Vistaprint 2015 Annual Report Download - page 89

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81
A summary of our share option activity and related information for the year ended June 30, 2015 is as
follows:
Shares
Pursuant to
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
Outstanding at the beginning of the period . . . . . . . . . . . . 3,959,353 $ 38.43 5.1
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,135 73.28
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,057,015) 20.58
Forfeited/cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,081) 51.84
Outstanding at the end of the period. . . . . . . . . . . . . . . . . 2,913,392 $ 45.09 4.3 $ 113,840
Vested or expected to vest at the end of the period . . . . . 2,811,830 $ 44.90 4.3 $ 110,396
Exercisable at the end of the period . . . . . . . . . . . . . . . . . 1,686,223 $ 41.34 3.8 $ 72,207
The intrinsic value in the table above represents the total pre-tax amount, net of exercise price, which would
have been received if all option holders exercised in-the-money options on June 30, 2015. The total intrinsic value
of options exercised during the fiscal years ended June 30, 2015, 2014 and 2013 was $61,531, $14,860, and
$6,648, respectively.
Restricted share units
The fair value of RSU grants is equal to the fair market value of our ordinary shares on the date of grant
and is recognized as expense on a straight-line basis over the requisite service period, net of estimated forfeitures
based on historical experience. RSUs generally vest quarterly for two to three years for non-employee directors and
25% after one year and quarterly for 12 quarters thereafter for employees. For awards with a performance
condition, we recognize compensation cost on an accelerated basis over the requisite service period when
achievement of the performance condition is deemed probable. As of June 30, 2015, we had 210,000 RSUs
outstanding that vest based on the achievement of various performance targets through fiscal 2022. The
performance criteria for 180,000 of these RSUs are currently deemed not probable of achievement. Future changes
in our probability conclusions could result in volatility of our share-based compensation expense as the awards
have a maximum compensation of $7,169.
A summary of our unvested RSU activity and related information for the fiscal year ended June 30, 2015 is
as follows:
RSUs
Weighted-
Average
Grant Date Fair
Value
Aggregate
Intrinsic
Value
Unvested at the beginning of the period . . . . . . . . . . . . . . . . . . . . . . . 837,131 $ 42.10
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,255 63.28
Vested and distributed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (297,054) 42.72
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83,052) 44.20
Unvested at the end of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767,280 $ 50.19 $ 64,574
The weighted average fair value of RSUs granted during the fiscal years ended June 30, 2015, 2014 and
2013 was $63.28, $48.06 and $39.72, respectively. The total intrinsic value of RSUs vested during the fiscal years
ended June 30, 2014, 2013 and 2012 was $19,846, $20,629 and $12,397, respectively.
Restricted share awards
In conjunction with the December 2011 acquisition of Webs, we granted RSAs to the founding shareholders
of Webs that vested 50% on December 28, 2012 and 50% on December 28, 2013, subject to continued
employment on each vesting date with possible accelerated vesting or forfeiture under certain circumstances. The
fair value of the RSAs of $15,843 was determined based on our share price on the date of acquisition and was
recognized as share-based compensation expense over the two year vesting period.
Form 10-K