Fifth Third Bank 2013 Annual Report Download - page 154
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
152 Fifth Third Bancorp
expensed based on the number of outstanding units multiplied by
the closing price of the Bancorp’s stock at period end. The phantom
stock units did not include any rights to receive dividends or
dividend equivalents. Phantom stock units issued on or before June
12, 2010 were settled in cash upon the earlier to occur of June 15,
2011 or the executive’s death. Units issued thereafter were settled in
cash with 50% settled on June 15, 2012 and 50% settled on June 15,
2013. The amount paid on settlement of the phantom stock units
was equal to the total amount of phantom stock units settled at the
reported closing price of the Bancorp’s common stock on the
settlement date. Under the phantom stock program, no phantom
stock units were granted during the years ended December 31, 2013
and 2012, and phantom stock units of 132,649 were granted with a
weighted average grant price of $14.40 during the year ended
December 31, 2011. During 2013, 2012 and 2011, 200,130, 199,813,
and 521,091 phantom stock units were settled, respectively.
Performance units are payable contingent upon the Bancorp
achieving certain predefined performance targets over the three-year
measurement period. Awards granted during 2013, 2012 and 2011
will be entirely settled in stock. The performance targets are based
on the Bancorp’s performance relative to a defined peer group.
During 2013, 2012 and 2011, 348,595, 344,741, and 328,061
performance units, respectively, were granted by the Bancorp. These
awards were granted at a weighted-average grant-date fair value of
$16.15, $14.36 and $13.36 per unit during 2013, 2012 and 2011,
respectively.
The Bancorp sponsors a stock purchase plan that allows
qualifying employees to purchase shares of the Bancorp’s common
stock with a 15% match. During the years ended December 31,
2013, 2012 and 2011, there were 690,039, 827,709 and 886,447
shares, respectively, purchased by participants and the Bancorp
recognized stock-based compensation expense of $1 million in each
of the respective years.