Garmin 2010 Annual Report Download - page 98
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86
stock options. The weighted-average fair value for all awards granted during 2010, 2009, and 2008 was $29.09,
$29.20, and $37.96, respectively.
The total fair value of awards vested during 2010, 2009, and 2008 was $41,249, $41,527, and $35,384,
respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 25, 2010
were $21,723 and $21,563, respectively. The aggregate intrinsic value of options and SARs exercised during the
year ended December 25, 2010 was $12,259. The aggregate intrinsic value of RSUs outstanding at December 25,
2010 was $45,645. The aggregate intrinsic value of RSUs released during the year ended December 25, 2010 was
$8,828. Aggregate intrinsi alue epesets the positie diffeee etee the Copas losig stok pie o
the last trading day of the fiscal period, which was $30.36 on December 25, 2010, and the exercise price multiplied
by the number of options exercised. As of December 25, 2010, there was $83,559 of total unrecognized
compensation cost related to unvested share-based compensation awards granted to employees under the stock
compensation plans. That cost is expected to be recognized over the weighted average remaining contractual
term.
Employee Stock Purchase Plan
The shareholders also adopted an employee stock purchase plan (ESPP). Up to 4,000,000 shares of
common stock have been reserved for the ESPP with shareholders approving an additional 2,000,000 shares in
May 2010. Shares will be offered to employees at a price equal to the lesser of 85% of the fair market value of the
stock on the date of purchase or 85% of the fair market value on the enrollment date. The ESPP is intended to
ualif as a eploee stok puhase pla ude Setio of the Iteal Reeue Code. Duig 2010, 2009,
and 2008, 349,173, 209,416, and 362,902 shares, respectively were purchased under the plan for a total purchase
price of $8,134, $3,874, and $8,782, respectively. During 2010, the purchases were made on the open market. At
December 25, 2010, approximately 2,075,284 shares were available for future issuance.
10. Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share:
December 25, December 26, December 27,
2010 2009 2008
Numerator (in thousands):
Numerator for basic and diluted
net income per share - net income $584,603 $703,950 $732,848
Denominator (in thousands):
Denominator for basic net income per share -
weighted-average common shares 196,979 200,395 208,993
Effect of dilutive securities -
employee stock-based awards 1,030 766 1,687
Denominator for diluted net income per share -
weighted-average common shares 198,009 201,161 210,680
Basic net income per share $2.97 $3.51 $3.51
Diluted net income per share $2.95 $3.50 $3.48
Fiscal Year Ended
Options to purchase 6,192,043, 7,814,000, and 5,846,000 common shares were outstanding during 2010, 2009,
and 2008, respectively, but were not included in the computation of diluted earnings per share because the effect
was antidilutive.