Kodak 2012 Annual Report Download - page 113

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Table of Contents
Further information relating to stock options is as follows:
The following table summarizes information about stock options as of December 31, 2012:
(Number of options in thousands)
At December 31, 2012, the weighted-average remaining contractual term of all options outstanding and exercisable was 2.70 years and 2.38
years respectively. There was no intrinsic value of options outstanding and exercisable due to the fact that the market price of the Company
’s
common stock as of December 31, 2012 was below the weighted-average exercise price of options. There were no option exercises during 2010,
2011 or 2012.
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions
noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock, management’s estimate of implied
volatility of the Company’s stock, and other factors. The expected term of options granted is derived from the vesting period of the award, as
well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. The risk-free rate is
calculated using the U.S. Treasury yield curve, and is based on the expected term of the option. Kodak uses historical data to estimate forfeitures.
109
(Amounts in thousands, except per share amounts)
Shares
Under
Option
Range of Price
Per Share
Weighted
-
Average
Exercise
Price
Per Share
Outstanding on December 31, 2009
23,520
$
2.64
-
$65.91
$
28.55
Granted
300
$
3.96
-
$5.96
$
4.17
Exercised
—
N/A
N/A
Terminated, Expired, Surrendered
5,790
$
7.41
-
$
65.91
$
37.68
Outstanding on December 31, 2010
18,030
$
2.64
-
$
48.34
$
25.22
Granted
2,179
$
2.82
-
$
5.22
$
3.41
Exercised
—
N/A
N/A
Terminated, Expired, Surrendered
6,599
$
3.40
-
$
65.91
$
31.07
Outstanding on December 31, 2011
13,610
$
2.64
-
$
38.04
$
18.89
Granted
—
N/A
N/A
Exercised
—
N/A
N/A
Terminated, Expired, Surrendered
5,670
$
3.40
-
$
38.04
$
27.97
Outstanding on December 31, 2012
7,940
$
2.64
-
$36.66
$
12.40
Exercisable on December 31, 2010
16,036
$
2.64
-
$48.34
$
27.64
Exercisable on December 31, 2011
10,568
$
2.64
-
$38.04
$
23.25
Exercisable on December 31, 2012
6,456
$
2.64
-
$36.66
$
14.38
Options Outstanding
Options Exercisable
Range of Exercise
Weighted
-
Average
Prices
Remaining
At
Less
Contractual
Weighted
-
Average
Weighted
-
Average
Least
Than
Options
Life (Years)
Exercise Price
Options
Exercise Price
$2
-
$10
5,145
3.56
$
5.34
3,661
$
5.96
$10
-
$30
2,222
1.33
$
23.97
2,222
$
23.97
$30
-
$40
573
0.28
$
31.00
573
$
31.00
7,940
6,456