IHOP 2013 Annual Report Download - page 111

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
13. Stock-Based Incentive Plans (Continued)
90
2013 2012 2011
Risk free interest rate ...................................................................................... 0.8% 0.9% 1.8%
Weighted average historical volatility............................................................. 83.4% 84.5% 79.1%
Dividend yield................................................................................................. 4.15% —% —%
Expected years until exercise.......................................................................... 4.6 4.7 4.6
Forfeitures ....................................................................................................... 11.0% 11.0% 11.0%
Weighted average fair value of options granted.............................................. $ 36.00 $ 33.53 $ 34.31
Stock option activity for the years ended December 31, 2013, 2012 and 2011 is summarized as follows:
Number of
Shares Under
Option
Weighted
Average
Exercise Price
Per Share
Weighted
Average
Remaining
Contractual
Term (in Years)
Aggregate
Intrinsic
Val ue
Outstanding at December 31, 2010 ..................................... 1,523,710 $ 24.90
Granted ................................................................................ 233,449 53.04
Exercised ............................................................................. (393,075) 17.11
Forfeited .............................................................................. (42,593) 27.89
Expired ................................................................................ (2,851) 47.08
Outstanding at December 31, 2011 ..................................... 1,318,640 32.06
Granted ................................................................................ 147,674 51.63
Exercised ............................................................................. (455,217) 20.91
Forfeited .............................................................................. (39,381) 46.97
Expired ................................................................................ (13,470) 38.64
Outstanding at December 31, 2012 ..................................... 958,246 39.67
Granted ................................................................................ 81,328 72.28
Exercised ............................................................................. (225,272) 40.31
Forfeited .............................................................................. (39,243) 55.78
Outstanding at December 31, 2013 ..................................... 775,059 $ 42.09 6.28 $ 32,100,000
Vested and Expected to Vest at December 31, 2013............ 758,338 $ 41.64 6.23 $ 31,800,000
Exercisable at December 31, 2013 ...................................... 567,630 $ 35.91 5.55 $ 27,000,000
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $7.5 million,
$15.0 million and $14.6 million, respectively.
Cash received from options exercised under all stock-based payment arrangements for the years ended December 31, 2013,
2012 and 2011 was $9.1 million, $9.3 million and $6.7 million, respectively. The actual tax benefit realized for the tax
deduction from option exercises under the stock-based payment arrangements totaled $3.7 million, $6.2 million and $5.8
million, respectively, for the years ended December 31, 2013, 2012 and 2011.