Employee Stock Benefit Plans | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Benefit Plans | Employee Stock Benefit Plans At December 31, 2010, there was an aggregate of 24.4 million shares of common stock available for grant under the Company’s Amended and Restated Stock Incentive Plan (“Plan”), and at September 30, 2011, there was an aggregate of 19.5 million shares of common stock available for grant under the Company’s Plan. Stock Options The weighted-average estimated fair value of stock options granted during the quarter and nine months ended September 30, 2011 was $3.66 per share and $4.04 per share, respectively. The weighted-average estimated fair value of stock options granted during the quarter and nine months ended October 1, 2010 was $2.85 per share and $2.92 per share, respectively. The weighted-average assumptions associated with the stock options granted during the periods are as follows:
Pre-vesting forfeitures were estimated to be approximately 11.0% for the quarter and nine months ended September 30, 2011, and 12.0% for the quarter and nine months ended October 1, 2010, based on historical experience. A summary of stock option transactions for all stock option plans is as follows (in millions, except per share and term data):
Additional information about stock options outstanding at September 30, 2011 with exercise prices less than or above $7.18 per share, the closing price of the Company’s common stock at September 30, 2011, is as follows (number of shares in millions):
Restricted Stock Units Restricted stock units that vest over three to four years with service-based requirements, as well as restricted stock units that vest based on performance-based requirements, are payable in shares of the Company’s common stock upon vesting. The following table presents a summary of the status of the Company’s restricted stock units granted to certain officers, directors, and employees of the Company as of September 30, 2011 and changes during the nine months ended September 30, 2011 (number of shares in millions):
Stock Grant Awards During the nine months ended September 30, 2011, the Company granted 0.1 million shares in stock grant awards with a weighted average grant date fair value of $10.55 per share to non-executive members of the Board of Directors. The awards vested and shares of common stock were issued immediately upon the effective date of the grant. Employee Stock Purchase Plans As of September 30, 2011, there were 4.4 million shares available for issuance under the 2000 Employee Stock Purchase Plan (“ESPP”). The weighted-average fair value of shares issued under the ESPP during the quarter and nine months ended September 30, 2011 was $2.29 per share and $2.16 per share, respectively. The weighted-average fair value of shares issued under the ESPP during the quarter and nine months ended October 1, 2010 was $1.44 per share and $1.94 per share, respectively. The weighted-average assumptions used in the pricing model are as follows:
Share-Based Compensation Expense Total share-based compensation expense related to the Company’s stock options, restricted stock units, stock grant awards, and employee stock purchase plan, recognized for the quarter and nine months ended September 30, 2011 and October 1, 2010, respectively, was comprised as follows (in millions):
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At September 30, 2011, total unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested stock options and non-vested restricted stock units granted prior to that date was $7.3 million and $22.4 million, respectively. The total intrinsic value of stock options exercised during the quarter and nine months ended September 30, 2011 was $0.7 million and $35.2 million, respectively. The Company recorded cash received from the exercise of stock options of $1.3 million and $58.3 million and cash from issuance of shares under the ESPP of $2.1 million and $6.2 million and recorded no related tax benefits during the quarter and nine months ended September 30, 2011, respectively. The Company issues new shares of stock upon the exercise of stock options, restricted stock units vesting and the completion of a purchase under the ESPP. |