3M 2012 Annual Report Download - page 120
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114
The following table summarizes performance share activity during the twelve months ended December 31, 2012:
2012
2011
2010
Weighted
Average
Weighted
Average
Weighted
Average
Number of
Grant Date
Number of
Grant Date
Number of
Grant Date
Awards
Fair Value
Awards
Fair Value
Awards
Fair Value
Undistributed balance —
As of January 1
878,872
$
78.55
760,645
$
73.99
-
$
-
Granted
467,531
81.55
415,024
84.58
370,575
74.46
Distributed
(206,410)
72.77
-
-
Performance change
(178,838)
81.27
(39,323)
82.10
396,390
73.55
Forfeited
(78,481)
80.21
(51,064)
80.20
(6,320)
73.92
As of December 31
1,089,084
$
79.27
878,872
$ 78.55
760,645
$ 73.99
As of December 31, 2012, there was $11 million of compensation expense that has yet to be recognized related to
performance shares. This expense is expected to be recognized over the remaining weighted-average earnings period of
11 months. There were no performance shares distributed or related tax benefits realized during the twelve months ended
December 31, 2012 and 2010. For the twelve months ended December 31, 2011, the total fair value of performance
shares that were distributed was $18 million and actual tax benefits realized for the tax deductions related to the
distribution of performance shares was $5 million.
General Employees’ Stock Purchase Plan (GESPP):
In May 2012, shareholders approved an additional 30 million shares for issuance under the Company’s GESPP,
increasing the number of approved shares to 60 million shares. Substantially all employees are eligible to participate in
the plan. Participants are granted options at 85% of market value at the date of grant. There are no GESPP shares under
option at the beginning or end of each year because options are granted on the first business day and exercised on the
last business day of the same month.
General Employees' Stock Purchase Plan
2012
2011
2010
Weighted
Weighted
Weighted
Average
Average
Average
Shares
Exercise Price
Shares
Exercise Price
Shares
Exercise Price
Options granted
1,455,545
$
75.32
1,433,609
$
73.67
1,325,579
$
70.57
Options exercised
(1,455,545)
75.32
(1,433,609)
73.67
(1,325,579)
70.57
Shares available for grant -
December 31
31,445,207
2,900,751
4,334,360
The weighted-average fair value per option granted during 2012, 2011 and 2010 was $13.29, $13.00 and $12.45,
respectively. The fair value of GESPP options was based on the 15% purchase price discount. The Company recognized
compensation expense for GESSP options of $19 million in 2012, $19 million in 2011 and $17 million in 2010.
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