Sallie Mae 2012 Annual Report Download - page 171
Download and view the complete annual report
Please find page 171 of the 2012 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
 |
 |
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
11. Stock-Based Compensation Plans and Arrangements (Continued)
The following table summarizes stock option activity for the year ended December 31, 2012.
(Dollars in millions, except per share data)
Number of
Options
Weighted
Average
Exercise
Price per
Share
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(1)
Outstanding at December 31, 2011 .......... 32,671,065 $19.78
Granted ................................ 2,821,847 15.99
Exercised(2)(3) ........................... (5,221,677) 10.78
Canceled ............................... (4,278,488) 27.92
Outstanding at December 31, 2012(4)(5) ....... 25,992,747 $19.84 5.0 yrs $86
Exercisable at December 31, 2012 ........... 17,653,379 $22.25 4.5 yrs $59
(1) The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on
December 31, 2012 and the exercise price of in-the-money options) that would have been received by the option holders if all in-
the-money options had been exercised on December 31, 2012.
(2) The total intrinsic value of options exercised was $27 million, $14 million and $1 million for the years ended December 31, 2012,
2011 and 2010, respectively.
(3) No cash was received from option exercises for the year ended December 31, 2012. The actual tax benefit realized for the tax
deductions from option exercises totaled $10 million for the year ended December 31, 2012.
(4) As of December 31, 2012, there was $4 million of unrecognized compensation cost related to stock options net of estimated
forfeitures, which is expected to be recognized over a weighted average period of 1.4 years.
(5) For net-settled options, gross number is reflected.
Restricted Stock
Restricted stock awards generally vest over three years and in some cases based on corporate earnings-
related performance targets. Outstanding restricted stock is entitled to dividend equivalent units that vest subject
to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying restricted stock
award. The fair value of restricted stock awards is based on our stock price at the grant date.
F-61