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Table of Contents
data to estimate pre
-
vesting forfeitures and equity
-
based compensation is only recognized for awards for which the requisite service is expected to be
rendered. Forfeiture estimates are revised during the requisite service period and the effect of changes in the number of awards expected to be forfeited is
recorded as a cumulative adjustment in the period estimates are revised.
The weighted
-
average grant date fair value of equity
-
based awards (per award) and pre
-
tax equity
-
based compensation expense (in thousands) for
the years ended December 31, 2015, 2014 and 2013 was as follows:
As of
December 31, 2015
, there was
$50.5 million
of unrecognized compensation cost, net of estimated forfeitures, related to unvested equity
-
based
awards which is expected to be recognized over a remaining weighted average period of
2.4
years.
Equity
-
Based Compensation Award Activity
Activity under the Company's stock option plans for the year ended
December 31, 2015
was as follows:
The aggregate intrinsic value in the table above represents the total pre
-
tax intrinsic value that option holders would have received had all option
holders exercised their options on the last trading day of the year. The aggregate intrinsic value is the difference between Rovi's closing stock price on the
last trading day of the year and the exercise price of the option, multiplied by the number of in
-
the
-
money options. The aggregate intrinsic value of stock
options exercised during the years ended December 31, 2015, 2014 and 2013 was
$0.4 million
,
$2.2 million
and
$2.0 million
, respectively.
Activity related to the Company's restricted awards for the year ended
December 31, 2015
was as follows:
As of
December 31, 2015
,
2.0 million
shares of restricted stock were outstanding and unvested, which includes
0.6 million
performance
-
based
restricted stock. As of
December 31, 2015
,
1.7 million
restricted stock units were outstanding and unvested, which includes
0.3 million
performance
-
based
restricted stock units.
F
-
34
Year Ended December 31,
2015
2014
2013
Stock options
$
9.03
$
8.69
$
7.35
ESPP shares
$
5.33
$
6.54
$
6.38
Restricted awards
$
21.05
$
24.45
$
18.34
Pre
-
tax equity
-
based compensation
$
42,647
$
42,017
$
54,661
Options (In
Thousands)
Weighted-
Average Exercise
Price
Weighted-
Average
Remaining
Contractual Term
Aggregate
Intrinsic Value
(In Thousands)
Outstanding at December 31, 2014
4,144
$
30.27
Granted
454
$
24.83
Exercised
(87
)
$
17.25
Forfeited and canceled
(790
)
$
28.11
Outstanding at December 31, 2015
3,721
$
30.37
3.4 years
$
352
Vested and expected to vest at December 31, 2015
3,534
$
30.72
3.3 years
$
349
Exercisable at December 31, 2015
2,604
$
33.36
2.5 years
$
291
Awards (In
Thousands)
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 2014
3,719
$
23.54
Granted
1,812
$
21.05
Vested
(1,109
)
$
25.64
Forfeited
(741
)
$
23.79
Outstanding at December 31, 2015
3,681
$
21.63