ING Direct 2015 Annual Report Download - page 82

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
2015
Range of exercise price in euros
Options
outstanding
as at 31
December
2015
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
Options
exercisable
as at 31
December
2015
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
0.00 – 5.00
2,146,930
3.22
2.88
2,146,930
3.22
2.88
5.00 – 10.00
4,001,835
4.21
7.38
4,001,835
4.21
7.38
10.00 – 15.00
99,973
2.72
14.35
99,973
2.72
14.35
15.00 – 20.00
6,446,077
2.22
16.98
6,446,077
2.22
16.98
20.00 – 25.00
4,476,049
1.24
24.58
4,476,049
1.24
24.58
25.00 – 30.00
5,768,185
0.34
25.18
5,768,185
0.34
25.18
22,939,049
22,939,049
2014
Range of exercise price in euros
Options
outstanding
as at 31
December
2014
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
Options
exercisable
as at 31
December
2014
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
0.00 – 5.00
2,874,797
3.46
2.87
2,874,797
3.46
2.87
5.00 – 10.00
5,595,047
5.20
7.39
5,595,047
5.20
7.39
10.00 – 15.00
103,135
3.71
14.35
103,135
3.71
14.35
15.00 – 20.00
12,838,282
1.46
17.35
12,838,282
1.46
17.35
20.00 – 25.00
4,733,530
1.51
24.57
4,733,530
1.51
24.57
25.00 – 30.00
6,001,856
1.33
25.19
6,001,856
1.33
25.19
32,146,647
32,146,647
2013
Range of exercise price in euros
Options
outstanding
as at 31
December
2013
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
Options
exercisable
as at 31
December
2013
Weighted
average
remaining
contractual
life
Weighted
average
exercise price
0.00 – 5.00
3,869,133
4.25
2.87
3,869,133
4.25
2.87
5.00 – 10.00
7,870,182
6.21
7.38
7,870,182
6.21
7.38
10.00 – 15.00
3,674,375
0.36
14.31
3,674,375
0.36
14.31
15.00 – 20.00
14,119,139
2.48
17.34
14,119,139
2.48
17.34
20.00 – 25.00
5,269,423
2.55
24.56
5,269,423
2.55
24.56
25.00 – 30.00
6,552,225
2.32
25.19
6,552,225
2.32
25.19
41,354,477
41,354,477
As at 31 December 2015, the aggregate intrinsic values of options outstanding and exercisable are EUR 41 million (2014: EUR 42
million; 2013: EUR 49 million) and EUR 41 million (2014: EUR 42 million; 2013: EUR 49 million), respectively.
As at 31 December 2015, total unrecognised compensation costs related to stock options amounted to nil (2014: nil; 2013: nil).
The fair value of options granted is recognised as an expense under staff expenses and is allocated over the vesting period of the
options. The fair values of the option awards have been determined using a European Black Scholes formula. This model takes the risk
free interest rate into account (2.02% to 4.62%), as well as the lifetime of the options granted (5 to 9 years), the exercise price, the
current share price (EUR 2.90 – EUR 26.05), the expected volatility of the certificates of ING Groep N.V. shares (25.00% – 84.00%) and
the expected dividend yield (0.94% to 8.99%). The source for implied volatilities used for the valuation of the stock options is ING’s
trading system. The implied volatilities in this system are determined by ING’s traders and are based on market data implied
volatilities not on historical volatilities.
Summary of stock options outstanding and exercisable
Summary of stock options outstanding and exercisable
Summary of stock options outstanding and exercisable
ING Bank Annual Report 2015 80