Prudential 2003 Annual Report Download - page 148

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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
14. STOCK-BASED COMPENSATION (continued)
A summary of the status of the Company’s non-employee stock option grants is as follows:
Shares
Weighted
Average
Exercise
Price
Outstanding at December 31, 2000 ........................................................... — $ —
Granted ................................................................................. 773,760 27.50
Exercised ............................................................................... — —
Forfeited ................................................................................ (1,920) 27.50
Expired ................................................................................. — —
Transfer from employee status ............................................................... 41,760 27.50
Outstanding at December 31, 2001 ........................................................... 813,600 27.50
Granted ................................................................................. 83,980 33.96
Exercised ............................................................................... (2,480) 27.50
Forfeited ................................................................................ (99,935) 27.54
Expired ................................................................................. — —
Transfer from employee status ............................................................... 68,662 27.70
Outstanding at December 31, 2002 ........................................................... 863,827 28.14
Granted ................................................................................. 163,159 28.61
Exercised ............................................................................... (68,100) 27.65
Forfeited ................................................................................ (71,116) 27.59
Expired ................................................................................. — —
Transfer from employee status ............................................................... 77,586 27.55
Outstanding at December 31, 2003 ........................................................... 965,356 $28.25
Options exercisable were 495,397 shares with a weighted average exercise price of $27.85 at December 31, 2003,
268,080 shares with a weighted average exercise price of $27.50 at December 31, 2002 and 1,200 shares with a
weighted average exercise price at $27.50 at December 31, 2001. The weighted average fair value for nonvested
options and options vesting during the year was $14.80, $9.26 and $12.77 for the years ended December 31, 2003,
2002 and 2001, respectively.
The following table summarizes information about the non-employee stock options outstanding and exercisable at
December 31, 2003:
Options Outstanding Options Exercisable
Number
Outstanding
Weighted
Average
Remaining
Contractual Life
Weighted
Average
Exercise
Price
Number
Exercisable
Weighted
Average
Exercise
Price
Range of exercise prices:
$27.50 — $29.90 .......................... 876,245 8.16 $27.68 468,544 $27.50
$30.96 — $34.24 .......................... 89,111 8.51 33.81 26,853 33.96
Total ................................... 965,356 8.19 $28.25 495,397 $27.85
Growing and Protecting Your Wealth146