ING Direct 2004 Annual Report Download - page 115
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ING Group Annual Report 2004 113
MOVEMENTS IN THE OPTION RIGHTS
Options Weighted average
outstanding exercise price
2004 2003 2002 2004 2003 2002
EXECUTIVE BOARD
Opening balance 1,037,000 1,350,800 1,474,800 27.05 30.26 27.54
Granted 206,250 210,000 210,000 17.69 12.64 29.40
Exercised 334,000 17.72
Expired 240,000 303,800 25.95 31.30
Transferred from/to Employees(1) 22,990 - 220,000
Closing balance 1,026,240 1,037,000 1,350,800 25.25 27.05 30.26
EMPLOYEES
Opening balance 82,150,633 84,620,784 69,571,115 26.43 30.53 30.45
Granted 13,362,160 19,773,502 20,826,405 18.27 12.79 29.32
Exercised 918,566 95,935 3,028,910 16.76 12.69 20.44
Expired 14,587,067 22,367,718 2,747,826 28.65 29.93 30.51
Transferred from/to the Executive Board(1) -22,990 220,000
Closing balance 79,984,170 82,150,633 84,620,784 24.87 26.43 30.53
(1) The options of former members of the Executive Board are included in the movements in option rights of employees.
The weighted average fair value of options granted in 2004 was EUR 3.45 (2003: EUR 3.64; 2002: EUR 6.78).
SUMMARY OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE AS AT 31 DECEMBER 2004
Options Weighted Options
Range of exercise outstanding as at average remaining Weighted average exercisable as at Weighted average
price in euros 31 December 2004 contractual life exercise price 31 December 2004 exercise price
0.00 - 15.00 18,229,605 8.13 12.71 1,464,887 12.89
15.00 - 20.00 13,271,537 9.12 18.67 60,445 18.58
20.00 - 25.00 109,337 7.65 23.12 44,158 23.12
25.00 - 30.00 31,956,445 5.88 28.63 16,427,402 27.92
30.00 - 35.00 443,158 3.49 32.82 429,258 32.81
35.00 - 40.00 17,000,328 4.27 35.47 12,625,198 35.46
OPTIONS IN THE MONEY AND OPTIONS OUT OF THE MONEY
2004 2003 2002
In the money 31,501,142 19,493,849
Out of the money 49,509,268 63,693,784 85,971,584
The options granted do not cause costs for ING Group except administrative costs for the stock option plan and funding costs
resulting from the purchase of own shares. Due to timing differences in granting option rights and buying shares to hedge
them, results can occur if shares are purchased at a different price than the exercise price of the options. These results are
recognised in Shareholders’ equity. However, ING Group does not intentionally create a position and occurring positions are
closed as soon as possible. If option rights expire, the results on the (sale of) shares which were bought to hedge these option
rights are either debited or credited to Shareholders’ equity.