TCF Bank 2000 Annual Report Download - page 61

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59
TCF
The following table reflects TCF’s stock option and restricted stock transactions under the Program since December 31, 1997:
Stock Options Restricted Stock
Exercise Price
Weighted-
Shares Range Average Shares Price Range
Outstanding at December 31, 1997 . . . . . . . . . . . . . . . 837,045 $ 2.22-33.28 $ 9.61 1,948,928 $ 7.66-27.34
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551,500 23.69-32.19 25.04 108,200 28.97-34.00
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (208,388) 2.44-17.54 4.69 – –
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,500) 32.19 32.19 (5,400) 16.56-34.00
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – (607,994) 7.66-21.91
Outstanding at December 31, 1998 . . . . . . . . . . . . . . . 1,178,657 2.22-33.28 17.67 1,443,734 7.66-34.00
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,550 23.56-29.03 25.25 21,050 22.53-28.59
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (551,107) 2.22-23.69 11.73 – –
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (112,000) 23.56-33.28 32.36 (11,760) 8.11-34.00
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – (331,889) 7.66-27.34
Outstanding at December 31, 1999 . . . . . . . . . . . . . . . 763,100 2.63-33.28 22.27 1,121,135 8.11-34.00
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 21.81 21.81 1,300,080 22.10-43.70
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (283,585) 2.63-28.88 20.25 – –
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,000) 23.56-32.19 28.32 (20,940) 20.88-34.00
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – (125,175) 8.11-28.59
Outstanding at December 31, 2000 . . . . . . . . . . . . . 467,515 3.46-33.28 23.32 2,275,100 16.56-43.70
Exercisable at December 31, 2000 . . . . . . . . . . . . . 180,965 3.46-33.28 18.34
The following table summarizes information about stock options outstanding at December 31, 2000:
Options Outstanding Options Exercisable
Weighted-
Average
Weighted- Remaining Weighted-
Average Contractual Average
Exercise Price Range Shares Exercise Price Life in Years Shares Exercise Price
$3.46 to $10.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,885 $ 5.45 1.5 49,885 $ 5.45
$10.01 to $20.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,830 13.78 5.2 37,830 13.78
$20.01 to $30.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,300 24.98 8.1 65,050 24.85
$30.01 to $33.28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,500 31.55 7.1 28,200 32.24
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467,515 23.32 7.0 180,965 18.34
At December 31, 2000, there were 3,211,391 shares reserved
for issuance under the Program, including 467,515 shares for
which options had been granted but had not yet been exercised.
17 >EMPLOYEE BENEFIT PLANS
The TCF Cash Balance Pension Plan (the “Pension Plan”) is a qual-
ified defined benefit plan covering all “regular stated salary” employ-
ees and certain part-time employees who are at least 21 years old and
have completed a year of eligibility service with TCF. TCF makes a
monthly allocation to the participant’s account based on a percent-
age of the participant’s compensation. The percentage is based on
the sum of the participant’s age and years of employment with TCF.
Participants are fully vested after five years of qualifying service.
In addition to providing retirement income benefits, TCF pro-
vides health care benefits for eligible retired employees, and in
some cases life insurance benefits (the “Postretirement Plan”).
Substantially all full-time employees may become eligible for health
care benefits if they reach retirement age and have completed ten
years of service with the Company, with certain exceptions. Effective
January 1, 2000, TCF modified the Postretirement Plan by elim-
inating the Company subsidy for employees not yet eligible for
benefits under the Postretirement Plan. The plan provisions for
full-time and retired employees eligible for these benefits were
not changed. These and similar benefits for active employees are
provided through insurance companies or through self-funded
programs. The Postretirement Plan is an unfunded plan.