Memorex 2011 Annual Report Download - page 70

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes stock option activity:
Stock
Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(millions)
Outstanding December 31, 2008 .................. 4,103,756 $32.09 6.2 $ —
Granted .................................. 1,054,599 9.71
Exercised ................................. — —
Cancelled ................................. (341,850) 31.25
Forfeited .................................. (221,667) 28.32
Outstanding December 31, 2009 .................. 4,594,838 $27.19 6.2 $0.1
Granted .................................. 889,089 10.46
Exercised ................................. (1,000) 8.11
Cancelled ................................. (421,146) 31.19
Forfeited .................................. (145,693) 17.97
Outstanding December 31, 2010 .................. 4,916,088 $24.10 5.6 $0.7
Granted .................................. 1,401,163 9.41
Exercised ................................. (45,429) 10.13
Cancelled ................................. (475,703) 35.11
Forfeited .................................. (116,540) 14.34
Outstanding December 31, 2011 .................. 5,679,579 $19.87 6.0 $ —
No performance-based options were granted during the year ended December 31, 2011. Of the options granted during
the year ended December 31, 2010, there were 105,397 performance-based options granted based on the Company’s
performance against operating income targets for 2010. Operating income (as defined under the 2010 Annual Bonus Plan)
exceeded specified levels; therefore, the full grant will vest 25 percent per year over four years from the date of grant.
There was no aggregate intrinsic value at December 31, 2011 as our stock price of $5.73 on December 30, 2011 was
below the exercise price of all of the outstanding stock options. Our stock price of $10.31 and $8.72 on December 31, 2010
and December 31, 2009, respectively, resulted in an aggregate intrinsic value of $0.7 million and $0.1 million, respectively.
The intrinsic value of options exercised during 2011 and 2010 was less than $0.1 million each year. As no options were
exercised during 2009, there was no intrinsic value for exercised options during 2009. The weighted average grant date fair
value of options granted during the years 2011, 2010 and 2009 was $4.15, $4.46 and $3.94, respectively.
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