes option valuation model were as follows:
For the year ended 2015 2014 2013
Stock options granted 8 12 18
Weighted-average grant-date fair value per share $ 14.79 $ 9.64 $ 3.34
Average expected life in years 5.6 4.9 5.1
Weighted-average expected volatility 45% 48% 59%
Weighted-average risk-free interest rate 1.7% 1.6% 0.7%
The expected volatilities utilized were based on implied volatilities from traded options on our stock and on our historical
volatility. The expected lives of options granted were based, in part, on historical experience and on the terms and conditions
of the options. The risk-free interest rates utilized were based on the U.S. Treasury yield in effect at each grant date. No
dividends were assumed in estimated option values.