

(in thousands)	2019
Beginning outstanding balance	8,668
Awarded	4,148
Released	(3,569	)
Forfeited	(646	)
Ending outstanding balance	8,601

Beginning January 2019, restricted stock units granted as part of our annual review process or for promotions will vest over four years. Restricted stock units granted as part of our annual review process or for promotions with grant dates prior to January 2019 continue to vest over three years.



	Number of Shares (thousands)	Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value^(*) (millions)
2019
Restricted stock units outstanding	8,601	1.29	$	2,446.9
Restricted stock units expected to vest	7,862	1.22	$	2,236.7
2018
Restricted stock units outstanding	8,835	1.23	$	2,328.1
Restricted stock units expected to vest	8,104	1.18	$	2,135.7

In the first quarter of fiscal 2019, the Executive Compensation Committee approved the 2019 Performance Share Program, the terms of which are similar to prior year programs that are still outstanding. For information regarding our Performance Share Program including the terms, see “Note 11. Stock-Based Compensation” of our Annual Report on Form 10-K for the fiscal year ended November 30, 2018.

In the first quarter of fiscal 2019, the Executive Compensation Committee also certified the actual performance achievement of participants in the 2016 Performance Share Program. Actual performance resulted in participants achieving 200% of target or approximately 0.8 million shares. The shares granted and achieved under the 2016 Performance Share Program fully vested on the three-year anniversary of the grant on January 25, 2019, if not forfeited.

As of August 30, 2019, the shares awarded under our 2019, 2018 and 2017 Performance Share Programs remain outstanding and are yet to be achieved.



(in thousands)	2019
	Shares Granted			Maximum Shares Eligible to Receive
Beginning outstanding balance	1,148			2,296
Awarded	722		⁽¹⁾	614
Achieved	(830	)	⁽²⁾	(830	)
Forfeited	(73	)		(145	)
Ending outstanding balance	967			1,935

^{_________________________________________}

The assumptions used to value employee stock purchase rights during the three and nine months ended August 30, 2019 and August 31, 2018 were as follows:



	Three Months		Nine Months
	2019	2018	2019	2018
Expected life (in years)	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0
Volatility	30%	29%	30% - 35%	26% - 29%
Risk free interest rate	1.78%	2.09% - 2.52%	1.78% - 2.47%	1.54% - 2.52%

Employees purchased 1.5 million shares at an average price of $150.55 and 1.8 million shares at an average price of $104.94 for the nine months ended August 30, 2019 and August 31, 2018, respectively. The intrinsic value of shares purchased during the nine months ended August 30, 2019 and August 31, 2018 was $178.8 million and $198.9 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.

The Executive Compensation Committee eliminated the use of stock option grants for all employees and the Board of Directors effective fiscal 2012 and fiscal 2014, respectively. However, we may assume the stock option plans of certain companies we acquire. As of August 30, 2019 we had 0.2 million stock options outstanding.

As of August 30, 2019, there was $1.45 billion of unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested stock-based awards which will be recognized over a weighted average period of 2.1 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures.

Total stock-based compensation costs included in our condensed consolidated statements of income for the three months ended August 30, 2019 and August 31, 2018 were as follows:



(in thousands)	2019				2018
Income Statement Classifications	Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options Grants		Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Options Grants
Cost of revenue—subscription	$	5,833	$	1,742	$	4,509	$	934
Cost of revenue—services and support	4,446		1,491		2,789		1,930
Research and development	83,348		10,174		66,308		6,347
Sales and marketing	47,782		12,695		47,885		7,551
General and administrative	25,264		2,737		17,853		2,932
Total	$	166,673	$	28,839	$	139,344	$	19,694

Total stock-based compensation costs included in our condensed consolidated statements of income for the nine months ended August 30, 2019 and August 31, 2018 were as follows:



(in thousands)	2019				2018
Income Statement Classifications	Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Option Grants		Restricted Stock Units and Performance Share Awards		Stock Purchase Rights and Option Grants
Cost of revenue—subscription	$	17,506	$	4,632	$	12,979	$	2,431
Cost of revenue—services and support	12,415		5,246		8,455		5,593
Research and development	245,291		27,390		183,989		16,997
Sales and marketing	158,554		33,135		129,480		18,314
General and administrative	72,124		8,207		55,941		5,762
Total	$	505,890	$	78,610	$	390,844	$	49,097