Goldman Sachs 2007 Annual Report Download - page 131
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Notes to Consolidated Financial Statements
agreements provide that vesting is accelerated in certain
circumstances, such as upon retirement, death and extended
absence. In general, all stock options expire on the tenth
anniversary of the grant date, although they may be subject to
earlier termination or cancellation under certain circumstances
in accordance with the terms of the Amended SIP and the
applicable stock option agreement. The dilutive effect of the
firm’s outstanding stock options is included in “Average common
shares outstanding
—
Diluted” on the consolidated statements
of earnings.
Stock Options
Stock options granted to employees generally vest as outlined
in the applicable stock option agreement and first become
exercisable on or after the third anniversary of the grant date.
Year-end stock options for 2007 and 2006 become exercisable
in January 2011 and January 2010, respectively, and expire on
November 24, 2017 and November 25, 2016, respectively.
Shares received on exercise prior to January 2013 for year-end
2007 options and January 2011 for year-end 2006 options can not
be sold, transferred or otherwise disposed of until January 2013
and January 2011, respectively. All employee stock option
The activity related to these stock options is set forth below:
Weighted
Weighted Aggregate Average
Options Average Intrinsic Value Remaining
Outstanding Exercise Price (in millions) Life (years)
Outstanding, November 2006
(1) 45,647,096 $ 93.12
Granted
(2) 3,549,856 204.16
Exercised (9,918,538) 79.54
Forfeited (48,785) 75.08
Outstanding, November 2007 39,229,629 $106.63 $4,708 5.05
Exercisable, November 2007 29,613,029 $ 83.05 $4,252 3.75
(1) Includes stock options granted to employees during the year ended November 2007 as part of compensation for 2006.
(2) Includes stock options granted to employees subsequent to November 2007 as part of compensation for 2007.
The total intrinsic value of options exercised during the years ended November 2007, November 2006 and November 2005 was
$1.32 billion, $1.52 billion and $766 million, respectively.
The options outstanding as of November 2007 are set forth below:
Weighted Weighted Average
Options Average Remaining
Exercise Price Outstanding Exercise Price Life (years)
$ 45.00 – $ 59.99 2,943,014 $ 52.98 1.50
60.00 – 74.99 — — —
75.00 – 89.99 13,537,137 81.03 3.94
90.00 – 104.99 13,132,878 91.86 4.07
105.00 – 119.99 — — —
120.00 – 134.99 3,128,972 131.64 8.00
135.00 – 194.99 — — —
195.00 – 209.99 6,487,628 202.20 9.55
Outstanding, November 2007 39,229,629
(1)
(1) Includes stock options granted to employees subsequent to November 2007 as part of compensation for 2007.
129Goldman Sachs 2007 Annual Report