FORM 20-F - Check Point

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share amounts)
NOTE 12:- SHAREHOLDERS’ EQUITY (Cont.)
The options outstanding as of December 31, 2009, have been separated into ranges of
exercise price, as follows:
Outstanding Exercisable
Weighted
Weighted
average
average
remaining
Number remaining
Number contractual Weighted exercisable contractual Weighted
outstanding life average (in
life average
Exercise price (in thousands) (years) exercise price thousands) (years) exercise price
$ $ $
2.99-7.43 57 1.53 5.97 57 1.53 5.97
15.99-16.80 2,346 3.52 16.79 1,920 3.51 16.79
17.43-21.95 2,555 2.67 20.06 1,353 1.70 19.85
22.41-23.46 3,630 2.82 23.17 2,671 2.74 23.16
23.65-23.65 2,125 4.67 23.65 1,325 4.67 23.65
24.01-26.77 2,700 6.18 25.44 575 5.67 24.01
26.99-32.31 3,120 1.53 27.02 2,500 1.49 26.99
79.79-79.79 68 0.57 79.79 68 0.57 79.79
2.99-79.79 16,601 3.42 23.12 10,469 2.83 22.86
The weighted average fair values at grant date of options granted for the years ended
December 31, 2007, 2008 and 2009, with an exercise price equal to the market value at the
date of grant were $ 11.92, $ 9.61 and $ 9.98, respectively. The weighted average fair
values at grant date of options assumed in Protect Data’s acquisition with an exercise price
lower than the market value at the date of grant was $ 12.64.
As of December 31, 2009, the Company had approximately $ 66,863 of unrecognized
compensation expense related to non-vested stock options and non-vested restricted stock
awards, expected to be recognized over four years.
e. The Company’s board of directors approved five programs to repurchase Ordinary shares
for a total of $ 1,600,000. The first program was announced on October 28, 2003, and
ended on August 24, 2004, and authorized the repurchase of up to $ 200,000 of its
Ordinary shares. The second program was announced on October 28, 2004, and ended on
May 31, 2005, and authorized the repurchase of up to $ 200,000, of its Ordinary shares.
The third program was announced on July 25, 2005, and ended on May 18, 2006, and
authorized the repurchase of up to $ 200,000 of its Ordinary shares. The fourth program
was announced on May 22, 2006, and ended on March 5, 2008, and authorized the
repurchase of up to $ 600,000 of its Ordinary shares. The fifth program was announced on
March 26, 2008, and as of December 31, 2009 is still in effect, and authorizes the
repurchase of up to $ 400,000 of its Ordinary shares. Under the repurchase programs, share
purchases may be made from time to time depending on market conditions, share price,
trading volume and other factors and will be funded from available working capital.
F-48