ComEd 2013 Annual Report Download - page 225

Thefollowingtable presentsthestock-basedcompensation expenseincludedinExelon’s ConsolidatedStatementsofOperationsfor
theyearsendedDecember 31,2013,2012 and2011:
Year Ended
December 31,
Components of Stock-Based Compensation Expense 2013 2012 2011
Performanceshare awards ..................................................................... $ 48 $ 46 $26
Restrictedstock units.......................................................................... 615031
Stock options ................................................................................ 3158
Other stock-basedawards...................................................................... 6 4 4
Total stock-basedcompensation expenseincludedin operatingandmaintenanceexpense................ 11811569
Incometaxbenefit............................................................................ (44) (44) (27)
Total after-taxstock-basedcompensation expense................................................. $ 74 $ 71$42
There were no significant stock-basedcompensation costscapitalizedduringtheyearsendedDecember 31,2013,2012 and2011.
Exelon receivesataxdeduction basedon theintrinsic value oftheawardon theexercisedate for stock optionsandthedistribution
date for performanceshare awards andrestrictedstock units. For each award, throughout therequisite service period, Exelon
recognizesthetaxbenefit relatedto compensation costs. Thetaxdeductionsinexcess ofthebenefitsrecordedthroughout the
requisite service periodare recordedto common stock andare includedinother financingactivitieswithinExelon’s Consolidated
StatementsofCash Flows. Thefollowingtable presentsinformation regardingExelon’s taxbenefitsfor theyearsended
December 31,2013,2012 and2011:
Year Ended
December 31,
2013 2012 2011
Realizedtaxbenefitwhen exercised/distributed:
Stock options ......................................................................... $— $ 3$2
Restrictedstock units .................................................................. 11 11 8
Performanceshare awards ............................................................. 11 77
Stock deferral plan .................................................................... 1—1
Excess taxbenefitsincludedinother financingactivitiesofExelon’s
ConsolidatedStatementsofCash Flows:
Stock options ......................................................................... $— $ 2$1
Stock Options
Non-qualifiedstock optionsto purchasesharesofExelon’s common stock are grantedunder theLTIP. Theexercisepriceofthe
stock optionsisequal to thefairmarket value oftheunderlyingstock on thedate ofoption grant.Thevestingperiodofstock options
is generallyfour years. All stock optionsexpire ten yearsfromthedate ofgrant.
There were no stock optionsgrantedin 2013.TheCompensation Committee eliminatedstock option grantsbychangingthemix of
long-termincentivesfor senior vice presidents (SVPs) and higher officersfrom 75% performancesharesand25% stock optionsto
67% performancesharesand33%restrictedstock units.
Thevalue ofstock optionsat thedate ofgrant is expensedover therequisite service periodusingthestraight-line method. The
requisite service periodfor stock optionsisgenerallyfour years. However,certainstock optionsbecomefullyvestedupon the
employee reachingretirement-eligibility. Thevalue ofthestock optionsgrantedto retirement-eligible employeesiseither recognized
immediatelyupon thedate ofgrant or through thedate at which theemployee reachesretirement eligibility.
Historically, Exelon hasgrantedmostofitsstock optionsinthefirstquarter ofeach year.Stock optionsgrantedduringtheremaining
quartersof2012 and2011 were not significant.
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