BB&T 2012 Annual Report Download - page 135
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113
indicates that the future is reasonably expected to differ from the past; and the weighted-average expected life is based on the
historical behavior of employees related to exercises, forfeitures and cancellations.
BB&T measures the fair value of restricted shares based on the price of BB&T’ s common stock on the grant date and the fair
value of restricted share units based on the price of BB&T’ s common stock on the grant date less the present value of
expected dividends that are foregone during the vesting period.
A summary of selected data related to BB&T’ s equity-based compensation costs follows:
Years Ended December 31,
2012 2011 2010
(Dollars in millions)
Equity-based compensation expense $ 97 $ 98 $ 79
Income tax benefit from equity-based compensation expense 36 36 30
Intrinsic value of options exercised and RSUs that vested during the year 62 54 22
Grant date fair value of equity-based awards that vested during the year 88 76 39
December 31,
2012 2011
(Dollars in millions)
Unrecognized compensation cost related to equity-based awards $ 98 $ 109
Weighted-average life over which compensation cost is expected to be recognized (years) 2.0 2.6
The following table details the activity during 2012 related to stock options awarded by BB&T:
Wtd. Avg.
Wtd. Avg. Aggregate Remaining
Exercise Intrinsic Contractual
Options Price Value Life
(Dollars in millions, except per share amounts)
Outstanding at January 1, 2012 45,384,554 $ 34.42
Granted 4,686,780 30.09
Exercised (1,345,570) 23.70
Forfeited or expired (3,334,690) 36.35
Outstanding at December 31, 2012 45,391,074 34.15 $ 37 4.3 y
r
s
Exercisable at December 31, 2012 34,229,207 36.06 18 3.2
Exercisable and expected to vest at December 31, 2012 44,678,275 $ 34.25 $ 36 4.3
The following table details the activity related to restricted shares and restricted share units awarded by BB&T:
Wtd. Avg.
Grant Date
Shares/Units Fair Value
N
onvested at January 1, 2012 13,462,630 $ 19.47
Granted 2,614,405 25.79
Vested (1,812,225) 30.60
Forfeited (333,986) 19.24
N
onvested at December 31, 2012 13,930,824 $ 19.26
At December 31, 2012, BB&T’ s restricted shares and restricted share units had a weighted-average life of 1.6 years. At
December 31, 2012, management estimates that 12.5 million restricted shares and restricted share units will vest over a
weighted-average life of 1.7 years.
Share Repurchase Activity
At December 31, 2012, BB&T was authorized to repurchase an additional 44 million shares under the June 27, 2006 Board
of Directors’ authorization. No shares of common stock were repurchased under this plan during 2012, 2011 or 2010.