The following table summarizes information concerning options outstanding and options exercisable by five ranges of
exercise prices as of December 31, 2010:
Exercise prices range
Options
Outstanding
Weighted-
average
remaining
contractual life
(in years)
Weighted-
average
exercise
price
Options
Exercisable
Weighted-
average
exercise
price
OPTIONS OUTSTANDING
OPTIONS EXERCISABLE
(Shares stated in thousands)
$16.87-$32.46
5,281
1.78
$27.41
5,281
$27.41
$32.62-$37.85
6,907
7.50
$37.25
1,887
$35.65
$38.53-$55.69
7,714
5.83
$52.60
6,197
$53.25
$56.61-$74.00
12,289
8.03
$64.86
2,546
$60.96
$84.93-$110.78
5,308
7.05
$88.57
2,083
$89.33
37,499
6.47
$55.33
17,994
$49.09
The weighted average remaining contractual life of stock options exercisable as of December 31, 2010 was 4.6 years.
The following table summarizes stock option activity during the years ended December 31, 2010, 2009 and 2008:
Shares
Weighted-
average
exercise
price Shares
Weighted-
average
exercise
price Shares
Weighted-
average
exercise
price
2010
2009
2008
(Shares stated in thousands)
Outstanding at beginning of year
35,500 $50.30
32,301
$50.36 35,719
$41.02
Granted
8,283 $66.67
7,981
$40.87 5,422
$84.95
Assumed in Smith transaction
581 $28.77
– $ –
– $ –
Exercised
(5,962) $37.60
(3,851)
$29.00 (5,444)
$32.69
Forfeited
(903) $61.28
(931)
$58.82 (3,396)
$42.68
Outstanding at year-end
37,499 $55.33
35,500
$50.30 32,301
$50.36
The aggregate intrinsic value of stock options outstanding as of December 31, 2010 was approximately $1.08 billion.
The aggregate intrinsic value of stock options exercisable as of December 31, 2010 was approximately $630 million.
The total intrinsic value of options exercised during the years ended December 31, 2010, 2009 and 2008, was
$188 million, $103 million and $119 million, respectively.
Restricted Stock
Restricted stock awards generally vest at the end of three years. There have not been any grants to date that are
subject to performance-based vesting.
The following table summarizes information about restricted stock transactions:
Restricted
Stock
Weighted
Average
Grant Date
Fair Value
Restricted
Stock
Weighted
Average
Grant Date
Fair Value
Restricted
Stock
Weighted
Average
Grant Date
Fair Value
2010
2009
2008
(Shares stated in thousands)
Unvested at beginning of year
1,343
$62.75
1,701
$66.49
885
$65.14
Granted
1,261
65.79
304
48.14
863
68.04
Vested
(286)
63.92
(580)
65.15
(18)
65.35
Forfeited
(95)
64.16
(82)
69.23
(29)
72.44
Unvested at end of year
2,223
$64.27
1,343
$62.75
1,701
$66.49
59
Part II, Item 8
