Bank of America 2013 Annual Report Download - page 251

Bank of America 2013 249
The table below presents the status at December 31, 2013 of
the cash-settled RSUs granted under the Key Associate Stock Plan
and changes during 2013.
Cash-settled Restricted Units
Units
Outstanding at January 1, 2013 329,556,468
Granted 181,166,560
Vested (137,125,114)
Canceled (13,669,045)
Outstanding at December 31, 2013 359,928,869
At December 31, 2013, there was an estimated $1.9 billion of
total unrecognized compensation cost related to certain share-
based compensation awards that is expected to be recognized
over a period of up to four years, with a weighted-average period
of 1.3 years. The total fair value of restricted stock vested in 2013,
2012 and 2011 was $1.0 billion, $2.9 billion and $1.7 billion,
respectively. In 2013, 2012 and 2011 the amount of cash paid
to settle equity-based awards for all equity compensation plans
was $1.4 billion, $779 million and $489 million, respectively.
Stock Options
The table below presents the status of all option plans at
December 31, 2013 and changes during 2013. Outstanding
options at December 31, 2013 include 108 million options under
the Key Associate Stock Plan and 14 million options to employees
of predecessor company plans assumed in mergers.
Stock Options
Options
Weighted-
average
Exercise Price
Outstanding at January 1, 2013 154,923,623 $ 46.22
Forfeited (32,754,932) 38.73
Outstanding at December 31, 2013 122,168,691 48.23
Options vested and exercisable at
December 31, 2013 122,168,691 48.23
At December 31, 2013, there was no aggregate intrinsic value
of options outstanding, vested and exercisable. The weighted-
average remaining contractual term of options outstanding, vested
and exercisable was 1.9 years at December 31, 2013. These
remaining contractual terms are the same because options have
not been granted since 2008 and they generally vest over three
years.
NOTE 19 Income Taxes
The components of income tax expense (benefit) for 2013, 2012
and 2011 are presented in the table below.
Income Tax Expense (Benefit)
(Dollars in millions) 2013 2012 2011
Current income tax expense (benefit)
U.S. federal $ 180 $ 458 $ (733)
U.S. state and local 786 592 393
Non-U.S. 513 569 613
Total current expense 1,479 1,619 273
Deferred income tax expense (benefit)
U.S. federal 2,056 (3,433) (2,673)
U.S. state and local (94) (55) (584)
Non-U.S. 1,300 753 1,308
Total deferred expense (benefit) 3,262 (2,735) (1,949)
Total income tax expense (benefit) $ 4,741 $ (1,116) $ (1,676)
Total income tax expense (benefit) does not reflect the deferred
tax effects of unrealized gains and losses on AFS debt and
marketable equity securities, foreign currency translation
adjustments, derivatives and employee benefit plan adjustments
that are included in accumulated OCI. These tax effects resulted
in a benefit of $2.7 billion and $2.9 billion in 2013 and 2011,
respectively, and an expense of $1.3 billion in 2012 recorded in
accumulated OCI. In addition, total income tax expense (benefit)
does not reflect tax effects associated with the Corporation’s
employee stock plans which decreased common stock and
additional paid-in capital $128 million and $277 million in 2013
and 2012, and increased common stock and additional paid-in
capital $19 million in 2011.