Huntington National Bank 2008 Annual Report Download - page 110

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The following table presents additional information regarding options outstanding as of December 31, 2008.
(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
$6.97 to $10.00 1,833 6.6 $7.17 3 $ 9.91
$10.01 to $15.00 1,910 1.9 14.00 1,892 14.01
$15.01 to $20.00 7,887 3.1 17.65 7,832 17.65
$20.01 to $25.00 13,268 4.4 22.14 11,600 22.30
$25.01 to $28.35 1,391 0.4 27.68 1,367 27.66
Total 26,289 3.8 $19.45 22,694 $20.32
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 32.0 million awards to grant or purchase shares of common stock authorized for
issuance under the plans at December 31, 2008, 28.1 million were outstanding and 3.9 million were available for future grants.
Huntington issues shares to fulfill stock option exercises and restricted stock units from available authorized shares. At
December 31, 2008, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises in
2009.
On January 14, 2009, Huntington announced that Stephen D. Steinour, has been elected Chairman, President and Chief Executive
Officer. In connection with his employment agreement, Huntington awarded Mr. Steinour an inducement option to purchase
1,000,000 shares of Huntington’s common stock, with a per share exercise price equal to $4.95, the closing price of Huntington’s
common stock on January 14, 2009. The option vests in equal increments on each of the first five anniversaries of the date of
grant, and expires on the seventh anniversary. The options had a grant date fair value of $1.85.
17. INCOME TAXES
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, city and foreign
jurisdictions. Federal income tax audits have been completed through 2005. Various state and other jurisdictions remain open to
examination for tax years 2000 and forward.
Both the IRS and state tax officials have proposed adjustments to the Company’s previously filed tax returns. Management believes
that the tax positions taken by the Company related to such proposed adjustments were correct and supported by applicable
statutes, regulations, and judicial authority, and intends to vigorously defend them. It is possible that the ultimate resolution of the
proposed adjustments, if unfavorable, may be material to the results of operations in the period it occurs. However, although no
assurance can be given, we believe that the resolution of these examinations will not, individually or in the aggregate, have a
material adverse impact on our consolidated financial position.
As of December 31, 2008, there were no significant unrecognized income tax benefits. Huntington does not anticipate the total
amount of unrecognized tax benefits to significantly change within the next 12 months.
The company recognizes interest and penalties on income tax assessments or income tax refunds, if any, in the financial statements
as a component of its provision for income taxes. There were no significant amounts recognized for interest and penalties for the
years ended December 31, 2008, 2007, and 2006 and no significant amounts accrued at December 31, 2008 and 2007.
108
Notes to Consolidated Financial Statements Huntington Bancshares Incorporated