Seagate 2013 Annual Report Download - page 109
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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Fair Value —The fair value of the Company's nonvested awards and performance awards subject to an AEPS condition for fiscal years
2014, 2013, and 2012, is the price of the Company's shares on the grant date. The weighted average grant date fair value of awards granted are as
follows:
The fair value of the Company's shares related to options granted to employees, shares issued from the ESPP and performance awards
subject to TSR/ROIC conditions for fiscal years 2014, 2013, and 2012 were estimated using the following assumptions:
Stock Compensation Expense
The Company recorded $118 million, $76 million and $51 million of share-based compensation during fiscal years 2014, 2013, and 2012,
respectively. Management has made an estimate of expected forfeitures and is recognizing compensation costs only for those equity awards
expected to vest. When estimating forfeitures, the Company considers voluntary termination behavior as well as analysis of actual forfeited
awards.
102
Fiscal Years
2014
2013
2012
Nonvested awards:
Weighted
-
average fair value
$
41.18
$
30.26
$
13.14
Performance awards:
Weighted
-
average fair value
$
48.69
$
30.01
$
11.16
Fiscal Years
2014
2013
2012
Options
Expected term (in years)
4.2
4.2
4.2
Volatility
35
–
41%
41
–
53%
49
–
53%
Weighted
-
average volatility
40%
52%
50%
Expected dividend rate
3.1%
–
3.8%
3.6
–
5.8%
3.8
–
6.5%
Weighted-average expected dividend
rate
3.7%
4.4%
5.9%
Risk
-
free interest rate
1.2
–
1.4%
0.5
–
1.1%
0.6
–
0.9%
Weighted
-
average fair value
$10.41
$8.96
$3.61
ESPP
Expected term (in years)
0.5
0.5
0.5
Volatility
34
–
36%
38
–
46%
45
–
54%
Weighted
-
average volatility
35%
42%
49%
Expected dividend rate
3.3
–
3.5%
2.2
–
4.2%
3.9
–
5.2%
Weighted-average expected dividend
rate
3.4%
3.2%
4.7%
Risk
-
free interest rate
0.1%
0.1%
0.1
–
0.2%
Weighted
-
average fair value
$10.46
$7.74
$4.89
Performance restricted share awards
subject to market condition
Expected term (in years)
3.00
2.98
2.96
Weighted
-
average volatility
46%
48%
65%
Expected dividend rate
3.8%
4.3%
6.4%
Risk
-
free interest rate
0.9%
0.3%
0.3%
Weighted
-
average fair value
$37.51
$26.41
$10.05