ICICI Bank 2012 Annual Report Download - page 157

F79
forming part of the Consolidated Accounts (Contd.)
schedules
ICICI Life:
ICICI Prudential Life Insurance Company has formulated various ESOS schemes, namely Founder I, Founder II, 2004-05,
2005-06, 2006-07 and 2007-08.
For ICICI Prudential Life Insurance Company there is no compensation cost for the year ended March 31, 2012 based on the
intrinsic value of options. If the entity had used the fair value of options based on the binomial tree model, compensation
cost for the year ended March 31, 2012 would have been higher by ` 34.3 million (March 31, 2011: ` 90.9 million).
The following table sets forth, for the periods indicated, a summary of the status of the stock option plan of ICICI
Prudential Life Insurance Company.
`, except number of options
Stock options outstanding
Year ended March 31, 2012 Year ended March 31, 2011
Particulars
Number of
shares
Weighted
Average
Exercise Price
Number of
shares
Weighted
Average
Exercise Price
Outstanding at the beginning of the year ....................... 13,565,154 210.87 14,827,086 210.73
Add: Granted during the year ......................................... ————
Less: Forfeited/lapsed during the year ........................... 414,481 302.84 943,666 257.84
Less: Exercised during the year ...................................... 387,975 94.00 318,266 65.18
Outstanding at the end of the year ................................. 12,762,698 211.43 13,565,154 210.87
Options exercisable ......................................................... 11,240,148 185.89 8,768,885 161.34
The following table sets forth, summary of stock options outstanding of ICICI Prudential Life Insurance Company at
March 31, 2012.
Range of exercise price
(` per share)
Number of shares
arising out of
options
(Number of shares)
Weighted average
exercise price
(` per share)
Weighted average
remaining
contractual life
(Number of years)
30-400 12,762,698 211.43 5.10
ICICI General:
ICICI Lombard General Insurance Company has formulated various ESOS schemes to their employees. There is no
compensation cost for the year ended March 31, 2012 based on the intrinsic value of options. If the entity had used the
fair value of options based on the binomial tree model, compensation cost for the year ended March 31, 2012 would
have been higher by ` 167.2 million (March 31, 2011: ` 67.5 million).
The following table sets forth, the key assumptions used to estimate the fair value of options granted during the year
ended March 31, 2012.
Risk-free interest rate ............................................................................................................................ 7.96-8.41% p.a.
Expected life ........................................................................................................................................... 3-7 years
Expected volatility .................................................................................................................................. 17.00-84.89% p.a.
Expected dividend yield ........................................................................................................................ 0.80-2.85% p.a.