Fifth Third Bank 2012 Annual Report Download - page 144

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
142 Fifth Third Bancorp
Restricted Stock Awards
The total grant-date fair value of RSAs that vested during 2012,
2011 and 2010 was $32 million, $37 million and $30 million,
respectively. At December 31, 2012, there was $57 million of stock-
based compensation expense related to nonvested restricted stock
not yet recognized. The expense is expected to be recognized over a
remaining weighted-average period of approximately 2.7 years.
2012 2011 2010
Weighted- Weighted- Weighted-
Average Average Average
Grant -Date Grant -Date Grant -Date
RSAs (shares in thousands) Shares Fair Value Shares Fair Value Shares Fair Value
Nonvested at January 1 4,764 $15.95 5,158 $18.89 4,645 $23.85
Granted 3,863 14.33 1,702 13.19 1,677 14.69
Exercised (1,826) 18.37 (1,646) 22.52 (817) 36.96
Forfeited (422) 15.35 (450) 15.34 (347) 22.39
Nonvested at December 31 6,379 $14.32 4,764 $15.95 5,158 $18.89
The following table summarizes unvested RSAs by grant-date fair value at December 31, 2012:
Nonvested RSAs
Weighted-Average
Number of Remaining
RSAs at Year End Contractual Life
Grant-Date Fair Value Per Share (000s) (in years)
Under $10.00 254 0.9
$10.01-$20.00 6,123 1.4
$20.01-$30.00 2 0.3
A
ll RSAs 6,379 1.4
Stock options
The grant-date fair value of stock options is measured using the
Black-Scholes option-pricing model. There were no stock options
granted during 2012, 2011 and 2010.
The total intrinsic value of options exercised during 2012 was
$1 million and was immaterial to the Bancorp’s Consolidated
Financial Statements in both 2011 and 2010. Cash received from
options exercised during 2012 and 2011 was $2 million and $1
million, respectively. Cash received from options exercised during
2010 was immaterial to the Bancorp’s Consolidated Financial
Statements. Tax benefits realized from exercised options were
immaterial to the Bancorp’s Consolidated Financial Statements
during 2012, 2011 and 2010. All stock options were vested as of
December 31, 2008, therefore, no stock options vested during 2012,
2011, or 2010. As of December 31, 2012, the aggregate intrinsic
value of both outstanding options and exercisable options was $1
million.
2012 2011 2010
Weighted- Weighted- Weighted-
Average Average Average
Stock Options (shares in thousands) Shares Exercise Price Shares Exercise Price Shares Grant Price
Outstanding at January 1 7,584 $53.88 11,859 $52.01 15,504 $49.29
Exercised (205) 10.32 (96) 9.25 (58) 8.76
Forfeited or expired (3,502) 66.25 (4,179) 49.61 (3,587) 40.54
Outstanding at December 31 3,877 $45.00 7,584 $53.88 11,859 $52.01
Exercisable at December 31 3,877 $45.00 7,584 $53.88 11,859 $52.01
The following table summarizes outstanding and exercisable stock options by exercise price at December 31, 2012:
Outstanding and Exercisable Stock Options
Number of
Options at Year
End (000s)
Weighted-
A
verage
Remaining
Contractual Life
(in years)
Weighted-
Average
Exercise price per share Exercise Price
Under $10.00 5 $ 9.65 1.5
$10.01-$20.00 590 12.86 2.1
$20.01-$30.00 33 23.38 0.2
$30.01-$40.00 136 36.31 1.3
Over $40.00 3,113 51.77 0.3
A
ll stock options 3,877 $ 45.00 0.6