|
Stockholders' Equity (Tables)
|
6 Months Ended |
|
Oct. 26, 2012
|
| Combined Activity Under Stock Option Plans And Agreements |
A summary of the activity under our stock option plans and
agreements is as follows (in millions, except for the exercise
price):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual Term
(Years) |
|
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at
April 27, 2012
|
|
|
20.6 |
|
|
$ |
29.98 |
|
|
|
|
|
|
|
|
|
|
Options granted
|
|
|
2.2 |
|
|
|
30.03 |
|
|
|
|
|
|
|
|
|
|
Options
exercised
|
|
|
(1.1 |
) |
|
|
18.05 |
|
|
|
|
|
|
|
|
|
|
Options forfeited and
expired
|
|
|
(0.6 |
) |
|
|
39.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
October 26, 2012
|
|
|
21.1 |
|
|
|
30.31 |
|
|
|
3.66 |
|
|
$ |
75.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vested and expected
to vest as of October 26, 2012
|
|
|
20.5 |
|
|
|
30.07 |
|
|
|
3.59 |
|
|
|
75.2 |
|
|
|
|
|
|
|
Exercisable at
October 26, 2012
|
|
|
15.0 |
|
|
|
27.46 |
|
|
|
2.95 |
|
|
|
69.3 |
|
|
| Additional Information Related To Stock Options |
Additional information related to our stock options is
summarized below (in millions, except per share
information):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Weighted-average fair value
per share granted
|
|
$ |
12.40 |
|
|
$ |
13.77 |
|
|
$ |
10.86 |
|
|
$ |
16.96 |
|
|
Intrinsic value of options
exercised
|
|
$ |
10.4 |
|
|
$ |
6.8 |
|
|
$ |
15.8 |
|
|
$ |
50.6 |
|
|
Proceeds received from the
exercise of stock options
|
|
$ |
12.8 |
|
|
$ |
7.7 |
|
|
$ |
19.5 |
|
|
$ |
42.7 |
|
|
Fair value of options
vested
|
|
$ |
15.1 |
|
|
$ |
20.3 |
|
|
$ |
29.5 |
|
|
$ |
38.7 |
|
|
| Activity Related To Restricted Stock Units (RSUs) |
The
following table summarizes activity related to our restricted stock
units (RSUs) (in millions, except for fair value):
|
|
|
|
|
|
|
|
|
| |
|
Number of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Outstanding at
April 27, 2012
|
|
|
12.0 |
|
|
$ |
43.28 |
|
|
RSUs
granted
|
|
|
5.0 |
|
|
|
29.31 |
|
|
RSUs vested
|
|
|
(2.3 |
) |
|
|
39.74 |
|
|
RSUs
forfeited
|
|
|
(0.7 |
) |
|
|
41.32 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
October 26, 2012
|
|
|
14.0 |
|
|
|
39.01 |
|
|
|
|
|
|
|
|
|
|
|
| Number And Value Of The Shares Netted For Employee Taxes |
The number and value of the shares netted for employee taxes
are summarized in the table below (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
October 26,
2012 |
|
|
October 28,
2011 |
|
|
October 26,
2012 |
|
|
October 28,
2011 |
|
|
Shares withheld for
taxes
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
Fair value of shares
withheld and retired
|
|
$ |
2.8 |
|
|
$ |
2.5 |
|
|
$ |
22.6 |
|
|
$ |
27.8 |
|
|
| Schedule Of Employee Stock Purchase Plan (ESPP) Disclosures |
Additional information related to the purchase rights issued
under the ESPP is provided below (in millions, except per right and
per share information):
|
|
|
|
|
|
|
|
|
| |
|
Six Months
Ended |
|
| |
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Weighted-average fair value
per right granted
|
|
$ |
10.25 |
|
|
$ |
15.88 |
|
|
Shares issued under the
ESPP
|
|
|
1.9 |
|
|
|
1.1 |
|
|
Weighted-average price per
share issued
|
|
$ |
25.30 |
|
|
$ |
39.17 |
|
|
| Stock-Based Compensation Expense |
Stock-based compensation expense included in the condensed
consolidated statements of operations is as follows (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Cost of product
revenues
|
|
$ |
1.5 |
|
|
$ |
1.4 |
|
|
$ |
3.3 |
|
|
$ |
2.5 |
|
|
Cost of service
revenues
|
|
|
4.6 |
|
|
|
4.2 |
|
|
|
10.2 |
|
|
|
8.1 |
|
|
Sales and
marketing
|
|
|
30.9 |
|
|
|
30.4 |
|
|
|
69.9 |
|
|
|
59.0 |
|
|
Research and
development
|
|
|
19.3 |
|
|
|
18.2 |
|
|
|
43.0 |
|
|
|
34.2 |
|
|
General and
administrative
|
|
|
8.7 |
|
|
|
8.8 |
|
|
|
17.8 |
|
|
|
17.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based
compensation expense
|
|
$ |
65.0 |
|
|
$ |
63.0 |
|
|
$ |
144.2 |
|
|
$ |
121.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-Based Compensation Expense Associated With Each Type Of Award |
The following table summarizes stock-based compensation
associated with each type of award (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Employee stock
options
|
|
$ |
11.7 |
|
|
$ |
14.7 |
|
|
$ |
23.7 |
|
|
$ |
29.2 |
|
|
RSUs
|
|
|
43.3 |
|
|
|
38.9 |
|
|
|
87.8 |
|
|
|
73.3 |
|
|
ESPP
|
|
|
10.0 |
|
|
|
9.4 |
|
|
|
32.7 |
|
|
|
18.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based
compensation expense
|
|
$ |
65.0 |
|
|
$ |
63.0 |
|
|
$ |
144.2 |
|
|
$ |
121.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Tax Benefits Associated With Employee Stock Transactions |
Total income tax benefit associated with employee stock
transactions and recognized in stockholders’ equity was as
follows (in millions):
|
|
|
|
|
|
|
|
|
| |
|
Six Months
Ended |
|
| |
|
October 26,
2012 |
|
|
October 28,
2011 |
|
|
|
|
|
Income tax benefit
associated with employee stock transactions
|
|
$ |
28.2 |
|
|
$ |
79.1 |
|
|
| Valuation Assumptions - Stock Options |
The fair value of each award is estimated on the grant date
using the Black-Scholes option pricing model, assuming no expected
dividends and the following weighted-average
assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Stock
Options |
|
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Expected term in
years
|
|
|
4.8 |
|
|
|
4.8 |
|
|
|
4.8 |
|
|
|
4.8 |
|
|
Risk-free interest
rate
|
|
|
0.62 |
% |
|
|
0.97 |
% |
|
|
0.63 |
% |
|
|
1.55 |
% |
|
Volatility
|
|
|
43 |
% |
|
|
41 |
% |
|
|
41 |
% |
|
|
36 |
% |
|
| Valuation Assumptions - ESPP |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
ESPP |
|
| |
|
|
|
|
|
Six Months
Ended |
|
| |
|
|
|
|
|
October 26, 2012 |
|
|
October 28, 2011 |
|
|
Expected term in
years
|
|
|
|
|
|
|
1.2 |
|
|
|
1.2 |
|
|
Risk-free interest
rate
|
|
|
|
|
|
|
0.18 |
% |
|
|
0.25 |
% |
|
Volatility
|
|
|
|
|
|
|
38 |
% |
|
|
35 |
% |
|