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Share Based Compensation (Tables)
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6 Months Ended |
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Jun. 30, 2011
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| Share-Based Compensation [Abstract] |
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| Weighted average assumptions used in the option pricing model |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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Assumptions
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Risk-free interest rate
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2.20 |
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2.83 |
% |
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2.35 |
% |
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2.90 |
% |
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Expected dividend yield
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0.61 |
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0.69 |
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0.59 |
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0.81 |
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Expected volatility of Huntington’s common stock
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30.0 |
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60.0 |
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31.3 |
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60.0 |
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Expected option term (years)
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6.0 |
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6.0 |
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6.0 |
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6.0 |
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Weighted-average grant date fair value per share
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$ |
2.05 |
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$ |
3.19 |
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$ |
2.20 |
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$ |
2.76 |
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| Share based compensation expense and related tax benefit |
The following table illustrates total share-based compensation expense and related tax benefit
for the three-month and six-month periods ended June 30, 2011 and 2010:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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| (dollar amounts in thousands) |
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2011 |
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2010 |
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2011 |
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2010 |
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Share-based compensation expense
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$ |
3,898 |
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$ |
3,676 |
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$ |
7,523 |
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$ |
6,609 |
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Tax (expense) benefit
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1,364 |
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1,287 |
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2,633 |
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2,313 |
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| Stock option activity and related information |
Huntington’s stock option activity and related information for the six-month period ended June
30, 2011, was as follows:
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Weighted- |
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Weighted- |
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Average |
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Average |
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Remaining |
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Aggregate |
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Exercise |
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Contractual |
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Intrinsic |
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| (amounts in thousands, except years and per share amounts) |
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Options |
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Price |
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Life (Years) |
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Value |
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Outstanding at January 1, 2011
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21,862 |
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$ |
15.96 |
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Granted
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128 |
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6.79 |
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Exercised
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(47 |
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4.21 |
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Forfeited/expired
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(1,362 |
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15.18 |
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Outstanding at June 30, 2011
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20,581 |
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$ |
15.98 |
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2.6 |
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$ |
7,576 |
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Vested and expected to vest at June 30, 2011 (1)
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20,322 |
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$ |
16.11 |
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2.6 |
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$ |
7,303 |
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Exercisable at June 30, 2011
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15,900 |
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$ |
19.07 |
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1.8 |
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$ |
2,329 |
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| (1) |
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The number of options expected to vest includes an estimate of expected forfeitures. |
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| Summary of restricted stock units and restricted stock awards |
The following table summarizes the status of Huntington’s restricted stock units and
restricted stock awards as of June 30, 2011, and activity for the six-month period ended June 30,
2011:
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Weighted- |
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Weighted- |
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Average |
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Average |
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Restricted |
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Grant Date |
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Restricted |
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Grant Date |
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Stock |
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Fair Value |
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Stock |
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Fair Value |
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| (amounts in thousands, except per share amounts) |
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Units |
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Per Share |
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Awards (1) |
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Per Share |
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Nonvested at January 1, 2011
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5,511 |
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$ |
5.78 |
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466 |
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$ |
5.24 |
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Granted
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697 |
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7.45 |
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— |
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— |
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Vested
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(42 |
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8.76 |
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(376 |
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5.72 |
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Forfeited
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(156 |
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6.04 |
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— |
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— |
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Nonvested at June 30, 2011
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6,010 |
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$ |
5.94 |
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90 |
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$ |
3.24 |
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| (1) |
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Includes restricted stock awards granted under the Second Amended and Restated 2007 Stock
and Long-Term Incentive Plan to certain executives as a portion of their annual base salary.
These awards are 100% vested as of the grant date and are not subject to any requirement of
future service. However, the shares are subject to restrictions regarding sale, transfer,
pledge, or disposition until certain conditions are met. All awards vested in the 2011 second
quarter. |
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