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(iii) Resolution at Board of Directors on July 28, 2010
Position and number of people entitled to stock options 5 members of the Board of Directors (excluding external board members)
12 corporate vice presidents (excluding persons holding concurrent post
of board members)
Number of shares for stock options 38,600 shares of common stock
Date granted August 13, 2010
Conditions to be vested Resignation from both board member and corporate vice president
Corresponding service period No corresponding service period due to difficulties in making a reason-
able forecast on the vesting date
Exercisable period From August 14, 2010 to August 13, 2040
Shares
Years ended March 31 2010 2011
Outstanding at beginning of year — —
Granted during the year — 38,600
Forfeited during the year — —
Exercised during the year — —
Outstanding at end of year — 38,600
Exercisable at end of year — —
Yen U.S. Dollars
Years ended March 31 2010 2011 2011
Exercised price — ¥ 1 $0.01
Fair value per share at grant date — 588 7.08
3. Estimation method for fair value per share of stock options
The per share fair value of the stock options of Fujitsu Frontech Limited, granted during the year ended March 31, 2009, was estimated
as follows,
(1) Valuation method: Black-Scholes model
(2) Basic factors and estimation method:
Expected volatility of the share price*1 39.031%
Expected life of the option*2 4.628 years
Expected dividend*3 14 yen per share
Risk-free interest rate*4 0.958%
*1 The volatility is calculated based on the share price over a period of 4.628 years (December 26, 2003 through August 11, 2008).
*2 The expected life of the options is based on the expected service years of board member after allotment date, which is estimated from past periods of serving as
board members and the period between the date that a person to be vested becomes a board member and the allotment date.
*3 The actual dividend on common stock for the year ended March 31, 2008.
*4 Interest on government bond over the expected life of the options.
The per share fair value of the stock options of Fujitsu Frontech Limited, granted during the year ended March 31, 2010, was esti-
mated as follows,
(1) Valuation method: Black-Scholes model
(2) Basic factors and estimation method:
Expected volatility of the share price*1 38.233%
Expected life of the option*2 4.623 years
Expected dividend*3 16 yen per share
Risk-free interest rate*4 0.664%
*1 The volatility is calculated based on the share price over a period of 4.623 years (December 28, 2004 through August 13, 2009).
*2 The expected life of the options is based on the expected service years of board member after allotment date, which is estimated from past periods of serving as
board members and the period between the date that a person to be vested becomes a board member and the allotment date.
*3 The actual dividend on common stock for the year ended March 31, 2009.
*4 Interest on government bond over the expected life of the options.
132 FUJITSU LIMITED ANNUAL REPORT 2011
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS