|
Stock-Based Compensation (Tables)
|
6 Months Ended |
|
Dec. 31, 2011
|
| Share-based Compensation [Abstract] |
|
| Schedule of Combined Activity Under Equity Incentive Plans |
The following table summarizes the combined activity under the Company's equity incentive plans for the indicated period:
|
|
|
|
(In thousands) |
Available
For Grant
|
Balances as of June 30, 2011(1) |
11,554 |
|
Restricted stock units granted(2)(3) |
(3,981 |
) |
Restricted stock units canceled(2) |
267 |
|
Options canceled/expired/forfeited |
668 |
|
Plan shares expired(4) |
(623 |
) |
Balances as of December 31, 2011(1) |
7,885 |
|
__________________
|
|
(1) |
Includes shares available for issuance under the 2004 Plan, as well as under the Company’s 1998 Outside Director Option Plan (the “Outside Director Plan”), which only permits the issuance of stock options to the Company’s non-employee members of the Board of Directors. As of December 31, 2011, 1.7 million shares were available for grant under the Outside Director Plan.
|
|
|
(2) |
The number of restricted stock units provided in this row reflects the application of the 1.8x multiple described above. |
|
|
(3) |
Includes 0.2 million restricted stock units granted to senior management during the six months ended December 31, 2011 with performance-based vesting criteria (in addition to service-based vesting criteria for any of such restricted stock units that are deemed to have been earned). As of December 31, 2011, it had not yet been determined the extent to which (if at all) the performance-based vesting criteria of such restricted stock units had been satisfied. Therefore, this line item includes all such performance-based restricted stock units, reported at the maximum possible number of shares that may ultimately be issuable under such restricted stock units if all applicable performance-based and service-based criteria are fully satisfied.
|
|
|
(4) |
Represents the portion of shares listed as “Options canceled/expired/forfeited” above that were issued under the Company’s equity incentive plans other than the 2004 Plan or the Outside Director Plan. Because the Company is only currently authorized to issue equity awards under the 2004 Plan and the Outside Director Plan, any equity awards that are canceled, expire or are forfeited under any other Company equity incentive plans do not result in additional shares being available to the Company for future grant. |
|
| Schedule of Stock-based Compensation Expense |
The following table shows pre-tax stock-based compensation expense for the indicated periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Three months ended
December 31, |
|
Six months ended
December 31, |
2011 |
|
2010 |
|
2011 |
|
2010 |
Stock-based compensation expense by: |
|
|
|
|
|
|
|
Costs of revenues |
$ |
3,671 |
|
|
$ |
3,439 |
|
|
$ |
7,509 |
|
|
$ |
7,607 |
|
Engineering, research and development |
5,756 |
|
|
5,814 |
|
|
11,577 |
|
|
13,432 |
|
Selling, general and administrative |
10,219 |
|
|
10,178 |
|
|
21,056 |
|
|
22,605 |
|
Total stock-based compensation expense |
$ |
19,646 |
|
|
$ |
19,431 |
|
|
$ |
40,142 |
|
|
$ |
43,644 |
|
|
| Schedule of Stock-based Compensation Capitalized as Inventory |
The following table shows stock-based compensation capitalized as inventory as of the dates indicated below:
|
|
|
|
|
|
|
|
|
(In thousands) |
As of December 31, 2011 |
|
As of June 30, 2011 |
Inventory |
$ |
7,453 |
|
|
$ |
6,701 |
|
|
| Schedule of Stock Option Activity |
The following table summarizes the activity and weighted-average exercise price for stock options under all plans during the six months ended December 31, 2011:
|
|
|
|
|
|
|
|
Stock Options |
Shares
(In thousands)
|
|
Weighted-Average
Exercise Price
|
Outstanding stock options as of June 30, 2011 |
7,675 |
|
|
$ |
45.38 |
|
Granted |
— |
|
|
$ |
— |
|
Exercised |
(820 |
) |
|
$ |
36.48 |
|
Canceled/expired/forfeited |
(668 |
) |
|
$ |
45.59 |
|
Outstanding stock options as of December 31, 2011 |
6,187 |
|
|
$ |
46.54 |
|
Vested and exercisable as of December 31, 2011 |
6,185 |
|
|
$ |
46.54 |
|
|
| Schedule of Intrinsic Value, Cash Received and Tax Benefits for Stock Option Exercises |
The following table shows the total intrinsic value of options exercised, total cash received from employees as a result of employee stock option exercises and tax benefits realized by the Company in connection with these stock option exercises for the indicated periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Three months ended
December 31, |
|
Six months ended
December 31, |
2011 |
|
2010 |
|
2011 |
|
2010 |
Total intrinsic value of options exercised |
$ |
3,809 |
|
|
$ |
2,726 |
|
|
$ |
6,569 |
|
|
$ |
3,289 |
|
Total cash received from employees as a result of employee stock option exercises |
$ |
20,201 |
|
|
$ |
12,594 |
|
|
$ |
29,903 |
|
|
$ |
15,547 |
|
Tax benefits realized in connection with these exercises |
$ |
1,224 |
|
|
$ |
980 |
|
|
$ |
2,163 |
|
|
$ |
1,182 |
|
|
| Schedule of Restricted Stock Activity |
The following table shows the applicable number of restricted stock units and weighted-average grant date fair value after estimated forfeitures for restricted stock units granted, vested and released, withheld for taxes, and forfeited during the six months ended December 31, 2011 and restricted stock units outstanding as of December 31, 2011 and June 30, 2011:
|
|
|
|
|
|
|
|
Restricted Stock Units |
Shares
(In thousands) (1)
|
|
Weighted-Average
Grant Date
Fair Value
|
Outstanding restricted stock units as of June 30, 2011 |
6,540 |
|
|
$ |
21.28 |
|
Granted(2) |
2,212 |
|
|
$ |
25.67 |
|
Vested and released |
(1,387 |
) |
|
$ |
24.62 |
|
Withheld for taxes |
(706 |
) |
|
$ |
24.48 |
|
Forfeited |
(148 |
) |
|
$ |
21.26 |
|
Outstanding restricted stock units as of December 31, 2011(2) |
6,511 |
|
|
$ |
21.71 |
|
__________________
|
|
(1) |
Share numbers reflect actual shares subject to awarded restricted stock units. Under the terms of the 2004 Plan, each of the share numbers presented in this column is multiplied by 1.8 to calculate the impact on the share reserve under the 2004 Plan.
|
|
|
(2) |
Includes 0.2 million restricted stock units granted to senior management during the six months ended December 31, 2011 with performance-based vesting criteria (in addition to service-based vesting criteria for any of such restricted stock units that are deemed to have been earned). As of December 31, 2011, it had not yet been determined the extent to which (if at all) the performance-based vesting criteria of such restricted stock units had been satisfied. Therefore, this line item includes all such performance-based restricted stock units, reported at the maximum possible number of shares that may ultimately be issuable under such restricted stock units, if all applicable performance-based and service-based criteria are fully satisfied.
|
|
| Schedule of Grant Date Fair Value, Weighted Average Grant Date Fair Value, and Tax Benefits for Restricted Stock Units |
The following table shows the grant date fair value after estimated forfeitures, weighted-average grant date fair value per unit and tax benefits realized by the Company in connection with vested and released restricted stock units for the indicated periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for weighted-average grant date fair value) |
Three months ended
December 31, |
|
Six months ended
December 31, |
2011 |
|
2010 |
|
2011 |
|
2010 |
Grant date fair value after estimated forfeitures |
$ |
2,139 |
|
|
$ |
1,543 |
|
|
$ |
56,776 |
|
|
$ |
42,248 |
|
Weighted-average grant date fair value per unit |
$ |
36.87 |
|
|
$ |
27.22 |
|
|
$ |
25.67 |
|
|
$ |
19.73 |
|
Tax benefits realized in connection with vested and released restricted stock units |
$ |
11,463 |
|
|
$ |
12,245 |
|
|
$ |
28,236 |
|
|
$ |
22,339 |
|
|
| Employee Stock Purchase Rights Valuation |
The fair value of each purchase right under the ESPP was estimated on the date of grant using the Black-Scholes option valuation model and the straight-line attribution approach with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
Six months ended
December 31, |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
Stock purchase plan: |
|
|
|
|
|
|
|
Expected stock price volatility |
32.7 |
% |
|
41.0 |
% |
|
32.7 |
% |
|
41.0 |
% |
Risk-free interest rate |
0.1 |
% |
|
0.2 |
% |
|
0.1 |
% |
|
0.2 |
% |
Dividend yield |
3.4 |
% |
|
3.7 |
% |
|
3.4 |
% |
|
3.7 |
% |
Expected life of options (in years) |
0.50 |
|
|
0.50 |
|
|
0.50 |
|
|
0.50 |
|
|
| Schedule of Tax Benefits Realized and Weighted-average fair value for the ESPP |
The following table shows total cash received from employees for the issuance of shares under the ESPP, the number of shares purchased by employees through the ESPP, the tax benefits realized by the Company in connection with the disqualifying dispositions of shares purchased under the ESPP and the weighted-average fair value per share for the indicated periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for weighted-average fair value per share) |
Three months ended
December 31, |
|
Six months ended
December 31, |
2011 |
|
2010 |
|
2011 |
|
2010 |
Total cash received from employees for the issuance of shares under the ESPP |
$ |
19,195 |
|
|
$ |
16,176 |
|
|
$ |
19,195 |
|
|
$ |
16,176 |
|
Number of shares purchased by employees through the ESPP |
545 |
|
|
701 |
|
|
545 |
|
|
701 |
|
Tax benefits realized in connection with the disqualifying dispositions of shares purchased under the ESPP |
$ |
368 |
|
|
$ |
115 |
|
|
$ |
843 |
|
|
$ |
471 |
|
Weighted-average fair value per share based on Black-Scholes model |
$ |
9.16 |
|
|
$ |
6.53 |
|
|
$ |
9.16 |
|
|
$ |
6.53 |
|
|