iRobot 2010 Annual Report Download - page 112

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The table below summarizes activity relating to restricted stock units:
Number of
Shares Underlying
Restricted Stock
Weighted Average
Grant Date Fair
Value
Outstanding at December 29, 2007 ...................... 24,447 $19.05
Granted .......................................... 168,547 15.40
Vested ........................................... (22,929) 17.64
Forfeited ......................................... (1,349) 18.02
Outstanding at December 27, 2008 ...................... 168,716 $15.60
Granted .......................................... 183,139 9.94
Vested ........................................... (46,162) 15.09
Forfeited ......................................... (4,469) 16.23
Outstanding at January 2, 2010 ......................... 301,224 $12.23
Granted .......................................... 382,564 16.84
Vested ........................................... (98,015) 13.18
Forfeited ......................................... (15,696) 13.17
Outstanding at January 1, 2011 ......................... 570,077 $15.14
During the fiscal year ended January 1, 2011, the Company recognized $1.7 million of stock based
compensation expense associated with restricted stock units. As of January 1, 2011, the unamortized fair value
of all restricted stock units was $7.6 million. The Company expects to recognize associated stock-based com-
pensation expense of $2.3 million, $2.2 million, $1.9 million and $1.2 million in 2011, 2012, 2013 and 2014,
respectively.
The following includes significant activity that is included in the stock option activity and restricted stock
activity tables above:
On December 30, 2010, in connection with his employment, the Company granted a senior vice president of
human resources a stock option exercisable for 100,000 shares of the Company’s common stock and 35,000
restricted stock units. On December 30, 2010, in connection with the commencement of their employment, the
Company granted three employees stock options exercisable for an aggregate of 21,000 shares of the Company’s
common stock and 10,500 restricted stock units. Each of the above stock options have a per share exercise price of
$24.53, the closing price of the Company’s common stock on NASDAQ on December 30, 2010. The stock options
will vest 25% on the first anniversary of the grant date and quarterly thereafter over the following three years. The
restricted stock units will vest 25% on each anniversary of the grant date.
On October 1, 2010, in connection with the commencement of their employment, the Company granted three
employees stock options exercisable for an aggregate of 100,000 shares of the Company’s common stock and
28,000 restricted stock units. Additionally, on October 1, 2010, the Company granted to certain employees an
annual merit grant totaling 40,420 restricted stock units. Also, on October 1, 2010 in connection with their
promotions, the Company granted three employees, including executive officers, stock options exercisable for an
aggregate of 38,073 shares of the Company’s common stock and 10,344 restricted stock units. Each of the above
stock options have a per share exercise price of $18.61, the closing price of the Company’s common stock on
NASDAQ on October 1, 2010. The stock options will vest 25% on the first anniversary of the grant date and
quarterly thereafter over the following three years. The restricted stock units will vest 25% on each anniversary of
the grant date.
On July 2, 2010, the Company granted each of its nine non-employee board members a stock option
exercisable for 10,000 shares of the Company’s common stock with an exercise price per share of $17.70, the per
66
iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)