Nokia 2007 Annual Report Download - page 193
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22. Sharebased payment (Continued)
Number of
shares
Weighted average
exercise price
(2)
Weighted average
share price
(2)
EUR EUR
Shares under option at December 31, 2006 .... 93 285 229 16.28
Granted ................................... 3211965 18.48
Exercised .................................. 57776205 16.99 21.75
Forfeited .................................. 1992666 15.13
Expired ................................... 1161096 17.83
Shares under option at December 31, 2007 .... 35 567 227 15.28
Options exercisable at December 31, 2004
(shares) ................................. 83667122 26.18
Options exercisable at December 31, 2005
(shares) ................................. 112095407 25.33
Options exercisable at December 31, 2006
(shares) ................................. 69721916 16.65
Options exercisable at December 31, 2007
(shares) ................................. 21 535 000 14.66
(1)
Includes also a minor number of stock options granted under other than global equity plans. For
further information see “Other equity plans for employees” below.
(2)
The weighted average exercise price and the weighted average share price do not incorporate the
effect of transferable stock option exercises by option holders not employed by the Group.
The weighted average grant date fair value of stock options granted was EUR 3.32 in 2007, EUR 3.65
in 2006 and EUR 2.45 in 2005.
The options outstanding by range of exercise price at December 31, 2007 are as follows:
Exercise prices
EUR
Number of
shares
Weighted average
remaining
contractual life
in years
Weighted average
exercise price EUR
Options outstanding
0.75 11.96 . ............ 4140394 2.60 11.10
12.06 14.48 ............ 5939886 2.99 12.84
14.95 17.61 ............ 13805227 1.10 14.97
18.02 38.34 ............ 11681720 4.21 18.36
35 567 227
Nokia calculates the fair value of stock options using the Black Scholes model. The fair value of the
stock options is estimated at the grant date using the following assumptions:
2007 2006 2005
Weighted average expected dividend yield....... 2.30% 2.08% 2.50%
Weighted average expected volatility ........... 25.24% 24.09% 25.92%
Riskfree interest rate ....................... 3.79% 4.19% 2.86% 3.75% 2.16% 3.09%
Weighted average riskfree interest rate......... 4.09% 3.62% 2.60%
Expected life (years) ......................... 3.59 3.60 3.59
Weighted average share price, EUR ............. 18.49 17.84 13.20
F50
Notes to the Consolidated Financial Statements (Continued)