THQ 2011 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2011 THQ annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 99

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99

A summary of the status of our nonvested shares for fiscal 2011, 2010 and 2009 is as follows (amounts in thousands, except per
share amounts):
Nonvested shares at March 31, 2008
Granted
Vested
Forfeited/cancelled
Nonvested shares at March 31, 2009
Granted
Vested
Forfeited/cancelled
Nonvested shares at March 31, 2010
Granted
Vested
Forfeited/cancelled
Nonvested shares at March 31, 2011
6KDUHV
612
369
(83)
(179)
719
42
(135)
(167)
459
270
(279)
(122)
328
:HLJKWHG
$YHUDJH
*UDQWGDWH
)DLU9DOXH
3HU6KDUH
$ 22.16
17.73
22.88
20.99
20.09
6.49
11.66
20.74
19.40
5.73
16.90
13.93
11.90
The unrecognized compensation cost, that we expect to recognize, related to our nonvested stock-based awards at March 31, 2011,
and the weighted-average period over which we expect to recognize that compensation, is as follows (amounts in thousands):
Stock options
Nonvested shares
ESPP
8QUHFRJQL]HG
&RPSHQVDWLRQ
&RVWDW
0DUFK
$ 7,568
1,459
—
$ 9,027
:HLJKWHG
$YHUDJH3HULRG
LQ\HDUV
1.3
2.4
—
Cash received from exercises of stock options for fiscal 2011, 2010 and 2009 was $0.5 million, $0.6 million and $6.0 million,
respectively. The actual tax benefit realized for the tax deductions from exercises of all stock-based awards totaled zero for fiscal
2011, 2010 and 2009.
During fiscal 2010 we increased additional paid-in capital by $4.1 million (net of tax of $0.2 million) related to a reduction in our
unrecognized tax benefits, primarily related to favorable resolutions of U.S. federal income tax examinations for the years March 31,
2004 through March 31, 2005.
The fair value of all our stock-based awards that vested during fiscal 2011, 2010 and 2009 was $13.7 million, $12.5 million and
$22.4 million, respectively.
Non-Employee Stock Warrants. In prior years, we granted stock warrants to third parties in connection with the acquisition of
licensing rights for certain key intellectual property. The warrants vested upon grant and are exercisable over the term of the
warrant. The exercise price of third-party stock warrants is equal to the fair market value of our common stock at the date of grant.
No third-party stock warrants were granted or exercised during fiscal 2011, 2010 and 2009; however, warrants for 240,000 shares
expired, unexercised in fiscal 2010.
At March 31, 2011 and 2010, we had 150,000 stock warrants outstanding with an exercise price of $10.45 per share and an
expiration date of December 31, 2013. At March 31, 2009 we had 390,000 stock warrants outstanding with a weighted average
exercise price per share of $12.32.
64