Vonage 2010 Annual Report Download - page 81

V
O
NA
G
EH
O
LDIN
GS CO
RP
.
N
OTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(
In thousands, except per share amounts
)
T
he following table summarizes the activity for all awards under both of our
S
tock Incentive Plans
:
S
tock
O
ptions
O
utstandin
g
R
estricted
S
tock and
Restricted
S
tock Unit
s
O
utstandin
g
N
um
b
er o
f
S
hare
s
W
e
i
g
h
te
d
A
verag
e
E
xerc
i
se
P
r
i
ce
P
er
S
hare
N
um
b
er o
f
S
hare
s
W
e
i
g
h
te
d
A
verage
G
ran
t
D
ate
F
a
i
r
M
ar
k
et
V
a
l
u
e
P
er
S
har
e
(
in thousands
)(
in thousands
)
Balance at December 31, 2007 18,257
$
6.47 3,104
$
3.3
3
Stock options granted 15,128 1.6
2
Stock options exercised (46) 1.0
2
S
tock o
p
tions canceled
(
4,112
)
6.2
5
Restricted stocks and restricted stock units
g
ranted 1,747 1.9
1
Restricted stocks and restricted stock units exercised (786) 3.2
8
Restricted stocks and restricted stock units canceled (960) 2.9
2
B
a
l
ance at
D
ecem
b
er 31
,
2008 29
,
227 4.00 3
,
105 2.67
S
tock options
g
ranted 5,631 0.83
S
tock o
p
tions exercised
(
33
)
1.76
Stock options canceled (6,291) 7.4
6
R
estr
i
cte
d
stoc
k
san
d
restr
i
cte
d
stoc
k
un
i
ts grante
d
1,188 0.5
1
Restricted stocks and restricted stock units exercised
(
971
)
2.5
9
Restricted stocks and restricted stock units canceled
(
536
)
2.25
Balance at December 31, 2009 28,534 2.68 2,786 1.86
Stock options granted 11,205 1.47
Stock options exercised (1,040) 1.5
7
S
tock o
p
tions canceled
(
2,970
)
3.53
Restricted stocks and restricted stock units
g
ranted 1,199 1.5
2
Restricted stocks and restricted stock units exercised
(
1,150
)
2.3
8
Restricted stocks and restricted stock units canceled (503) 1.55
Balance at December 31, 2010-stock options 35,729 $2.26
Balance at December 31
,
2010-Restricted stock and restricted stock units 2
,
332 $1.5
0
Exercisable at December 31
,
2010 15
,
278
$
1.75
Unvested shares at December 31, 2009 16,669
$
1.67
Unvested shares at December 31
,
2010 20
,
451 $1.44
T
he wei
g
hted avera
g
e exercise price o
f
option
s
g
ranted was $1.47, $0.83, and $1.62 for the years ended
December 31, 2010, 2009, and 2008, respectively. The
wei
g
hted avera
g
e
g
rant date
f
air market value o
f
restricte
d
s
tock and restricted stock units
g
ranted was $1.52, $0.51,
and $1.91 durin
g
the year ended December 31, 2010
,
2009, and 2008, respectively
.
T
he aggregate intrinsic value of exercised stoc
k
options for the
y
ears ended December 31, 2010, 2009 an
d
2008 was
$
851,
$
5, and
$
43, respectively. The aggregat
e
i
ntrinsic value of exercised restricted stock and restricte
d
s
tock units for the
y
ears ended December 31, 2010, 2009,
and 2008 was
$
2,142,
$
880, and
$
1,059, respectivel
y
.
T
he wei
g
hted avera
g
e
g
rant date
f
air market value o
f
s
tock options
g
ranted was $1.35, $1.44, and $1.85 for th
e
y
ears ended December 31, 2010, 2009 and 2008.
T
ota
l
s
h
are-
b
ase
d
compensat
i
on expense recogn
i
ze
d
f
or the
y
ears ended December 31, 2010, 2009, and 200
8
was $8,255, $8,473, and $12,238, respectivel
y
, which were
recor
d
e
d
to se
lli
ng, genera
l
an
d
a
d
m
i
n
i
strat
i
ve expense
i
n
t
he consolidated statement o
f
operations. As o
f
D
ecem
b
er 31
,
2010
,
tota
l
unamort
i
ze
d
s
h
are-
b
ase
d
compensation was
$
9,879, which is expected to be amor-
t
ized over the remaining vesting period of each grant, up to
t
he next 48 months.
C
ompensation costs for all share
-
b
ase
d
awar
d
s are recogn
i
ze
d
us
i
ng t
h
e rata
bl
es
i
ng
l
e-
opt
i
on approac
h
on an accrua
lb
as
i
san
d
are amort
i
ze
d
u
sing an accelerated amortization schedule.
O
ur curren
t
polic
y
is to issue new shares to settle the exercise of stock
options and prospectively, the vesting of restricted stock
u
n
i
ts
.
F-26
VO
NA
G
E ANN
U
AL REP
O
RT 2010