TCF Bank 2004 Annual Report Download - page 69

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The following table reflects TCF’s stock option and restricted stock transactions under the Program since December 31, 2001:
Restricted Stock Stock Options
Exercise Price
Weighted-
Shares Price Range Shares Range Average
Outstanding at December 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,918,822 $ 9.87-24.10 740,250 $ 2.66-16.64 $ 12.33
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,800 20.71-26.39 – – –
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (103,596) 2.66-16.64 9.86
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (46,490) 11.05-26.39 (28,900) 11.78-16.09 12.95
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,724,500) 10.44-25.17 – – –
Outstanding at December 31, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,270,632 9.87-26.39 607,754 3.44-16.64 12.72
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,900 18.73-25.32 – – –
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (125,558) 10.91-16.09 12.11
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (214,480) 9.87-26.39 (500) 10.91 10.91
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (250,898) 11.05-20.38 – – –
Outstanding at December 31, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,061,154 9.87-20.38 481,696 3.44-16.64 12.88
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,120 24.33-30.28–––
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (155,832) 3.44-16.64 12.81
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (62,980) 11.05-30.13–––
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (115,068) 11.05-24.10–––
Outstanding at December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,032,226 9.87-30.28 325,864 3.44-16.64 12.91
Exercisable at December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . N.A. N.A. 325,864 3.44-16.64 12.91
N.A. Not Applicable.
The following table summarizes information about stock options outstanding at December 31, 2004:
Stock Options Outstanding and Exercisable
Weighted-
Average
Weighted- Remaining
Average Contractual
Exercise Price Range Shares Exercise Price Life in Years
$ 3.44 to $10.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,064 $ 5.71 .8
$10.01 to $12.50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,800 11.80 4.0
$12.51 to $15.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,000 14.47 4.4
$15.01 to $16.64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000 16.12 3.0
Total stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,864 12.91 3.7
2004 Annual Report 67
Note 18. Employee Benefit Plans
Employee Stock Purchase Plan The TCF Employees Stock
Purchase Plan generally allows participants to make contributions
by salary deduction of up to 50% of their salary on a tax-deferred
basis. TCF matches the contributions of all employees in TCF common
stock at the rate of 50 cents per dollar, with a maximum company
contribution of 3% of the employee’s salary. Employee contributions
vest immediately while the Company’s matching contributions are
subject to a graduated vesting schedule based on an employee’s
years of vesting service over five years. In December 2004, TCF modi-
fied this plan to allow all employees the opportunity to diversify and
invest their vested account balance in various mutual funds or TCF
common stock. At December 31, 2004, the fair value of the assets in
the plan totaled $267.8 million and included $262.2 million invested
in TCF common stock. The Company’s matching contributions are
expensed when made. TCF’s contributions to the plan were $4 million,
$3.9 million and $3.6 million in 2004, 2003 and 2002, respectively.
Pension Plan The TCF Cash Balance Pension Plan (the “Pension
Plan”) is a qualified defined benefit plan covering eligible employees
who are at least 21 years old and have completed a year of eligibility
service with TCF. Employees hired after June 30, 2004 are not eligible
to participate in the Pension Plan. TCF makes a monthly allocation to
the participant’s account based on a percentage of the participant’s
compensation. The percentage is based on the sum of the partici-
pant’s age and years of employment with TCF and includes interest
on the account balance based on the five-year Treasury rate plus
25 basis points for 2004 and based on the ten-year Treasury rate
for 2003 and 2002. Participants are fully vested after five years of
qualifying service.