Plantronics 2007 Annual Report Download - page 83

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part ii
79A R 2 0 0 7
The following is a summary of the Company’s stock option activity during fiscal 2007:
Options Outstanding
(in thousands)
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years) Aggregate
Intrinsic Value
Outstanding at March 31, 2006 8,277 $ 26.75
Options granted 1,525 $ 20.58
Options exercised (331) $ 9.80 3,585
Options forfeited or expired (438) $ 30.11
Outstanding at March 31, 2007 9,033 $ 26.17 4.74 $20,657
Vested and expected to vest at
March 31, 2007 8,684 $ 26.26 4.69 $19,921
Exercisable at March 31, 2007 6,392 $ 27.20 4.16 $14,915
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
awards and the Company’s closing stock price of $23.62 as of March 30, 2007 for options that were in-
the-money as of that date. The intrinsic value of options exercised during fiscal 2007 was $3.6 million.
The total cash received from employees as a result of employee stock option exercises during fiscal 2007
was $3.3 million.
Compensation expense recognized for stock options during the year ended March 31, 2007 was $13.8
million. As of March 31, 2007, total unrecognized compensation cost related to unvested stock options
was $24.7 million which is expected to be recognized over a weighted average period of 2.8 years.
The Company settles employee stock option exercises with newly issued common shares approved by
stockholders for inclusion in the 1993 Stock Plan or the 2003 Stock Plan.
The following is a summary of the Company’s restricted stock award activity during the year ended
March 31, 2007:
(in thousands)
Number of
Shares
Weighted
Average Grant
Date Fair
Value
Non-vested at March 31, 2006 316 $ 29.09
Granted 79 $ 20.43
Vested (69) $ 29.26
Forfeited (39) $ 25.99
Non-vested at March 31, 2007 287 $ 27.09
Compensation expense recognized for restricted stock awards was $2.1 million for the year ended March 31,
2007, $1.2 million for the year ended March 31, 2006, and $0.2 million for the year ended March 31,
2005. As of March 31, 2007, total unrecognized compensation cost related to non-vested restricted stock
awards was $7.0 million, which is expected to be recognized over a weighted average period of 3.6 years. The
total fair value of restricted stock awards vested during the year ended March 31, 2007 was $2.0 million.