Incredimail 2011 Annual Report Download - page 122

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PERION NETWORK LTD. AND ITS SUBSIDIARIES
(Formerly: Incredimail Ltd.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 11:
-
SHAREHOLDERS' EQUITY (Cont.)
A summary of the activity in the share options granted to employees and directors for the year ended December 31, 2011 and related
information is as follows:
Number of
options
Weighted
average
exercise price
Weighted
average
remaining
contractual
Term (in
Years)
Aggregate
intrinsic
value
Outstanding at January 1, 2011
1,608,946
$
5.43
3.24
$
3,858
Granted
700,000
7.19
Exercised *)
(167,825
)
3.46
Cancelled
(134,050
)
7.16
Forfeited
(230,999
)
7.76
Outstanding at December 31, 2011 **)
1,776,072
$
5.87
3.39
$
113
Exercisable at December 31, 2011 ***)
445,072
$
5.14
2.04
$
113
*)
During 2011, 10,000 share options were exercised in consideration for cash received in an amount of $ 30, the remaining 157,825
were exercise under net
-
share settlement.
**) Represents intrinsic value of 149,403 outstanding options that are in-the-
money as of December 31, 2011. The remaining 1,626,669
outstanding options are out of the money as of December 31, 2011, and their intrinsic value was considered as zero.
***) Represents intrinsic value of 149,403 outstanding options that are in-the-
money as of December 31, 2011. The remaining 295,669
outstanding options are out of the money as of December 31, 2011, and their intrinsic value was considered as zero.
The weighted-average grant-
date fair value of options granted during the years 2009, 2010 and 2011 was $ 1.68, $ 1.23 and $ 2.29,
respectively.
As of December 31, 2011, the total compensation cost related to options granted to employees, not yet recognized, amounted to $ 1,456. The
cost is expected to be recognized over a weighted average period of 2.01 years.
Aggregate intrinsic value of options exercised in 2009, 2010 and 2011 amounted to $ 281, $ 713 and $ 580, respectively.
F
-
35