Bank of America 2008 Annual Report Download - page 174
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outstanding under this plan. Approximately 18 million shares of restricted
stock and restricted stock units were granted in 2008. These shares of
restricted stock generally vest in three equal annual installments begin-
ning one year from the grant date.
The following table presents the status of all option plans at
December 31, 2008, and changes during 2008:
Employee stock options
Shares
Weighted
Average Exercise
Price
Outstanding at January 1, 2008
228,660,049
$ 39.49
Countrywide acquisition, July 1, 2008
9,062,914
150.99
Granted
17,123,312
42.70
Exercised
(7,900,507)
30.94
Forfeited
(14,516,711)
59.92
Outstanding at December 31, 2008 (1)
232,429,057
43.08
Options exercisable at December 31, 2008
186,430,678
41.87
Options vested and expected to vest
(2)
231,919,145
43.08
(1) Includes 53 million options under the Key Employee Stock Plan, 159 million options under the Key
Associate Stock Plan and 20 million options to employees of predecessor companies assumed in
mergers.
(2) Includes vested shares and nonvested shares after a forfeiture rate is applied.
At December 31, 2008, the Corporation had no aggregate intrinsic
value of options outstanding, exercisable, and vested and expected to
vest. The weighted average remaining contractual term of options out-
standing was 5.0 years, options exercisable was 4.2 years, and options
vested and expected to vest was 5.0 years at December 31, 2008.
The weighted average grant-date fair value of options granted in 2008,
2007 and 2006 was $8.92, $8.44 and $6.90, respectively. The total
intrinsic value of options exercised in 2008 was $54 million.
The following table presents the status of the restricted stock/unit
awards at December 31, 2008, and changes during 2008:
Restricted stock/unit awards
Shares
Weighted
Average Grant
Date Fair
Value
Outstanding at January 1, 2008
31,821,724
$48.80
Countrywide acquisition, July 1, 2008
718,152
23.81
Granted
17,856,372
41.97
Vested
(16,209,483)
47.16
Cancelled
(1,470,801)
46.31
Outstanding at December 31, 2008
32,715,964
45.45
At December 31, 2008, there was $610 million of total unrecognized
compensation cost related to share-based compensation arrangements
for all awards that is expected to be recognized over a weighted average
period of 0.88 years. The total fair value of restricted stock vested in
2008 was $657 million, of which $15 million related to restricted stock
acquired in connection with Countrywide and vested upon acquisition as a
result of change in control provisions. In 2008, the amount of cash used
to settle equity instruments was $39 million.
172
Bank of America 2008