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F-27 VONAGE ANNUAL REPORT 2013
The following table summarizes the activity for all awards under both of our stock incentive plans:
Stock Options Outstanding
Restricted Stock and
Restricted Stock Units
Outstanding
Number of
Shares
Weighted
Average
Exercise
Price Per
Share
Number of
Shares
Weighted
Average
Grant
Date Fair
Market
Value
Per
Share
(in thousands) (in thousands)
Balance at December 31, 2010 35,729 $2.26 2,332 $1.50
Stock options granted 6,217 4.44
Stock options exercised (2,894) 1.47
Stock options canceled (1,770) 5.85
Restricted stocks and restricted stock units granted 1,198 4.38
Restricted stocks and restricted stock units exercised (995)1.83
Restricted stocks and restricted stock units canceled (260)2.27
Balance at December 31, 2011 37,282 2.51 2,275 2.79
Stock options granted 8,701 2.22
Stock options exercised (1,237) 1.39
Stock options canceled (4,506) 3.99
Restricted stocks and restricted stock units granted 2,400 2.29
Restricted stocks and restricted stock units exercised (1,022)2.31
Restricted stocks and restricted stock units canceled (310)2.58
Balance at December 31, 2012 40,240 2.32 3,343 2.59
Stock options granted 9,315 2.89
Stock options exercised (7,842) 1.47
Stock options canceled (8,876) 2.14
Restricted stocks and restricted stock units granted 3,896 3.01
Restricted stocks and restricted stock units exercised (1,549)2.48
Restricted stocks and restricted stock units canceled (508)2.84
Balance at December 31, 2013-stock options 32,837 $2.73
Balance at December 31, 2013-Restricted stock and restricted stock
units 5,182 $2.92
Exercisable at December 31, 2013 15,789 $2.74
Unvested shares at December 31, 2012 16,762 $2.34
Unvested shares at December 31, 2013 17,048 $2.71
The weighted average exercise price of options granted was
$2.89, $2.22, and $4.44 for the years ended December 31, 2013, 2012,
and 2011, respectively. The weighted average grant date fair market
value of restricted stock and restricted stock units granted was $3.01,
$2.29, and $4.38 during the year ended December 31, 2013, 2012, and
2011, respectively.
The aggregate intrinsic value of exercised stock options for
the years ended December 31, 2013, 2012, and 2011 was $9,891,
$1,042, and $8,450, respectively. The aggregate intrinsic value of
exercised restricted stock and restricted stock units for the years ended
December 31, 2013, 2012, and 2011 was $3,788, $2,250, and $3,954,
respectively.
The weighted average grant date fair market value of stock
options granted was $2.16, $1.58, and $1.65 for the years ended
December 31, 2013, 2012, and 2011.
Total share-based compensation expense recognized for the
years ended December 31, 2013, 2012, and 2011 was $17,843,
$11,975, and $14,279, respectively, which were recorded to selling,
general and administrative expense in the consolidated statement of
income. The 2012 expense included a reversal of executive stock
compensation expense of $1,200. As of December 31, 2013, total
unamortized share-based compensation was $22,102, net of estimated
forfeitures, which is expected to be amortized over the remaining vesting
period of each grant, up to the next 48 months. Compensation costs for
all share-based awards are recognized using the ratable single-option
approach on an accrual basis and are amortized using an accelerated
amortization schedule. Our current policy is to issue new shares to settle
the exercise of stock options and prospectively, the vesting of restricted
stock units.
Table of Contents
VONAGE HOLDINGS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)