(Shares stated in thousands)
Options Outstanding
Options Exercisable
Weighted-
average Weighted-
remaining average
Weighted-
Options contractual life exercise
Options
average
Exercise prices range
Outstanding
(in years)
price Exercisable exercise price
$19.04 - $32.46
2,764
0.99
$27.35
2,764
$27.35
$32.62 - $37.85
5,921
6.67
$37.43
2,109
$36.69
$39.08 - $55.69
6,116
5.00
$52.71
4,929
$53.45
$56.61 - $74.00
11,223
7.19
$65.09
4,199
$62.50
$83.89 - $110.78
14,003
8.02
$86.08
2,885
$89.48
40,027
6.64
$63.84
16,886
$55.49
The weighted average remaining contractual life of stock options exercisable as of December 31, 2011 was 4.7 years.
The following table summarizes stock option activity during the years ended December 31, 2011, 2010 and 2009:
(Shares stated in thousands)
2011
2010
2009
Weighted-
Weighted-
Weighted-
average
average
average
exercise
exercise
exercise
Shares
price Shares
price Shares
price
Outstanding at beginning of year
37,499 $55.33
35,500 $50.30 32,301
$50.36
Granted
9,528 $84.29
8,283 $66.67
7,981
$40.87
Assumed in Smith transaction
– $ –
581 $28.77
–
$ –
Exercised
(5,470) $42.36
(5,962) $37.60 (3,851)
$29.00
Forfeited
(1,530) $58.82
(903) $61.28
(931)
$58.82
Outstanding at year-end
40,027 $63.84
37,499 $55.33 35,500
$50.30
The aggregate intrinsic value of stock options outstanding as of December 31, 2011 was approximately $428 million.
The aggregate intrinsic value of stock options exercisable as of December 31, 2011 was approximately $278 million.
The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009, was $246
million, $188 million and $103 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:
(Shares stated in thousands)
2011
2010
2009
Weighted
Weighted
Weighted
Average
Average
Average
Restricted Grant Date Restricted Grant Date Restricted Grant Date
Stock Fair Value
Stock Fair Value
Stock Fair Value
Unvested at beginning of year
2,223
$64.27
1,343
$62.75
1,701
$66.49
Granted
1,136
84.61
1,261
65.79
304
48.14
Vested
(767)
67.36
(286)
63.92
(580)
65.15
Forfeited
(159)
72.51
(95)
64.16
(82)
69.23
Unvested at end of year
2,433
$72.25
2,223
$64.27
1,343
$62.75
57
