Huntington National Bank 2013 Annual Report Download - page 160
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154
The following table illustrates the weighted average assumptions used in the option-pricing model for options granted in the three
years ended December 31, 2013, 2012, and 2011:
2013 2012 2011
Assumptions
Risk-free interest rate 0.79 % 1.10 % 1.95 %
Expected dividend yield 2.83 2.38 2.63
Expected volatility of Huntington's common stock 35.0 34.9 30.0
Expected option term (years) 5.5 6.0 6.0
Weighted-average grant date fair value per share $1.71 $1.78 $1.40
The following table illustrates total share-based compensation expense and related tax benefit for the three years ended December
31, 2013, 2012, and 2011:
(dollar amounts in thousands) 2013 2012 2011
Share-based compensation expense $ 37,007 $ 27,873 $ 19,666
Tax benefit 12,472 9,298 6,708
Huntington’s stock option activity and related information for the year ended December 31, 2013, was as follows:
Weighted-
Weighted- Average
Average Remaining Aggregate
Exercise Contractual Intrinsic
(amounts in thousands, except years and per share amounts) Options Price Life (Years) Value
Outstanding at January 1, 2013 26,768 $ 8.87
Granted 3,299 7.07
Exercised (2,498) 5.77
Forfeited/expired (4,269) 16.17
Outstanding at December 31, 2013 23,300 $ 7.61 4.2 $ 71,702
Expected to vest at December 31, 2013 (1) 8,893 $ 6.55 5.3 $ 27,606
Exercisable at December 31, 2013 13,536 $ 8.37 3.4 $ 41,570
(1) The number of options expected to vest includes an estimate of 871 shares expected to be forfeited.
The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money”
option exercise price. For the years ended December 31, 2013, 2012, and 2011, cash received for the exercises of stock options was
$14.4 million, $2.3 million and $0.5 million, respectively. The tax benefit realized for the tax deductions from option exercises totaled
$1.8 million, $0.3 million and $0.1 million in 2013, 2012, and 2011, respectively.
The weighted-average grant date fair value of nonvested shares granted for the years ended December 31, 2013, 2012 and 2011,
were $7.12, $6.69, and $6.24, respectively. The total fair value of awards vested during the years ended December 31, 2013, 2012,
and 2011, was $13.7 million, $9.1 million, and $11.2 million, respectively. As of December 31, 2013, the total unrecognized
compensation cost related to nonvested awards was $54.8 million with a weighted-average expense recognition period of 2.4 years.