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Stock-Based Incentive Compensation Plans (Notes)
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Sep. 27, 2014
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| Stock-Based Incentive Compensation Plans |
Stock-Based Incentive Compensation Plans
The following table summarizes stock-based compensation expense related to employee stock options, restricted stock and restricted stock units, which is allocated within the Company’s condensed consolidated statements of operations as follows:
For all periods presented, the Company did not realize any excess tax benefit related to stock-based compensation and therefore did not record any related financing cash flows.
Stock Options
The weighted average assumptions applied in the lattice-binomial model that the Company uses to estimate the fair value employee stock options are as follows:
For the quarters ended September 27, 2014 and September 28, 2013, the Company granted 5,562,000 and 4,647,000 employee stock options, respectively, with weighted average grant date fair value per share of $1.59 and $1.62, respectively. For the nine months ended September 27, 2014 and September 28, 2013, the Company granted 5,716,000 and 5,974,000 employee stock options, respectively, with weighted average grant date fair values per share of $1.59 and $1.52, respectively.
Restricted Stock and Restricted Stock Units
For the quarters ended September 27, 2014 and September 28, 2013, the Company granted 17,736,000 and 8,702,000 restricted stock units, respectively, with weighted average grant date fair values per share of $4.12 and $3.89, respectively. For the nine months ended September 27, 2014 and September 28, 2013, the Company granted 19,905,000 and 25,299,000 restricted stock units, respectively, with weighted average grant date fair values per share of $4.11 and $3.78, respectively.
Performance-based Restricted Stock Units
For the quarters ended September 27, 2014 and September 28, 2013, the Company granted 2,890,000 and 2,450,000 performance-based restricted stock units (the pRSUs), respectively, to senior executives of the Company. Each pRSU award reflects a target number of shares that may be issued to the award recipient, which may be adjusted based on the Company’s financial performance. The actual number of shares the recipient receives is determined at the end of the specified performance period based on the actual financial results achieved by the Company versus certain pre-established Company financial performance goals and total shareholder return (TSR) relative to the S&P 500 IT Sector over the same performance period. The Company estimates the fair value of the pRSUs using a Monte Carlo simulation model, as the TSR modifier contains a market condition. The weighted-average grant date fair value per share of these pRSUs granted for the quarters ended September 27, 2014 and September 28, 2013 was $4.36 and $4.07, respectively. The following weighted-average assumptions, in addition to projections of market conditions, were used to measure the weighted-average fair value:
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