Dominion Power 2005 Annual Report Download - page 82

Notes to Consolidated Financial Statements, Continued
Accumulated Other Comprehensive Income (Loss)
Presented in the table below is a summary of AOCI by component:
At December 31, 2005 2004
(millions)
Net unrealized losses on derivatives — hedging activities $(2,777) $(1,181)
Net unrealized gains on investment securities 165 149
Minimum pension liability adjustment (10) (14)
Foreign currency translation adjustments 58 50
Total accumulated other comprehensive loss $(2,564) $ (996)
Stock-Based Awards
In April 2005, shareholders approved the 2005 Incentive Compen-
sation Plan (2005 Incentive Plan) for employees and the Non-
Employee Directors Compensation Plan (Non-Employee Directors
Plan). Both plans permit stock-based awards that include restricted
stock, goal-based stock, stock options and stock appreciation
rights under the 2005 Incentive Plan and restricted stock and stock
options under the Non-Employee Directors Plan. Under provisions
of both plans, employees and non-employee directors may be
granted options to purchase common stock at a price not less than
its fair market value at the date of grant with a maximum term of
eight years. Option terms would be set at the discretion of either
the Organization, Compensation and Nominating Committee of the
Board of Directors or the Board of Directors itself, as provided
under each individual plan. At December 31, 2005, approximately
15.3 million shares were available for future grants under these
plans. Prior to April 2005, we had an incentive compensation plan
that provided stock options and restricted stock awards to direc-
tors, executives and other key employees with vesting periods from
one to five years. Stock options generally had contractual terms
from six and one half to ten years.
The following table provides a summary of changes in amounts
of stock options outstanding as of and for the years ended Decem-
ber 31, 2005, 2004 and 2003. No options were granted under any
plan in 2005, 2004 or 2003.
Weighted-
Stock Average
Options Exercise Price
(thousands)
Outstanding at December 31, 2002 21,057 $55.49
Exercisable at December 31, 2002 8,586 $47.95
Exercised, cancelled and forfeited (2,513) $44.39
Outstanding at December 31, 2003 18,544 $56.97
Exercisable at December 31, 2003 11,604 $54.44
Exercised, cancelled and forfeited (4,736) $47.67
Outstanding at December 31, 2004 13,808 $60.17
Exercisable at December 31, 2004 10,768 $60.01
Exercised, cancelled and forfeited (5,594) $59.79
Outstanding at December 31, 2005 8,214 $60.43
Exercisable at December 31, 2005 8,214 $60.43
80 Dominion 2005
The following table provides certain information about stock options outstanding as of December 31, 2005:
Options Outstanding Options Exercisable
Weighted-
Average Weighted- Weighted-
Remaining Average Average
Exercise Shares Contractual Exercise Shares Exercise
Price Outstanding Life Price Exercisable Price
(thousands) (years) (thousands)
$ 0–$19.99 1 3.0 $19.10 1 $19.10
$20–$30.99 17 3.1 $24.62 17 $24.62
$31–$40.99 30 4.0 $39.25 30 $39.25
$41–$50.99 770 4.9 $46.20 770 $46.20
$51–$60.99 4,483 3.4 $59.93 4,483 $59.93
$61–$69 2,913 5.3 $65.38 2,913 $65.38
Total 8,214 4.2 $60.43 8,214 $60.43
During 2005, 2004 and 2003, respectively, we granted approximately 249,000 shares, 582,000 shares, and 402,000 shares of
restricted stock with weighted-average fair values of $74.51, $63.29 and $56.08.