TCF Bank 2011 Annual Report Download - page 102

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Note 16. Stock Compensation
The TCF Financial Incentive Stock Program (the “Program”) was adopted to enable TCF to attract and retain key personnel.
At December 31, 2011, there were 3,633,405 shares reserved for issuance under the Program.
At December 31, 2011, there were 126,809 shares of performance-based restricted stock that will vest only if certain
return on equity goals or service conditions, as defined in the Program, are achieved. Failure to achieve the goals and service
conditions will result in all or a portion of the shares being forfeited. Other restricted stock grants vest over periods from one
year to seven years. Information about restricted stock is summarized as follows.
At or For the Year Ended December 31,
(Dollars in thousands, except per-share data) 2011 2010 2009
Weighted-average grant date fair value of restricted stock per share $ 12.36 $ 13.36 $ 10.33
Compensation expense for restricted stock $10,273 $ 9,121 $ 7,852
Unrecognized stock compensation expense for restricted stock awards and options 15,723 12,377 17,346
Tax benefit recognized for stock compensation expense $ 3,984 $ 3,513 $ 3,034
Weighted average amortization (years) 1.0 .9 1.6
TCF has also issued stock options under the Program that generally become exercisable over a period of one to ten years
from the date of the grant and expire after ten years. All outstanding options have a fixed exercise price equal to the market
price of TCF common stock on the date of grant.
The following table reflects TCF’s stock option and restricted stock transactions under the Program since December 31, 2008.
Restricted Stock Stock Options
Shares Price Range Shares Price Range
Weighted-
Average
Remaining
Contractual
Life in Years
Weighted-
Average
Exercise
Price
Outstanding at December 31, 2008 1,887,517 $9.41 - 30.28 2,373,419 $11.78 -15.75 9.26 $14.44
Granted 718,761 8.29 - 13.43 – – –
Exercised – – (108,800) 11.78 -14.52 14.14
Forfeited (481,000) 10.37 - 28.71 (56,000) 11.78 -15.75 14.95
Vested (254,433) 17.33 - 30.28 – – –
Outstanding at December 31, 2009 1,870,845 7.57 - 30.28 2,208,619 12.85 -15.75 8.26 14.44
Granted 307,433 11.50 - 14.60 – – –
Forfeited (20,000) 10.37 - 28.02 – – –
Vested (387,653) 8.29 - 28.71 – –
Outstanding at December 31, 2010 1,770,625 7.57 - 30.13 2,208,619 12.85 -15.75 7.26 14.44
Granted 1,247,500 6.16 - 14.89 – – –
Forfeited (120,886) 7.57 - 28.02 (9,875) 15.75 -15.75 15.75
Vested (613,125) 7.57 - 30.13 – – –
Outstanding at December 31, 2011 2,284,114 6.16 - 28.64 2,198,744 12.85 -15.75 5.72 14.43
Exercisable at December 31, 2011 N.A. N.A. 1,109,640 12.85 -15.75 14.44
N.A. Not Applicable.
84 TCF Financial Corporation and Subsidiaries