Western Union 2010 Annual Report Download - page 121
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Stock Option Activity
A summary of Western Union stock option activity for the year ended December 31, 2010 was as follows
(options and aggregate intrinsic value in millions):
Options
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
(Years)
Aggregate
Intrinsic
Value
Year Ended December 31, 2010
Outstanding at January 1,....................................... 42.8 $ 18.77
Granted ................................................................ 4.3 16.15
Exercised .............................................................. (2.9) 14.97
Cancelled/forfeited (a) ........................................... (6.7) 18.81
Outstanding at December 31, ................................. 37.5 $ 18.76 4.7 $ 42.9
Options exercisable at December 31, ...................... 30.7 $ 19.34 3.9 $ 21.8
(a) Mainly due to restructuring activities.
As of December 31, 2010, approximately 35% of outstanding options to purchase shares of common stock of the
Company were held by employees of First Data.
The Company received $44.1 million, $23.9 million and $289.7 million in cash proceeds related to the exercise
of stock options during the years ended December 31, 2010, 2009 and 2008, respectively. Upon the exercise of stock
options, shares of common stock are issued from authorized common shares.
The Company’s calculated pool of excess tax benefits available to absorb write-offs of deferred tax assets in
subsequent periods was approximately $12.7 million as of December 31, 2010. The Company realized total tax
benefits during the years ended December 31, 2010, 2009 and 2008 from stock option exercises of $1.4 million,
$0.8 million and $13.5 million, respectively.
The total intrinsic value of stock options exercised during the years ended December 31, 2010, 2009 and 2008
was $8.2 million, $8.6 million and $134.0 million, respectively.
Restricted Stock Awards and Restricted Stock Units
A summary of Western Union activity for restricted stock awards and units for the year ended December 31, 2010
is listed below (awards/units in millions):
Number
Outstanding
Weighted-Average
Grant-Date Fair Value
Year Ended
December 31, 2010
Non-vested at January 1, .......................................................................... 2.2 $ 14.63
Granted................................................................................................... 1.5 15.74
Vested..................................................................................................... (0.3) 16.11
Forfeited (a) ............................................................................................ (0.7) 14.42
Non-vested at December 31,..................................................................... 2.7 $ 15.34
(a) Mainly due to restructuring activities.
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