LabCorp 2015 Annual Report Download - page 110
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Index
The following table summarizes grants of non-qualified options made by the Company to officers, key employees, and non-employee directors under all
plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Also, for each grant,
options vest ratably over a period of three years on the anniversaries of the grant date, subject to their earlier expiration or termination.
Changes in options outstanding under the plans for the period indicated were as follows:
Number of
Options
Weighted-Average
Exercise Price
per Option
Weighted-Average
Remaining
Contractual Term
Aggregate
Intrinsic
Value
Outstanding at December 31, 2014 3.3
$ 81.07
Granted —
—
Exercised (1.0)
80.88
Cancelled —
—
Outstanding at December 31, 2015 2.3
$ 81.14
5.0
$ 95.9
Vested and expected to vest at December 31, 2015 2.3
$ 81.14
5.0
$ 95.9
Exercisable at December 31, 2015 2.3
$ 81.14
5.0
$ 95.9
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on
the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders
had all option holders exercised their options on December 31, 2015. The amount of intrinsic value will change based on the fair market value of the
Company’s stock.
Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options
exercised from option exercises under all share-based payment arrangements during the years ended December 31, 2015, 2014, and 2013 were as follows:
2015
2014
2013
Cash received by the Company $ 82.6
$ 98.5
$ 158.0
Tax benefits realized $ 16.2
$ 12.3
$ 21.3
Aggregate intrinsic value $ 42.2
$ 32.1
$ 55.4
The following table summarizes information concerning currently outstanding and exercisable options.
Options Outstanding
Options Exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted Average
Number
Exercisable
Weighted
Average
Exercise
Price
Remaining
Contractual
Life
Average
Exercise
Price
$ 6.80 - 59.37
0.0
0.3
$59.37
—
$59.37
$59.38 - 67.60
0.2
3.1
$60.35
0.2
$60.35
$67.61 - 75.63
0.6
3.7
$71.63
0.6
$71.63
$75.64 - 80.37
0.1
2.2
$79.59
0.1
$79.59
$80.38 - 98.49
1.4
5.8
$87.48
1.4
$87.48
2.3
5.0
$81.14
2.3
$81.14
The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions
that the Company used to develop the fair value estimates:
F-30