BB&T 2013 Annual Report Download - page 119

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119
The following weighted-average assumptions were used for grants during 2013, 2012, and 2011:
December 31,
2013 2012 2011
Assumptions:
Risk-free interest rate 1.3 % 1.5 % 1.7 %
Dividend yield 3.6 4.4 3.5
Volatility factor 28.0 33.0 37.2
Expected life 7.0 yrs 7.0 yrs 7.4 yrs
Fair value of options per share $ 5.48 $ 6.07 $ 7.45
BB&T previously issued grants to non-executive employees consisting of stock options and RSUs, while recent grants to
non-executive employees have primarily consisted of RSUs. A summary of selected data related to equity-based
compensation costs follows:
Years Ended December 31,
2013 2012 2011
(Dollars in millions)
Equity-based compensation expense $ 96 $ 97 $ 98
Income tax benefit from equity-based compensation expense 36 36 36
Intrinsic value of options exercised and RSUs that vested during the year 102 62 54
Grant date fair value of equity-based awards that vested during the year 80 88 76
December 31,
2013 2012
(Dollars in millions)
Unrecognized compensation cost related to equity-based awards $ 94 $ 98
Weighted-average life over which compensation cost is expected to be recognized (years) 2.1 2.0
The following tables present the activity during 2013 related to equity-based compensation awards:
Wtd. Avg.
Wtd. Avg. Aggregate Remaining
Exercise Intrinsic Contractual
Options Price Value Life
(Dollars in millions, except per share data, shares in thousands)
Outstanding at January 1, 2013 45,391 $ 34.15
Granted 404 30.08
Exercised (3,507) 27.14
Forfeited or expired (4,292) 32.86
Outstanding at December 31, 2013 37,996 34.90 $ 140 3.7 yrs
Exercisable at December 31, 2013 31,354 36.32 80 2.9
Exercisable and expected to vest at December 31, 2013 37,513 34.99 136 3.7
Wtd. Avg.
Restricted Grant Date
Shares/Units Fair Value
(shares in thousands)
N
onvested at January 1, 2013 13,931 $ 19.26
Granted 3,995 25.63
Vested (2,464) 22.05
Forfeited (281) 20.45
N
onvested at December 31, 2013 15,181 20.46
Expected to vest at December 31, 2013 13,763 20.49
Share Repurchase Activity
At December 31, 2013, 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 2013, 2012 or 2011.