Huntington National Bank 2006 Annual Report Download - page 112

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
Huntington’s stock option activity and related information for the year ended December 31, 2006, was as follows:
Weighted-
Weighted- Average
Average Remaining Aggregate
Exercise Contractual Intrinsic
(in thousands, except per share amounts) Options Price Life (Years) Value
Outstanding at January 1, 2006 21,004 $21.11
Granted 1,486 23.38
Acquired(1) 656 16.56
Exercised (2,014) 18.34
Forfeited/expired (559) 22.56
Outstanding at December 31, 2006 20,573 $21.36 4.8 $59,930
Exercisable at December 31, 2006 14,639 $20.72 4.5 $53,279
(1) Relates to option plans acquired from the merger with Unizan.
The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price.
The total intrinsic value of stock options exercised during 2006, 2005, and 2004 was $11.8 million, $11.6 million, and
$17.5 million, respectively.
Cash received from the exercise of options for 2006, 2005, and 2004 was $36.8 million, $31.9 million, and $41.4 million,
respectively. The tax benefit realized for the tax deductions from option exercises totaled $2.8 million, $8.7 million, and
$3.0 million for 2006, 2005, and 2004, respectively.
The following table summarizes the status of Huntington’s nonvested awards for the year ended December 31, 2006:
Weighted- Weighted-
Average Average
Grant Date Restricted Grant Date
Fair Value Stock Fair Value
(in thousands, except per share amounts) Options Per Share Units Per Share
Nonvested at January 1, 2006 7,956 $5.53 — $ —
Granted 1,486 4.21 476 23.37
Acquired(1) 19 4.61 — —
Vested (3,025) 5.60 — —
Forfeited (502) 5.40 (8) 23.34
Nonvested at December 31, 2006 5,934 $5.17 468 $23.37
(1) Relates to option plans acquired from the merger with Unizan.
As of December 31, 2006, the total unrecognized compensation cost related to nonvested awards was $26.9 million with a
weighted-average expense recognition period of 1.9 years. The total fair value of awards vested during the year ended
December 31, 2006, was $17.0 million.
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