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restricted stock units and other share-based awards. The number of authorized shares of common stock that may be used for 2007 Plan purposes is 4,500,000
. Options under the
2007 Plan may be granted at exercise prices determined by the Board of Directors, provided that the exercise prices shall not be less than the fair market value of j2 Global's
common stock on the date of grant for incentive stock options and not less than 85% of the fair market value of j2 Global's common stock on the date of grant for non-
statutory
stock options.
At December 31, 2014, 2013 and 2012, options to purchase 618,437 , 845,198 and 1,132,365
shares of common stock were exercisable under and outside of the 2007 Plan
and the 1997 Plan combined, at weighted average exercise prices of $23.77 , $20.35 and $21.94 , respectively. Stock options generally expire after 10 years and vest over a 5 -
year
period.
All stock option grants are approved by “outside directors” within the meaning of Internal Revenue Code Section 162(m).
Stock Options
Stock option activity for the years ended December 31, 2014, 2013 and 2012 is summarized as follows:
The per share weighted-average grant-date fair value of options granted during the year 2012 was $7.92 .
The total intrinsic values of options exercised during the years ended December 31, 2014 , 2013 and 2012 were $14.6 million , $11.9 million and $4.5 million
,
respectively. The total fair value of options vested during the years ended December 31, 2014 , 2013 and 2012 was $2.3 million , $3.1 million and $4.7 million , respectively.
Cash received from options exercised under all share-based payment arrangements for the years ended December 31, 2014 , 2013 and 2012 was $6.6 million ,
$13.6
million and $5.6 million , respectively. The actual tax benefit realized for the tax deductions from option exercises under the share-based payment arrangements totaled
$5.2
million , $3.9 million and $1.6 million , respectively, for the years ended December 31, 2014 , 2013 and 2012 .
- 88 -
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining Contractual
Life (In Years)
Aggregate
Intrinsic
Value
Options outstanding at December 31, 2011
2,087,695
$
20.99
Granted
67,000
27.26
Exercised
(357,234
)
15.81
Canceled
(32,000
)
31.34
Options outstanding at December 31, 2012
1,765,461
$
22.08
Granted —
—
Exercised
(569,204
)
23.90
Canceled
(20,600
)
21.79
Options outstanding at December 31, 2013
1,175,657
$
21.08
Granted —
—
Exercised
(433,008
)
15.70
Canceled
(17,000
)
29.85
Options outstanding at December 31, 2014
725,649
$
24.29
3.9
$27,362,157
Exercisable at December 31, 2014
618,437
$
23.77
3.4
$23,642,294
Vested and expected to vest at December 31, 2014
714,319
$
24.24
3.8
$26,975,686