Frontier Communications 2010 Annual Report Download - page 81

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The following summary presents information regarding outstanding stock options and changes with regard
to options under the EIP:
Shares
Subject to
Option
Weighted
Average
Option Price
Per Share
Weighted
Average
Remaining
Life in Years
Aggregate
Intrinsic
Value
Balance at January 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,955,000 $13.13 3.4 $5,727,000
Options granted................................... — $ —
Options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (187,000) $ 7.38 $ 743,000
Options canceled, forfeited or lapsed. . . . . . . . . . . . . . . (55,000) $10.40
Balance at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . 3,713,000 $13.46 2.5 $ 495,000
Options granted................................... — $ —
Options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (114,000) $ 6.58 $ 65,000
Options canceled, forfeited or lapsed. . . . . . . . . . . . . . . (48,000) $ 9.24
Balance at December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . 3,551,000 $13.74 1.5 $ —
Options granted................................... — $ —
Options exercised................................. — $ —
Options canceled, forfeited or lapsed. . . . . . . . . . . . . . . (2,044,000) $16.13
Balance at December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . 1,507,000 $10.50 1.7 $ 603,000
The following table summarizes information about shares subject to options under the EIP at December 31,
2010:
Number
Outstanding
Range of
Exercise Prices
Weighted Average
Exercise Price
Weighted Average
Remaining
Life in Years
Number
Exercisable
Weighted
Average
Exercise Price
Options Outstanding Options Exercisable
391,000 $ 8.19–8.19 $ 8.19 1.37 391,000 $ 8.19
506,000 10.44–10.44 $10.44 2.41 506,000 $10.44
491,000 11.15–11.79 $11.77 0.12 491,000 $11.77
119,000 11.90–13.95 $13.08 4.53 119,000 $13.08
1,507,000 $ 8.19–13.95 $10.50 1.64 1,507,000 $10.50
The number of options exercisable at December 31, 2009 and 2008 were 3,550,000 and 3,706,000, with a
weighted average exercise price of $13.74 and $13.46, respectively.
Cash received upon the exercise of options during 2010, 2009 and 2008 was $0 million, $0.8 million and
$1.4 million, respectively. There were no stock options granted during 2008, 2009 and 2010 under the EIP.
There is no remaining unrecognized compensation cost associated with unvested stock options at December 31,
2010.
F-22
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements