Chrysler 2007 Annual Report Download - page 160

159Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
The following table summarises outstanding stock options under the CNH EIP:
At December 31, 2007 At December 31, 2006
Weighted Average
Number of options remaining Contractual Average Exercise Number of options Average Exercise
Exercise Price (in USD) Outstanding Life (in years) Price (in USD) Outstanding Price (in USD)
10.00 – 19.99 148,063 4.6 16.18 364,316 16.20
20.00 – 29.99 293,139 4.2 21.20 387,510 21.20
30.00 – 39.99 1,715,708 4.9 37.16 523,600 31.70
40.00 – 69.99 314,328 2.2 68.85 485,040 68.85
Total 2,471,238 1,760,466
Changes during the period in all CNH stock option plans are as follows:
2007 2006
Average exercise Average exercise
Number of options price (in USD) Number of options price (in USD)
Outstanding at the beginning of the year 1,760,466 36.42 2,041,070 34.62
Granted 1,634,932 37.96 2,010,046 21.20
Forfeited (377,997) 49.30 (1,814,131) 22.84
Exercised (546,163) 24.59 (476,519) 16.20
Expired ––––
Outstanding at the end of the year 2,471,238 38.08 1,760,466 36.42
Exercisable at the end of the year 725,975 43.74 1,362,000 40.48
■Performance Share Grants
Under the CNH EIP, performance-based shares may also be granted to selected key employees and executive officers. CNH
establishes the period and conditions of performance for each award and holds the shares during the performance period.
Performance-based shares vest upon the attainment of specified performance objectives.
The following table reflects performance-based share activity under the CNH EIP:
2007
Weighted average grant date
Number of shares fair value (in USD)
Non-vested at the beginning of the year 2,362,052 26.45
Granted 240,500 61.14
Forfeited (545,463) 26.25
Vested (45,299) 18.77
Non-vested at the end of the year 2,011,790 30.82
The LTI awards issued prior to 2006 are subject to the achievement of certain performance criteria over a 3-year performance cycle.
At the end of the 3-year performance cycle, any earned awards will be satisfied equally with cash and CNH common shares as
determined at the beginning of the performance cycle, for minimum, target, and maximum award levels.