Seagate 2013 Annual Report Download - page 110
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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Stock Option Activity
The Company issues new ordinary shares upon exercise of stock options. The following is a summary of option activities:
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the
Company's ordinary shares for the options that were in-the-money at June 27, 2014. During fiscal years 2014, 2013, and 2012, the aggregate
intrinsic value of options exercised under the Company's stock option plans was $140 million, $272 million and $245 million, respectively,
determined as of the date of option exercise. The aggregate fair value of options vested during fiscal year 2014 was approximately $12 million.
At June 27, 2014, the total compensation cost related to options granted to employees but not yet recognized was approximately
$20 million, net of estimated forfeitures of approximately $1 million. This cost is being amortized on a straight-line basis over a weighted-
average remaining term of approximately 2.4 years and will be adjusted for subsequent changes in estimated forfeitures.
Nonvested Awards Activity
The following is a summary of nonvested award activities which do not contain a performance condition:
At June 27, 2014, the total compensation cost related to nonvested awards granted to employees but not yet recognized was approximately
$164 million, net of estimated forfeitures of approximately
103
Options
Number of
Shares
Weighted
-
Average
Exercise
Price
Weighted
-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(In millions)
(In years)
(Dollars In millions)
Outstanding at June 28, 2013
9.5
$
14.60
3.8
$
286
Granted
0.9
$
42.54
Exercised
(3.9
)
$
12.64
Forfeitures
(0.1
)
$
23.37
Expirations
—
$
—
1
1
1
1
1
1
1
1
1
1
Outstanding at June 27, 2014
6.4
$
19.80
3.8
$
238
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Vested and expected to vest at June 27,
2014
6.2
$
19.40
3.8
$
231
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Exercisable at June 27, 2014
3.5
$
11.56
2.6
$
157
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Nonvested Awards
Number of
Shares
Weighted
-
Average
Grant-
Date
Fair Value
(In millions)
Nonvested at June 28, 2013
5.4
$
22.07
Granted
3.5
$
41.18
Forfeitures
(0.2
)
$
28.69
Vested
(1.7
)
$
20.36
1
1
1
1
1
1
Nonvested at June 27, 2014
7.0
$
32.05
1
1
1
1
1
1
1
1
1
1
1
1