Fluor 2011 Annual Report Download - page 133

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table summarizes restricted stock, restricted stock unit and stock option activity:
Restricted Stock or
Restricted Stock Units Stock Options
Weighted
Average Weighted
Grant Date Average
Fair Value Exercise Price
Number Per Share Number Per Share
Outstanding as of December 31, 2008 1,523,306 $41.81 1,625,242 $50.34
Granted 622,509 30.87 884,808 30.65
Expired or canceled (21,531) 33.63 (34,266) 31.55
Vested/exercised (491,226) 40.03 (115,302) 23.17
Outstanding as of December 31, 2009 1,633,058 $38.28 2,360,482 $44.56
Granted 844,706 42.93 1,140,303 42.78
Expired or canceled (90,921) 40.09 (96,639) 43.20
Vested/exercised (500,735) 42.16 (368,307) 38.12
Outstanding as of December 31, 2010 1,886,108 $39.25 3,035,839 $44.71
Granted 291,912 70.59 548,391 70.76
Expired or canceled (55,159) 52.87 (73,599) 56.66
Vested/exercised (828,246) 41.44 (611,130) 41.57
Outstanding as of December 31, 2011 1,294,615 $44.33 2,899,501 $50.00
Options exercisable as of December 31, 2011 1,316,082 $49.96
Remaining unvested options outstanding and expected
to vest 1,535,916 $50.03
As of December 31, 2011, there were a maximum of 7,193,545 shares available for future grant under
the company’s various stock-based plans. Shares available for future grant include shares which may be
granted by the Committee as either stock options, on a share-for-share basis, or restricted stock or
restricted stock units, on the basis of one share for each 1.75 available shares.
Restricted stock awards issued under the plans provide that shares awarded may not be sold or
otherwise transferred until service-based restrictions have lapsed and any performance objectives have
been attained as established by the Committee. Restricted stock units are rights to receive shares subject to
certain service and performance conditions as established by the Committee. Generally, upon termination
of employment, restricted stock units and restricted shares which have not vested are forfeited. For the
years 2011, 2010 and 2009, recognized compensation expense of $25 million, $32 million and $23 million,
respectively, is included in corporate general and administrative expense related to restricted stock awards
and units. The fair value of restricted stock that vested during 2011, 2010 and 2009 was $58 million,
$22 million and $19 million, respectively. The balance of unamortized restricted stock expense as of
December 31, 2011 was $16 million, which is expected to be recognized over a weighted-average period of
1.4 years.
The aggregate intrinsic value, representing the difference between market value on the date of
exercise and the option price, of stock options exercised during 2011, 2010 and 2009 was $18 million,
$6 million and $3 million, respectively. The balance of unamortized stock option expense as of
December 31, 2011 was $7 million, which is expected to be recognized over a weighted-average period of
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