Xerox 2007 Annual Report Download - page 132

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per-share data and unless otherwise indicated)
Options outstanding and exercisable at December 31, 2007 were as follows (stock options in thousands):
Number Outstanding and
Exercisable Weighted Average
Remaining Contractual Life Weighted Average
Exercise Price
Range of Exercise Prices
$4.75 to $6.98 ............... 2,656 3.01 $ 4.97
7.13 to 10.69 ................ 19,374 4.37 9.24
10.72 to 15.27 ............... 8,164 3.99 13.68
16.91 to 22.88 ............... 11,414 2.00 21.77
25.38 to 31.94 ............... 3,627 1.93 26.29
42.83 to 60.95 ............... 7,189 1.21 53.75
52,424
At December 31, 2007, the aggregate intrinsic value of stock options outstanding and stock options exercisable was
$185.
The following table provides information relating to stock option exercises for the three years ended December 31,
2007:
(in millions) 2007 2006 2005
Total intrinsic value ............................................................. $61 $72 $36
Cash received .................................................................. 65 82 40
Tax benefit realized for tax deductions ........................................... 22 25 12
Treasury Stock: The Board of Directors has authorized
programs for the repurchase of the Company’s common
stock totaling $2.5 billion as of December 31, 2007. In
January 2008, the Board of Directors authorized an
additional $1 billion for share repurchases.
Through December 31, 2007, we have repurchased a
cumulative total of 137,251,165 shares at a cost of $2,133
(including associated fees of $3) under these stock
repurchase programs. Subsequent to December 31, 2007
and through February 14, 2008, 19,677,005 shares were
repurchased at an aggregate cost of $301, (including
associated fees of less than $1). Additionally, in February
2008, 3,605,610 repurchased shares were cancelled upon
the approval of the Board of Directors and were recorded
as a reduction to both Common stock of $4 and Additional
paid-in-capital of $53.
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