Travelers 2005 Annual Report Download - page 199

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THE ST. PAUL TRAVELERS COMPANIES, INC.AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
187
13. INCENTIVE PLANS (Continued)
The following table summarizes the information about stock options outstanding under the
Company’s stock option plans at December 31, 2005:
Options outstanding Options exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted
Average
Contractual
Life
Remaining
Weighted
Average
Exercise
Price
Number
Exercisable
Weighted
Average
Exercise
Price
Under $30.00........ 4,763,809 2.4 years $26.51 4,761,625 $26.51
$30.00 - $34.99....... 3,704,109 5.3 years 31.84 3,621,694 31.80
$35.00 - $39.99....... 7,582,484 6.9 years 37.02 3,426,708 36.88
$40.00 - $44.99....... 14,633,288 6.4 years 42.769,212,095 42.87
$45.00 - $49.99....... 7,752,318 4.9 years 48.10 7,568,326 48.15
$50.00 - $54.99....... 1,501,365 4.0 years 52.16 1,494,124 52.17
Over $54.99......... 3,927,536 4.6 years 59.05 3,305,031 58.98
43,864,909 5.4years $ 41.81 33,389,603 $ 41.93
All original and reload stock options granted under the Company’s stock option programs had an
exercise price equal to the market value of the Company’s common stock on the date of grant. The stock
option awards of SPC assumed in the merger on April 1, 2004, the awards of CIRI converted on August 4,
2004, and the replacement awards granted on August 20, 2002 retained the intrinsic value of the awards
immediately prior to being assumed, converted or replaced and therefore the exercise price either
exceeded the market value or was less than the market value on those respective dates. The following table
presents the weighted average exercise price and weighted average grant date fair value information with
respect to these grants:
Options
Weighted
Average
Exercise
Price
Weighted
Average
Grant
Date Fair
Value
2005
Original awards
Exercise price equal to market at grant ........ 4,961,029$37.78$9.10
2004
Original awards
Exercise price equal to market at grant ........ 1,881,158$40.97$9.27
Exercise price exceeds market at grant......... 350,188$62.79$6.42
Assumed awards
Exercise price exceeds market at grant......... 13,287,228 $45.13 $7.58
Exercise price less than market at grant........ 9,762,575$31.88$
12.40
Total granted 2004 ........................ 25,281,149 $39.95 $9.55
2003
Original awards
Exercise price equal to market at grant ........ 675,390$36.73$2.86