Huntington National Bank 2011 Annual Report Download - page 187

Huntington also grants restricted stock units and awards. Restricted stock units and awards are issued at no
cost to the recipient, and can be settled only in shares at the end of the vesting period. Restricted stock awards
provide the holder with full voting rights and cash dividends during the vesting period. Restricted stock units do
not provide the holder with voting rights or cash dividends during the vesting period, but do accrue a dividend
equivalent that is paid upon vesting, and are subject to certain service restrictions. The fair value of the restricted
stock units and awards is the closing market price of the Company’s common stock on the date of the grant.
The following table summarizes the status of Huntington’s restricted stock units and awards as of
December 31, 2011, and activity for the year ended December 31, 2011:
Restricted
Stock
Units
Weighted-
Average
Grant Date
Fair Value
Per Share
Restricted
Stock
Awards(1)
Weighted-
Average
Grant Date
Fair Value
Per Share
(amounts in thousands, except per share amounts)
Nonvested at January 1, 2011 ................. 5,511 $5.78 466 $5.24
Granted ................................... 3,886 6.24 — —
Vested ................................... (1,467) 5.26 (453) 5.31
Forfeited .................................. (339) 6.29 (13) 3.11
Nonvested at December 31, 2011 ............. 7,591 $6.09 — $ —
(1) Includes restricted stock awards granted under the Amended and Restated 2007 Stock and Long-Term
Incentive Plan to certain executives as a portion of their annual base salary. These awards are 100% vested as
of the grant date and are not subject to any requirement of future service. However, the shares are subject to
restrictions regarding sale, transfer, pledge, or disposition until certain conditions are met. All awards vested in
the 2011 second quarter.
The weighted-average grant date fair value of nonvested shares granted for the years ended December 31,
2011, 2010 and 2009, were $6.24, $6.15, and $3.68, respectively. The total fair value of awards vested during the
years ended December 31, 2011, 2010, and 2009, was $11.2 million, $3.0 million, and $1.8 million, respectively.
As of December 31, 2011, the total unrecognized compensation cost related to nonvested awards was $28.2
million with a weighted-average expense recognition period of 1.9 years.
The following table presents additional information regarding options outstanding as of December 31, 2011:
Options Outstanding Exercisable Options
Range of
Exercise Prices Shares
Weighted-
Average
Remaining
Contractual
Life (Years)
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price
(amounts in thousands, except years and per
share amounts)
$1.28 to $5.39 ...................... 3,312 4.8 $ 4.42 1,539 $ 4.21
$5.40 to $6.02 ...................... 10,489 6.5 6.01 78 5.66
$6.03 to $20.00 ..................... 6,299 2.8 12.34 4,927 14.01
$20.01 to $24.65 .................... 7,105 1.6 22.03 7,105 22.03
Total ............................. 27,205 4.2 $11.47 13,649 $17.03
Of the remaining 37.8 million shares of common stock authorized for issuance at December 31, 2011,
34.8 million were outstanding and 3.0 million were available for future grants. Huntington issues shares to fulfill
stock option exercises and restricted stock unit and award vesting from available authorized shares. At
December 31, 2011, the Company believes there are adequate authorized shares to satisfy anticipated stock
option exercises and restricted stock unit and award vesting in 2012.
173