Goldman Sachs 2000 Annual Report Download - page 67

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The activity related to these restricted stock units during 2000 and 1999 is set forth below:
Restricted Stock Units Outstanding
No Future Service Future Service
Required Required
Outstanding, November 1998 — —
Granted 36,127,314 40,780,999
Forfeited (355,177) (436,518)
Delivered (68,214) —
Outstanding, November 1999 35,703,923 40,344,481
Granted(1) 6,401,796 10,900,941
Forfeited (1,189,406) (2,752,278)
Delivered (9,571,298) —
Vested 2,157,204 (2,157,204)
Outstanding, November 2000 33,502,219 46,335,940
(1) Includes restricted stock units granted in connection with the combination with SLK and restricted stock units granted to employees, subsequent
to November 2000, as part of year-end compensation for fiscal 2000.
65
Noncash compensation expense, net of forfeitures, was
$1.35 billion and $2.32 billion for the years ended
November 2000 and November 1999, respectively.
Stock Options
Stock options granted to employees will generally become
exercisable in installments on or about the third, fourth and
fifth anniversaries of the date of grant if the grantee has
satisfied certain conditions and the grantee’s employment
with the firm has not been terminated, with certain excep-
tions for terminations of employment due to death, retire-
ment, extended absence or a change in control. Once ser-
vice requirements have been met, these options will
generally remain exercisable, subject to satisfaction of cer-
tain conditions, until the tenth anniversary of the date of
grant. Pursuant to APB No. 25, compensation expense was
not recognized for those options that had no intrinsic value
on the date of grant. The dilutive effect of these options is
included in diluted common shares outstanding under SFAS
No. 128.