Vistaprint 2009 Annual Report Download - page 91

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VISTAPRINT LIMITED
(predecessor to Vistaprint N.V.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2009, 2008 and 2007
(in thousands, except share and per share data)
A summary of the Company’s share option activity and related information for the year ended
June 30, 2009 is as follows:
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Instinsic
Value
Outstanding at the beginning of the period ............ 4,303,607 $19.12
Granted ........................................... 226,920 $30.41
Exercised ......................................... (807,198) $14.95
Forfeited/cancelled ................................. (201,693) $25.98
Outstanding at the end of the period ................. 3,521,636 $20.41 6.76 $78,410
Vested or expected to vest at the end of the period .... 3,431,044 $20.09 6.72 $77,466
Exercisable at the end of the period .................. 2,512,806 $16.19 6.19 $66,515
The intrinsic value in the table above represents the total pre-tax amount, net of exercise price,
which would have been received by option holders if all option holders had exercised all options with
an exercise price lower than the market price on June 30, 2009.
A summary of the Company’s unvested restricted share unit activity and related information for
the fiscal year ended June 30, 2009 is as follows:
Restricted
Share Units
Weighted
Average
Grant Date
Fair Value
Unvested at the beginning of the period .................................... 1,271,491 $31.36
Granted ................................................................. 224,533 28.37
Vested and distributed .................................................... (408,256) 30.84
Forfeited/cancelled ....................................................... (96,662) 32.64
Unvested at the end of the period.......................................... 991,106 $30.77
The Company had an aggregate of 2,473,762 common shares available for future award under
all of its share-based compensation plans as of June 30, 2009.
The total fair value of shares vested during the fiscal year ended June 30, 2009, 2008 and 2007
was $12,589, $9,813, and $3,518, respectively. The total intrinsic value of options exercised during the
fiscal years ended June 30, 2009, 2008 and 2007 was $15,203, $16,870, and $54,763, respectively.
8. Employees’ Savings Plan
The Company has a defined contribution retirement plan that complies with Section 401(k) of the
Internal Revenue Code. Substantially all employees in the U.S. are eligible to participate in the plan.
Under the provisions of the plan, employees may voluntarily contribute up to 15% of eligible
compensation, subject to IRS limitations. The Company matches 50% of each participant’s voluntary
85
Form 10-K