Goldman Sachs 2002 Annual Report Download - page 86

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The activity related to these stock options is set forth below:
WEIGHTED WEIGHTED
AVERAGE AVERAGE
OPTIONS EXERCISE REMAINING
OUTSTANDING PRICE LIFE (YEARS)
Outstanding, November 1999 40,359,666 $52.91 9.42
Granted(1) 19,685,230 82.89
Exercised (18,901) 48.13
Forfeited (2,590,237) 52.88
Outstanding, November 2000 57,435,758 63.19 8.96
Granted(1) 29,004,359 91.89
Exercised (104,155) 52.03
Forfeited (1,969,077) 64.46
Outstanding, November 2001 84,366,885 73.04 8.65
Granted(1) 15,908,162 79.16
Exercised (1,138,087) 52.78
Forfeited (4,867,859) 68.77
Outstanding, November 2002 94,269,101 74.53 8.08
Exercisable, November 2002 10,642,579 $52.87 6.44
(1) Includes stock options granted to employees subsequent to year end as part of year-end compensation.
The options outstanding as of November 2002 are set forth below:
WEIGHTED WEIGHTED
AVERAGE AVERAGE
OPTIONS EXERCISE REMAINING
EXERCISE PRICE OUTSTANDING PRICE LIFE (YEARS)
$45.00 –$ 59.99 32,636,115 $52.93 6.44
60.00 – 74.99 ———
75.00 – 89.99 33,596,260 81.10 8.92
90.00 – 104.99 28,036,726 91.81 9.00
94,269,101
The weighted average fair value of options granted during 2002, 2001 and 2000 was $27.38 per option, $30.82 per
option and $28.13 per option, respectively. Fair value was estimated as of the grant date based on a binomial option
pricing model using the following weighted average assumptions:
YEAR ENDED NOVEMBER
2002 2001 2000
Risk-free interest rate 3.5% 5.2% 5.6%
Expected volatility 35.0 35.0 35.0
Dividend yield 0.6 0.5 0.6
Expected life 5 years 7 years 7 years
N otes to Consolidated Financial Statem ents
GO L D M A N SA CH S 2002 A N N UAL R EPO RT 83