LOGM 2017 Annual Report

awards to be granted and any other terms or conditions of the awards. The Company awards restricted stock units as the principal equity incentive award. Restricted stock units with time-based vesting conditions generally vest over a three-year period while restricted stock units with market-based vesting conditions generally vest over two or three-year periods. Until 2012, the Company generally granted stock options as the principal equity incentive award. Options generally vest over a four-year period and expire ten years from the date of grant. Certain stock- based awards provide for accelerated vesting if the Company experiences a change in control. Effective on January 31, 2017, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan, which increased the number of shares of the Company’s common stock that may be issued under the plan by an additional 4.5 million shares and extended the term of the plan to December 5, 2026. As of December 31, 2017, 7.2 million shares remained available for grant under the 2009 Plan. The Company generally issues previously unissued shares of common stock for the exercise of stock options and restricted stock units. The Company received $17.8 million, $11.8 million and $6.5 million in cash from stock option exercises during the years ended December 31, 2015, 2016 and 2017, respectively. The following table summarizes stock option activity (shares and intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2017 . . . . . . . . . . 355 $33.15 5.0 $22,529 Granted . . . . . . . . . . . . . . . . . . . . . . . . . — — Exercised . . . . . . . . . . . . . . . . . . . . . . . (181) 35.89 $12,040 Forfeited . . . . . . . . . . . . . . . . . . . . . . . . (2) 26.57 Outstanding, December 31, 2017 . . . . . . . 172 $30.33 3.7 $14,520 The aggregate intrinsic value was calculated based on the positive differences between the fair value of the Company’s common stock of $67.10, $96.55 and $114.50 per share on December 31, 2015, 2016 and 2017, respectively, or at time of exercise, and the exercise price of the options. During the year ended December 31, 2017, the Company granted the following restricted stock unit awards (in thousands): Type of Award Number of shares Underlying Awards Time-based (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 766 Performance-based (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 TSR-based (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Total awards granted during the year ending December 31, 2017 . . . . . . . . . . . . . . 884 (1) Time-based restricted stock units generally vest one-third every year for three years and are valued on the grant date using the grant date closing price of the underlying shares. (2) Performance-based restricted stock units vest two years from the grant date based on the Company’s attainment of a specified financial target for 2017 and 2018. (3) TSR-based restricted stock units vest equally upon the achievement of a total shareholder return, or TSR, target as measured over the two to three year performance period versus the TSR realized for that same period by a specified stock index. The amount earned can range from 0% to 200% of the target shares awarded depending on the Company’s level of achievement. In the first quarter of 2017, the Company also issued 0.4 million restricted stock units in substitution for certain outstanding Citrix restricted stock units held by GoTo Business employees pursuant to the terms of the Merger. 80