Bank of America 2011 Annual Report Download - page 246

244 Bank of America 2011
The ESPP allows eligible employees to invest from one percent
to 10 percent of eligible compensation to purchase the
Corporation’s common stock, subject to legal limits. Purchases
were made at a discount of five percent of the average high and
low market price on the relevant purchase date and the maximum
annual contribution per employee was $23,750 in 2011.
Approximately 107 million shares were authorized for issuance
under the ESPP in 2009. There were 6 million shares available at
December 31, 2011.
The weighted-average fair value of the ESPP stock purchase
rights representing the five percent discount on the Corporation’s
common stock purchases exercised by employees in 2011 was
$0.54 per stock purchase right.
Restricted Stock/Unit Details
The table below presents the status of the share-settled restricted
stock/units at December 31, 2011 and changes during 2011.
Restricted Stock/Unit Details
Outstanding at January 1, 2011
Granted
Vested
Canceled
Outstanding at December 31, 2011
Shares
212,072,669
138,083,421
(80,788,009)
(15,401,263)
253,966,818
Weighted-
average
Exercise Price
$ 13.37
14.49
14.90
13.99
$ 13.46
At December 31, 2011, there was $1.2 billion of total
unrecognized compensation cost related to share-based
compensation arrangements for all awards and it is expected to
be recognized over a period up to seven years, with a weighted
average period of 1.4 years. The total fair value of restricted stock
vested in 2011 was $1.7 billion. In 2011, the amount of cash paid
to settle equity-based awards was $489 million, which included
cash-settled RSUs not reflected in the Restricted Stock/Unit
Details table.
Stock Options
The table below presents the status of all option plans at
December 31, 2011 and changes during 2011. Outstanding
options at December 31, 2011 include 21 million options under
the Key Employee Stock Plan, 135 million options under the Key
Associate Stock Plan and 52 million options to employees of
predecessor company plans assumed in mergers.
Stock Options
Outstanding at January 1, 2011
Forfeited
Outstanding at December 31, 2011
Options exercisable at December 31, 2011
Options vested and expected to vest (1)
Options
261,122,819
(52,853,270)
208,269,549
208,259,354
208,269,549
Weighted-
average
Exercise Price
$ 50.61
65.12
46.93
46.93
46.93
(1) Includes vested shares and nonvested shares after a forfeiture rate is applied.
At December 31, 2011, there was no aggregate intrinsic value
of options outstanding, exercisable, and vested and expected to
vest. The weighted-average remaining contractual term of options
outstanding was 2.7 years, options exercisable was 2.6 years,
and options vested and expected to vest was 2.6 years at
December 31, 2011. These remaining contractual terms are
similar because options have not been granted since 2008 and
they generally vest over three years.