Bank of America 2002 Annual Report Download - page 106

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104 BANK OF AMERICA 2002
The following tables present the status of all plans at December 31, 2002, 2001 and 2000, and changes during the years then ended:
2002 2001 2000
Weighted- Weighted- Weighted-
Average Average Average
Exercise Exercise Exercise
Employee Stock Options Shares Price Shares Price Shares Price
Outstanding at January 1 184,550,016 $55.19 178,572,021 $54.45 156,205,635 $56.03
Granted 85,835,715 61.45 53,067,079 50.45 49,318,536 48.44
Exercised (49,058,178) 52.40 (28,198,630) 40.86 (5,144,778) 30.68
Forfeited (15,603,903) 58.74 (18,890,454) 56.32 (21,807,372) 57.73
Outstanding at December 31 205,723,650 58.19 184,550,016 55.19 178,572,021 54.45
Options exercisable at December 31 89,575,970 59.02 94,753,943 57.94 98,092,637 53.56
Weighted-average fair value of
options granted during the year $12.41 $10.36 $11.00
2002 2001 2000
Weighted- Weighted- Weighted-
Average Average Average
Restricted Stock/Unit Awards Shares Grant Price Shares Grant Price Shares Grant Price
Outstanding unvested grants at January 1 6,591,746 $58.42 7,172,546 $63.37 13,027,337 $62.39
Granted 4,766,377 61.13 3,844,384 51.21 652,724 48.50
Vested (3,381,873) 56.87 (4,223,770) 60.32 (6,111,163) 59.51
Canceled (136,277) 58.95 (201,414) 57.16 (396,352) 66.18
Outstanding unvested grants at December 31 7,839,973 $60.73 6,591,746 $58.42 7,172,546 $63.37
Other Plans
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. At December 31,
2002, all options were fully vested and approximately 12.0 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 fur-
ther 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 certain persons who were employees as of the
merger date vested. At December 31, 2002, approximately 11.4 million
options were outstanding under this plan. No further awards may be
granted under this plan.
Under the Barnett Employee Stock Option Plan, ten-year
options to purchase a predetermined number of shares of the
Corporation’s common stock were granted to all associates below a
specified executive grade level in 1997. All options are non-qualified
and have an exercise price equal to the fair market value on the grant
date. At December 31, 2002, all options were fully vested. In addition,
the options continue to be exercisable following termination of
employment under certain circumstances. At December 31, 2002,
approximately 161,000 options were outstanding under this plan.
On October 1, 1996, BankAmerica adopted the BankAmerica
Take Ownership!, which covered substantially all associates. Options
awarded under this plan expire five years after the grant date. At
December 31, 2002, all options were fully vested and approximately
4.9 million options were outstanding under this plan. No further
awards may be granted under this plan.
Additional stock option plans assumed in connection with vari-
ous acquisitions remain outstanding and are included in the following
tables. No further awards may be granted under these plans.