Barclays 2003 Annual Report Download - page 193
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Barclays PLC Annual Report 2003 191
61 Differences between UK GAAP and US GAAP accounting principles (continued)
(e) Compensation arrangements (continued)
The range of exercise prices, weighted average fair values at the date of grant and the weighted average remaining contractual life for options
outstanding at the balance sheet date are as follows:
2003 2002
Weighted Weighted Weighted Weighted
average Weighted average average Weighted average
Exercise exercise average remaining Exercise exercise average remaining
price range price fair value life price range price fair value life
£ £ £ Years £££Years
ESOS(a) 1.76-4.45 4.11 1.14 4 1.76-4.45 4.09 1.13 6
SAYE(a) 1.57-4.11 3.59 1.92 3 1.57-4.11 3.33 1.85 3
ISOP(a) 3.77-5.62 4.56 1.71 8 3.77-5.62 4.98 2.06 7
BGI EOP(b) 6.11-10.92 9.51 3.23 8 6.11-10.92 8.91 3.03 9
Woolwich SAYE(a) 3.08-3.37 3.34 2.60 1 3.08-3.37 3.16 2.48 1
Woolwich ESOP(a) 3.29-4.22 3.80 2.69 6 3.29-4.22 3.77 2.71 7
Fair values for the ISOP, ESOS, SAYE, the Woolwich ESOP, the Woolwich SAYE and the BGI EOP are calculated at the date of grant using the
Black-Scholes model. The significant weighted average assumptions used to estimate the fair value of the options granted in 2003 are as follows:
BGI
ISOP SAYE EOP(b)
Risk-free interest rate 4.19% 4.60% 3.97%
Expected life (years) 557
Expected volatility 32% 32% 25%
The range, weighted average exercise price, weighted average remaining contractual life and number of options outstanding, including those
exercisable at year end (see page 192), are as follows:
Weighted Weighted
average average
exercise remaining Number of
price life options
Exercise Price Range £ Years outstanding
ESOS(a)
£1.50 – £2.49 1.86 2 127,024
£2.50 – £3.49 3.47 2 415,000
£3.50 – £4.49 4.21 4 5,410,020
SAYE(a)
£1.50 – £2.49 1.99 1 456,580
£2.50 – £3.49 3.15 2 22,660,494
£3.50 – £4.49 3.72 3 82,735,657
ISOP(a)
£2.50 – £3.49 3.26 9 26,249,000
£3.50 – £4.49 3.91 7 12,092,324
£4.50 – £5.49 5.25 7 60,591,024
BGI EOP(b)
£6.00 – £9.99 8.36 7 7,420,301
£10.00 – £13.99 10.92 9 6,104,368
Woolwich SAYE(a)
£2.50 – £3.49 3.34 1 608,920
Woolwich ESOP(a)
£2.50 – £3.49 3.29 6 844,528
£3.50 – £4.49 3.92 6 3,571,924
Notes
(a) Options granted over Barclays PLC shares
(b) Options granted over BGI UK Holdings Limited shares