Huntington National Bank 2007 Annual Report Download - page 101

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Cash received from the exercise of options for 2007, 2006, and 2005 was $17.4 million, $36.8 million, and $31.9 million,
respectively. The tax benefit realized for the tax deductions from option exercises totaled $2.8 million, $2.8 million, and $8.7 million
for 2007, 2006, and 2005, respectively.
Huntington issues shares to fulfill stock option exercises from available shares held in treasury. At December 31, 2007, the
Company believes there are adequate shares in treasury to satisfy anticipated stock option exercises in 2008.
The following table summarizes the status of Huntington’s nonvested share awards for the year ended December 31, 2007:
(in thousands, except per share amounts)
Restricted
Stock
Units
Weighted-
Average
Grant Date
Fair Value
Per Share
Restricted
Stock
Awards
Weighted-
Average
Grant Date
Fair Value
Per Share
Nonvested at January 1, 2007 468 $23.37 — $ —
Granted 682 20.00 222 22.74
Vested (8) 23.34 (222) 22.74
Forfeited (56) 21.56 — —
Nonvested at December 31, 2007 1,086 $21.35 — $ —
In connection with the merger of Sky Financial, Huntington granted restricted stock awards of 221,569 shares of Huntington
common stock. The restricted stock awards vest in equal monthly installments at the end of each calendar month from the
completion of the merger through December 31, 2009, subject to acceleration on certain terminations of employment and change
in control transactions. The vesting of the restricted stock awards accelerated on December 31, 2007, with the retirement of the
executive to whom they were granted.
The weighted-average grant date fair value of nonvested shares granted for the years ended December 31, 2007 and 2006, were
$20.67 and $23.37, respectively. The total fair value of awards vested during the years ended December 31, 2007 and 2006, was
$3.5 million and $17.0 million, respectively. As of December 31, 2007, the total unrecognized compensation cost related to
nonvested awards was $15.1 million with a weighted-average expense recognition period of 2.2 years.
The following table presents additional information regarding options outstanding as of December 31, 2007.
(in thousands, except per share amounts) Shares
Weighted-
Average
Remaining
Contractual
Life
(Years)
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price
Options Outstanding Exercisable Options
Range of Exercise Prices
$9.91 to $15.00 1,979 2.9 $14.00 1,979 $14.00
$15.01 to $20.00 9,182 4.1 17.80 9,171 17.80
$20.01 to $25.00 14,673 5.4 22.14 10,725 22.20
$25.01 to $28.35 2,231 1.1 27.21 2,231 27.21
Total 28,065 4.5 $20.55 24,106 $20.32
On August 27, 2002, common stock options were granted, with certain specified exceptions, to full- and part-time employees
under the Huntington Bancshares Incorporated Employee Stock Incentive Plan (the Incentive Plan). Under the terms of the
Incentive Plan, all options vested on August 27, 2007. The options outstanding under this grant have a weighted average exercise
price of $19.94 per share.
Huntington’s board of directors has approved all of the plans. Shareholders have approved each of the plans, except for the broad-
based Employee Stock Incentive Plan. Of the 28.3 million awards to grant or purchase shares of common stock authorized for
issuance under the plans at December 31, 2007, 22.0 million were outstanding and 6.3 million were available for future grants.
99
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED