XM Radio 2014 Annual Report Download - page 135

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The following table summarizes stock option activity under our share-based plans for the years
ended December 31, 2014, 2013 and 2012 (options in thousands):
Options
Weighted-Average
Exercise
Price(1)
Weighted-Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
Outstanding at the beginning of January
1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,580 $1.25
Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,626 $2.53
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . (214,199) $0.59
Forfeited, cancelled or expired . . . . . . (9,495) $3.09
Outstanding as of December 31, 2012. . . 274,512 $1.92
Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,228 $3.59
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . (61,056) $1.31
Forfeited, cancelled or expired . . . . . . (6,445) $2.02
Outstanding as of December 31, 2013. . . 264,239 $2.42
Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,852 $3.39
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . (46,943) $1.63
Forfeited, cancelled or expired . . . . . . (11,294) $4.08
Outstanding as of December 31, 2014. . . 267,854 $2.72 7.09 $246,067
Exercisable as of December 31, 2014 . . . 121,272 $2.27 5.28 $179,913
(1) The weighted-average exercise price for options outstanding as of December 31, 2012 in the table
above has been adjusted to reflect the reduction to the exercise prices related to the
December 28, 2012 special cash dividend.
The weighted average grant date fair value of options granted during the years ended
December 31, 2014, 2013 and 2012 was $1.05, $1.48 and $1.09, respectively. The total intrinsic
value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was
$89,428, $142,491 and $399,794, respectively. During the years ended December 31, 2014 and
2013, the number of shares which were issued as a result of stock option exercises were
15,228,394 and 32,649,857, respectively, due to the net settlement method that began in 2013.
We recognized share-based payment expense associated with stock options of $69,754,
$66,231 and $60,299 for the years ended December 31, 2014, 2013 and 2012, respectively.
F-29
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Dollar amounts in thousands, unless otherwise stated)