Fifth Third Bank 2014 Annual Report Download - page 151
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
149 Fifth Third Bancorp
2014 2013 2012
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 6,710 $15.11 6,379 $14.32 4,764 $15.95
Granted 3,264 21.61 3,583 16.21 3,863 14.33
Exercised (2,183) 14.84 (2,720) 14.71 (1,826) 18.37
Forfeited (538) 16.73 (532) 14.97 (422) 15.35
Nonvested at December 31 7,253 $17.98 6,710 $15.11 6,379 $14.32
The following table summarizes unvested RSAs by grant-date fair value at December 31, 2014:
Nonvested RSAs
Weighted-Average
Number of Remaining
RSAs at Year End Contractual Life
Grant-Date Fair Value Per Share (000s) (in years)
Under $5.00 - -
$5.01-$10.00 48 0.8
$10.01-$15.00 1,801 0.7
$15.01-$20.00 2,320 1.3
$20.01-$25.00 3,084 1.8
A
ll RSAs 7,253 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 2014, 2013 and 2012.
The total intrinsic value of options exercised was $1 million in
2014, 2013 and 2012, respectively. Cash received from options
exercised was $1 million in 2014 and $2 million in both 2013 and
2012. The tax benefit realized from exercised options was
immaterial to the Bancorp’s Consolidated Financial Statements
during 2014, 2013 and 2012. All stock options were vested as of
December 31, 2008, therefore, no stock options vested during 2014,
2013 or 2012. As of December 31, 2014, the aggregate intrinsic
value of both outstanding options and exercisable options was $2
million.
2014 2013 2012
Weighted- Weighted- Weighted-
Number of Average Number of Average Number of Average
Stock Options (Number of Options in thousands) Options Exercise Price Options Exercise Price Options Grant Price
Outstanding at January 1 546 $20.72 3,877 $45.00 7,584 $53.88
Exercised (115) 12.84 (190) 11.88 (205) 10.32
Forfeited or expired (166) 36.42 (3,141) 51.23 (3,502) 66.25
Outstanding at December 31 265 $14.25 546 $20.72 3,877 $45.00
Exercisable at December 31 265 $14.25 546 $20.72 3,877 $45.00
The following table summarizes outstanding and exercisable stock options by exercise price at December 31, 2014:
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 1 $ 8.59 4.0
$10.01-$20.00 258 13.76 1.0
$20.01-$30.00 1 24.41 3.0
$30.01-$40.00 - - -
Over $40.00 5 40.98 2.0
A
ll stock options 265 $ 14.25 1.0