Travelers 2006 Annual Report Download - page 219
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THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
207
11. SHARE-BASED INCENTIVE COMPENSATION (Continued)
A summary of stock option activity under the Company’s 2004 Incentive Plan and the legacy TPC and
legacy SPC share-based incentive compensation plansas of and for the year ended December 31, 2006 is as
follows:
Stock Options Number
Weighted
Average
Exercise
Price
Weighted
Average
Contractual
Life
Remaining
Aggregate
Intrinsic
Value
($ inmillions)
Outstanding, beginning of year .......... 43,864,909$41.81
Granted:
Original ............................ 2,681,97944.79
Reload ............................. 884,88649.44
Exercised ............................. (6,409,647) 36.08
Forfeited or expired. ................... (2,041,719) 47.16
Outstanding, end of year................ 38,980,408$42.845.0 years $ 4 41
Vested at end of year (1)................. 30,987,534$43.224.3 years $ 3 43
Exercisable at end of year............... 29,032,741$43.264.1 years $ 3 21
(1) Represents awards for which the requisite service has been rendered including those that are
retirement eligible.
The following table presents additional informationregarding original and reload grants for the year
ended December 31,2006.
Original Grants Reload Grants
Weighted average grant-date fair value of options granted
(per share). ............................................. $ 13.60$ 4 .94
Total intrinsic value of options exercised during the year
(in millions)............................................. $ 74 $ 5