RBS 2003 Annual Report Download - page 196

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Notes on the accounts continued
Notes on the accounts
53 Significant differences between UK and US generally accepted accounting principles (continued)
The following is a summary of outstanding options under the various schemes:
Savings scheme Executive scheme Option 2000 scheme Total
Number Weighted Number Weighted Number Weighted Number Weighted
of average of average of average of average
options exercise price options exercise price options exercise price options exercise price
000’s pence 000’s pence 000’s pence 000’s pence
At 1 January 2001 58,841 666 15,797 768 14,876 1240 89,514 779
Granted 9,581 1364 1,941 1714 13,412 1563 24,934 1498
Exercised (13,465) 427 (5,217) 599 (1) 1240 (18,683) 475
Forfeited (3,353) 1112 (488) 715 (1,703) 1302 (5,544) 1135
At 31 December 2001 51,604 829 12,033 996 26,584 1399 90,221 1019
Granted 12,419 1235 2,096 1810 620 1841 15,135 1339
Exercised (12,112) 493 (3,160) 729 (5) 1380 (15,277) 542
Forfeited (2,271) 1025 (145) 940 (1,313) 1419 (3,729) 1160
At 31 December 2002 49,640 1003 10,824 1232 25,886 1409 86,350 1153
Granted 9,100 1307 4,073 1347 1,363 1590 14,536 1345
Exercised (11,902) 747 (1,299) 798 (6,380) 1240 (19,581) 911
Forfeited (2,715) 1117 (76) 1251 (1,603) 1459 (4,394) 1244
At 31 December 2003 44,123 1128 13,522 1308 19,266 1474 76,911 1246
In 2003, awards totalling 341,269 options (2002 – 59,869; 2001 – 91,742) with negligible exercise prices and 59,525 shares (2002 and
2001 – nil) were made under the Group’s medium-term performance plan. Under the plan, the amount of shares or options that vest
ranges from nil to 200% of the award depending on the annual growth in the Group’s earnings per share and its performance relative to
that of a comparator group of companies principally from the UK financial services sector.
The following table shows options outstanding by normal exercise date. An option life of 5 years, being the midpoint on the 10 year
option, has been assumed for options granted under Group and former NatWest executive plans.
2003 2002 2001
Weighted Weighted Weighted
Number of average Number of average Number of average
options exercise price options exercise price options exercise price
Year exercisable 000’s pence 000’s pence 000’s pence
2002 — — — — 14,500 475
2003 — — 27,769 963 28,238 987
2004 31,817 1188 25,553 1226 28,498 1215
2005 14,081 1112 15,473 1118 10,320 1012
2006 11,822 1421 6,924 1447 7,237 1443
2007 8,785 1351 9,265 1343 874 985
2008 9,110 1328 494 1364 554 1364
2009 809 1235 872 1235 — —
2010 487 1307 ————
Total 76,911 1246 86,350 1153 90,221 1019