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Stock Options and Restricted Stock Awards
0208 - Disclosure - Stock Options and Restricted Stock Awards
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<!-- Begin Block Tagged Note 8 - id:StockOptionsAndRestrictedStockAwardsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. STOCK OPTIONS AND RESTRICTED STOCK AWARDS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the stock option activity from January 1, 2010 through September 30,
2010:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
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<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Stock</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Exercise</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Life</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Options</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Price</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">8,091,652</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.56</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">38,500</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8.09</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(207,242</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3.70</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Canceled/expired/forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(704,118</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18.99</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at September 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">7,218,792</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.99</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,875,494</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vested or expected to vest at September 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">5,637,877</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.99</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,712,761</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable at September 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">5,228,456</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14.05</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.22</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,616,590</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
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</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the merger agreement with Safran SA, all options and restricted stock will vest
at closing of the sale.
The aggregate unearned compensation cost of unvested options outstanding as of September 30, 2010,
was $10.4 million and will be amortized over a weighted average period of 2.0 years. The total
intrinsic value of options exercised during the three and nine months ended September 30, 2010 was
$0.9 million and $1.3 million, respectively. The intrinsic value is calculated as the difference
between the market value of the Company’s common stock and the exercise price of options.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the nine month period ending September 30, 2010, the Company awarded 419,787 shares of
restricted stock to officers, directors and employees and had total outstanding restricted stock
awards of 1,531,189 as of September 30, 2010. The restricted stock vests over four years and the
weighted average grant date fair value was $7.40 at September 30, 2010. At September 30, 2010,
approximately 1,196,000 shares are expected to vest. Unearned compensation related to restricted
stock that is expected to vest approximated $6.3 million at September 30, 2010. Options and
restricted stock expected to vest are determined by applying the pre-vesting forfeiture rate
assumptions to total outstanding options and restricted stock.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock-based compensation expense was $3.8 million and $11.2 million and $3.4 million and $9.7
million for the three and nine months ended September 30, 2010 and 2009, respectively, and includes
compensation expense related to restricted stock, stock options, employee purchases under the stock
purchase plan, and Company retirement plan contributions settled or to be settled in common stock.
The Company did not capitalize any stock compensation costs during any of the periods presented.
Approximately, $2.0 million and $6.8 million of stock-based compensation expense for the three and
nine months ended September 30, 2010, respectively, and $2.0 million and $6.5 million for the three
and nine months ended September 30, 2009, respectively, are included in discontinued operations.
The following table presents stock-based compensation expense included in continuing operations (in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%" nowrap="nowrap">          </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost of Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">306</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">214</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">796</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">686</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Research and Development
</div></td>
<td> </td>
<td> </td>
<td align="right">419</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">402</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,233</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,369</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Sales and Marketing
</div></td>
<td> </td>
<td> </td>
<td align="right">564</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">595</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,375</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,553</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">General and Administrative
</div></td>
<td> </td>
<td> </td>
<td align="right">2,552</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,157</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,836</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,121</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,841</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,368</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,240</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,729</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
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