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Notes to Consolidated Financial Statements
The total intrinsic value of options exercised during the
years ended December 2012, December 2011 and
December 2010 was $151 million, $143 million and
$510 million, respectively. The table below presents
options outstanding.
Exercise Price
Options
Outstanding
Weighted
Average
Exercise Price
Weighted Average
Remaining
Life (years)
$ 75.00 - $ 89.99 34,103,907 $ 78.78 6.00
90.00 - 104.99 275,580 96.08 0.92
105.00 - 119.99 —— —
120.00 - 134.99 2,791,500 131.64 2.92
135.00 - 149.99 —— —
150.00 - 164.99 65,000 154.16 1.17
165.00 - 194.99 —— —
195.00 - 209.99 5,981,124 202.27 4.48
Outstanding, December 2012 43,217,111 99.51 5.55
The weighted average grant-date fair value of options
granted during the year ended December 2010 was $37.58.
The tables below present the primary weighted average
assumptions used to estimate fair value as of the grant
date based on a Black-Scholes option-pricing model,
and share-based compensation and the related excess tax
benefit/(provision).
Year Ended December
2012 2011 2010
Risk-free interest rate N/A N/A 1.6%
Expected volatility N/A N/A 32.5
Annual dividend per share N/A N/A $1.40
Expected life N/A N/A 3.75 years
Year Ended December
in millions 2012 2011 2010
Share-based compensation $1,338 $2,843 $4,070
Excess tax benefit related to options exercised 53 55 183
Excess tax benefit/(provision) related to share-based awards 1(11) 138 239
1. Represents the tax benefit/(provision) recognized in additional paid-in capital on stock options exercised and the delivery of common stock underlying share-
based awards.
As of December 2012, there was $434 million of total
unrecognized compensation cost related to non-vested
share-based compensation arrangements. This cost is
expected to be recognized over a weighted average period
of 1.62 years.
216 Goldman Sachs 2012 Annual Report