Texas Instruments 2014 Annual Report Download - page 47

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 
FORM 10-K
Director deferred compensation
Directors who retire or resign from the board may receive stock distributions for compensation they elected to defer. For these stock
distributions, we issued treasury shares. Director deferred stock activity during 2014 was as follows:
Director Deferred
Stock (Shares)
Outstanding, December 31, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,264
New shares deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,636
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,178)
Outstanding, December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,722
Employee stock purchase plan
Options outstanding under the employee stock purchase plan at December 31, 2014, had an exercise price equal to 85 percent of the
fair market value of TI common stock on the date of automatic exercise. The automatic exercise occurred on January 2, 2015, resulting
in an exercise price of $45.46 per share. Of the total outstanding options, none were exercisable at year-end 2014.
Employee stock purchase plan transactions during 2014 were as follows:
Employee Stock
Purchase Plan
(Shares)
Exercise
Price
Outstanding grants, December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,408 $ 36.64
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,673,479 41.60
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,784,184) 39.44
Outstanding grants, December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374,703 45.46
The weighted average grant date fair value of options granted under the employee stock purchase plans during the years 2014, 2013
and 2012 was $7.34, $5.71 and $4.52 per share, respectively. During the years ended December 31, 2014, 2013 and 2012, the total
intrinsic value of options exercised under these plans was $12 million, $13 million and $13 million, respectively.