Bank of America 2001 Annual Report Download - page 113

Download and view the complete annual report

Please find page 113 of the 2001 Bank of America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

BANK OF AMERICA 2001 ANNUAL REPORT
111
Other Plans
Under the NationsBank 1996 ASOP, as amended, the Corporation granted in 1996 and 1997 to certain full- and part-time associates options to purchase
an aggregate of approximately 47 million shares of the Corporation’s common stock. All options granted under the ASOP expired on June 29, 2001. No
further awards may be granted under this plan.
Under the BankAmerica 1992 Management Stock Plan, ten-year options to purchase shares of the Corporation’s common stock were granted to
certain key employees in 1997 and 1998. Options awarded generally vest in three equal annual installments beginning one year from the grant date.
At December 31, 2001, approximately 18.4 million options were outstanding under this plan. Additionally, 2.9 million shares of restricted stock were
granted to certain key employees in 1997 and 1998. These shares generally vest in four equal annual installments beginning the second year from the
date of grant. No further awards may be granted under this plan.
Under the BankAmerica Performance Equity Program, ten-year options to purchase shares of the Corporation’s common stock were granted to
certain key employees in 1997 and 1998 in the form of market price options and premium price options. All options issued under this plan to persons
who were employees as of the Merger date vested. At December 31, 2001, approximately 11.8 million options were outstanding under this plan. No
further awards may be granted under this plan.
On October 1, 1996, BankAmerica adopted the BankAmerica Global Stock Option Program (BankAmerica Take Ownership!), which covered
substantially all associates. Options awarded under this plan vest in three equal installments beginning one year from the grant date and have a term
of five years after the grant date. At December 31, 2001, approximately 14.1 million options were outstanding under this plan. No further awards may
be granted under this plan.
Additional stock options assumed in connection with various acquisitions remain outstanding and are included in the tables below. No further
awards may be granted under these plans.
The following tables present the status of all plans at December 31, 2001, 2000 and 1999, and changes during the years then ended:
2001 2000 1999
Weighted- Weighted- Weighted-
Average Average Average
Exercise Exercise Exercise
(Option) (Option) (Option)
Employee Stock Options Shares Price Shares Price Shares Price
Outstanding at January 1 178,572,021 $54.45 156,205,635 $56.03 126,465,501 $ 51.01
Granted 53,067,079 50.45 49,318,536 48.44 68,341,012 61.30
Exercised (28,198,630) 40.86 (5,144,778) 30.68 (21,872,532) 38.45
Forfeited (18,890,454) 56.32 (21,807,372) 57.73 (16,728,346) 62.59
Outstanding at December 31 184,550,016 55.19 178,572,021 54.45 156,205,635 56.03
Options exercisable at December 31 94,753,943 57.94 98,092,637 53.56 85,753,568 49.97
Weighted-average fair value of options
granted during the year $10.36 $ 11.00 $13.88
2001 2000 1999
Weighted- Weighted- Weighted-
Average Average Average
Grant Grant Grant
Restricted Stock/Unit Awards Shares Price Shares Price Shares Price
Outstanding unvested grants at January 1 7,172,546 $63.37 13,027,337 $62.39 3,781,154 $61.85
Granted 3,844,384 51.21 652,724 48.50 11,413,497 61.99
Vested (4,223,770) 60.32 (6,111,163) 59.51 (1,732,513) 57.19
Canceled (201,414) 57.16 (396,352) 66.18 (434,801) 67.96
Outstanding unvested grants at December 31 6,591,746 $58.42 7,172,546 $63.37 13,027,337 $62.39
The following table summarizes information about stock options outstanding at December 31, 2001:
Outstanding Options Options Exercisable
Number Weighted-Average Number
Outstanding at Remaining Weighted-Average Exercisable at Weighted-Average
Range of Exercise Prices December 31 Contractual Life Exercise Price December 31 Exercise Price
$10.00-$30.00 10,012,213 2.9 years $23.35 10,012,213 $23.35
$30.01-$46.50 6,892,929 4.4 years 36.14 6,747,766 35.95
$46.51-$65.50 144,609,175 5.2 years 54.47 56,227,059 58.40
$65.51-$99.00 23,035,699 4.8 years 79.23 21,766,905 79.47
Total 184,550,016 5.0 years $ 55.19 94,753,943 $57.94