BB&T 2009 Annual Report Download - page 128

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The aggregate intrinsic value of options outstanding, options exercisable and options expected to vest at
December 31, 2009 was $28 million, $4 million, and $24 million, respectively.
The following table details the activity during 2009 related to restricted shares and restricted share units
awarded by BB&T:
For the Year Ended
December 31, 2009
Shares/Units
Wtd. Avg.
Grant Date
Fair Value
Nonvested at beginning of period 6,259,349 $29.15
Granted 5,015,192 7.49
Vested (208,197) 25.88
Forfeited (204,911) 20.83
Nonvested at end of period 10,861,433 19.36
At December 31, 2009, BB&T’s restricted shares and restricted share units had a weighted-average life of 3.1
years. At December 31, 2009, management estimates that 9.4 million restricted shares and restricted share units
will vest over a weighted-average life of 3.0 years.
Share Repurchase Activity
No shares of common stock were repurchased during 2009 and 2008. During the year ended December 31,
2007, BB&T repurchased 7 million shares of common stock. At December 31, 2009, BB&T was authorized to
repurchase an additional 44 million shares under the June 27, 2006 Board of Directors’ authorization.
NOTE 12. Accumulated Other Comprehensive Income (Loss)
The balances in accumulated other comprehensive loss at December 31, 2009 and 2008 are shown in the
following table.
As of December 31, 2009 As of December 31, 2008
Pre-Tax
Amount
Deferred
Tax Expense
(Benefit) After-Tax
Amount Pre-Tax
Amount
Deferred
Tax Expense
(Benefit) After-Tax
Amount
(Dollars in millions)
Unrecognized net pension and postretirement
costs $(447) $(169) $(278) $ (720) $(273) $(447)
Unrealized net gains on cash flow hedges 173 66 107 76 28 48
Unrealized net losses on securities available for
sale (363) (138) (225) (517) (193) (324)
FDIC’s share of unrealized net gains on
securities available for sale under the loss
share agreements(1) (30) (11) (19) —— —
Foreign currency translation adjustment (7) (5) (2) (9) — (9)
Total $(674) $(257) $(417) $(1,170) $(438) $(732)
(1) Approximately $1.2 billion of securities available for sale are covered by loss sharing agreements with the
FDIC as discussed in Note 2 to these consolidated financial statements. The securities covered by the loss
share agreements reflected a net unrealized pretax gain of $35 million as of December 31, 2009. The FDIC’s
share of this net unrealized pretax gain, upon sale, is $30 million and has been recorded as a reduction in
other comprehensive income.
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