Enom 2010 Annual Report Download - page 132
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Table of Contents
Demand Media, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
(In thousands, except per share amounts)
13. Share-based Compensation Plans and Awards (Continued)
changes. The Company will recognize an additional $1,600 of compensation if an IPO occurs, as a result of the modification. As of December 31, 2010, there
was approximately $2,800 of unrecognized compensation cost (including the $1,600 incremental unrecognized cost as a result of the modification) related to
these unvested performance and market-based stock option awards that will be recognized during the three months ended March 31, 2011 as a result of the
Company's stock price meeting the minimum stock price threshold in the period following its IPO (Note 21—Subsequent Events).
During the year ended December 31, 2010, the Company granted certain executive-level employees options to purchase 2,375, 1,150, 1,150 and 1,150
shares of common stock at exercise prices per share of $18.00, $24.00, $30.00, $36.00, respectively, which only commence vesting upon the completion of an
IPO prior to March 31, 2011. The grant date fair value of these stock options is $30,800.
The following table summarizes information concerning outstanding and exercisable options at December 31, 2010:
Range of Exercise Prices Number
Outstanding
Weighted
Average
Remaining
Contractual
Term
(in years)
Weighted
Average
Exercise
Price Number
Exercisable
Weighted
Average
Exercise
Price
$0.16 - 1.88 896 5.86 $ 1.58 891 $ 1.57
2.00 - 2.00 2,229 6.34 2.00 757 2.00
2.88 - 4.30 1,914 7.84 3.28 1,063 3.24
4.40 - 5.70 2,069 7.05 4.82 1,143 4.80
5.90 - 7.70 1,897 9.05 7.37 199 6.70
9.50 - 9.50 3,151 8.44 9.50 1,312 9.50
9.74 - 16.00 1,134 9.64 13.25 — —
18.00 - 18.00 2,325 9.59 18.00 — —
24.00 - 30.00 2,300 9.59 27.00 — —
36.00 - 36.00 1,150 9.59 36.00 — —
19,065 8.34 $ 11.88 5,365 $ 4.78
Information related to stock-based compensation activity is as follows:
Year ended December 31,
2008 2009 2010
Weighted average fair value of options granted $ 2.96 $ 2.50 $ 5.41
Intrinsic value of options exercised 1,439 991 5,889
Total fair value of restricted stock vested 4,960 6,617 7,502
Excluding those awards where vesting is conditional on an IPO, there was $21,262 of stock-based compensation expense as of December 31, 2010
related to the non-vested portion of time-vested stock options not yet recognized, which is expected to be recognized over a weighted average period of
2.97 years.
F-36