Vested (shares)

[Table of Contents](#iedfcb48a3788458f95ee4009debca3d0_7)FORTINET, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)  
  
Restricted Stock Units  
The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts):

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|   | Restricted Stock Units Outstanding |
|   | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share  |
| Balance—December 31, 2021 | 3.2  |  |  | $ | 136.08  |  |
| Granted | 0.4  |  |  | 310.54  |  |
| Forfeited | (0.1) |  |  | 157.04  |  |
| Vested | (0.6) |  |  | 110.99  |  |
| Balance—March 31, 2022 | 2.9  |  |  | $ | 166.60  |  |

  
Stock compensation expense is recognized on a straight-line basis over the vesting period of each RSU. As of March 31, 2022, total compensation expense related to unvested RSUs granted to employees and non-employees under the Amended Plan, but not yet recognized, was $449.7 million, with a weighted-average remaining vesting period of 2.8 years.  
RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, we net-settle the RSUs and withhold a portion of the shares to satisfy employee withholding tax requirements. The payment of the withheld taxes to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows.  
The following summarizes the number and value of the shares withheld for employee taxes (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  |
|  | March 31,2022 |  | March 31,2021 |  |  |  |  |
| Shares withheld for taxes | 0.2  |  |  | 0.3  |  |  |  |  |  |
| Amount withheld for taxes | $ | 64.8  |  |  | $ | 41.4  |  |  |  |  |  |

  
Employee Stock Options  
The following table summarizes the weighted-average assumptions relating to our employee stock options: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Three Months Ended |  |  |
|   | March 31,2022 |  | March 31,2021 |  |  |  |  |
| Expected term in years | 4.4 |  | 4.4 |  |  |  |  |
| Volatility | 41.0  | % |  | 39.5  | % |  |  |  |  |
| Risk-free interest rate | 1.8  | % |  | 0.5  | % |  |  |  |  |
| Dividend rate | —  | % |  | —  | % |  |  |  |  |

  
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