Plantronics 2009 Annual Report Download - page 95

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87
Restricted Stock
The following is a summary of the Company’s restricted stock award activity during the fiscal 2009:
Weighted
Average
Number of Grant Date
Shares Fair Value
(in thousands)
Non-vested at March 31, 2008 288 26.77$
Granted 187 $ 14.50
Vested (92) 26.88$
Forfeited (20) 27.38$
Non-vested at March 31, 2009 363 20.39$
The total fair value of restricted stock awards vested during the year ended March 31, 2009 was $2.5 million.
Stock-Based Compensation
The following table summarizes the amount of stock-based compensation expense recorded under SFAS No. 123(R), included in the
consolidated statements of operations:
(in thousands) 2007 2008 2009
Cost of revenues $ 2,908 $ 2,474 $ 2,265
Research, develo
p
ment and en
g
ineerin
g
3,835 3,552 3,663
Sellin
g
,
g
eneral and administrative 10,176 9,966 9,814
Stock-based compensation expense included in
operating expenses 14,011 13,518 13,477
Total stock-based com
p
ensation 16,919 15,992 15,742
Income tax benefit (5,599) (5,173) (4,940)
Total stock-based compensation expense, net of tax $ 11,320 $ 10,819 $ 10,802
Fiscal Year Ended March 31,
As of March 31, 2009, total unrecognized compensation cost related to unvested stock options was $15.4 million which is expected to
be recognized over a weighted average period of 2.1 years. Total unrecognized compensation cost related to non-vested restricted
stock awards was $6.1 million as of March 31, 2009 which is expected to be recognized over a weighted average period of 2.9 years
and there was $0.5 million of unrecognized compensation cost related to the ESPP as of March 31, 2009 that is expected to be fully
recognized during the first two quarters of fiscal 2010.