|
Share Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Share-Based Compensation [Abstract] |
|
| Weighted average assumptions used in the option pricing model |
The following table illustrates the weighted average assumptions used in the option-pricing model for options granted in the three years ended December 31, 2011, 2010, and 2009.
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|
|
2011 |
|
|
|
2010 |
|
|
|
2009 |
|
| Assumptions |
|
|
|
|
|
|
|
|
|
|
|
| |
Risk-free interest rate |
|
1.95 |
% |
|
|
2.30 |
% |
|
|
2.70 |
% |
| |
Expected dividend yield |
|
2.63 |
|
|
|
0.68 |
|
|
|
0.96 |
|
| |
Expected volatility of Huntington's common stock |
|
30.0 |
|
|
|
38.5 |
|
|
|
51.8 |
|
| |
Expected option term (years) |
|
6.0 |
|
|
|
6.0 |
|
|
|
6.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
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| Weighted-average grant date fair value per share |
$ |
1.40 |
|
|
$ |
2.20 |
|
|
$ |
1.95 |
|
|
| Share based compensation expense and related tax benefit |
The following table illustrates total share-based compensation expense and related tax benefit for the three years ended December 31, 2011, 2010, and 2009:
| (dollar amounts in thousands) |
|
2011 |
|
|
|
2010 |
|
|
|
2009 |
|
| Share-based compensation expense |
$ |
19,666 |
|
|
$ |
15,453 |
|
|
$ |
8,492 |
|
| Tax benefit |
|
6,708 |
|
|
|
5,408 |
|
|
|
2,972 |
|
|
| Stock option activity and related information |
Huntington's stock option activity and related information for the year ended December 31, 2011, was as follows:
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|
|
|
|
|
|
|
Weighted- |
|
|
|
| |
|
|
|
|
Weighted- |
|
|
Average |
|
|
|
| |
|
|
|
|
Average |
|
|
Remaining |
|
|
Aggregate |
| |
|
|
|
|
Exercise |
|
|
Contractual |
|
|
Intrinsic |
| (amounts in thousands, except years and per share amounts) |
|
Options |
|
|
Price |
|
|
Life (Years)
|
|
|
Value |
| |
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at January 1, 2011 |
|
21,862 |
|
$ |
15.96 |
|
|
|
|
|
|
| Granted |
|
10,918 |
|
|
6.00 |
|
|
|
|
|
|
| Exercised |
|
(124) |
|
|
4.03 |
|
|
|
|
|
|
| Forfeited/expired |
|
(5,451) |
|
|
18.70 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2011 |
|
27,205 |
|
$ |
11.47 |
|
|
4.2 |
|
$ |
3,542 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Vested and expected to vest at December 31, 2011 (1) |
|
26,075 |
|
$ |
11.71 |
|
|
4.1 |
|
$ |
3,469 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Exercisable at December 31, 2011 |
|
13,649 |
|
$ |
17.03 |
|
|
2.1 |
|
$ |
1,968 |
| (1) The number of options expected to vest includes an estimate of expected forfeitures. |
|
| Summary of restricted stock units and restricted stock awards |
The following table summarizes the status of Huntington's restricted stock units and awards as of December 31, 2011, and activity for the year ended December 31, 2011:
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|
|
|
Weighted- |
|
|
|
|
Weighted- |
| |
|
|
|
Average |
|
|
|
|
Average |
| |
Restricted |
|
|
Grant Date |
|
Restricted |
|
|
Grant Date |
| |
Stock |
|
|
Fair Value |
|
Stock |
|
|
Fair Value |
| (amounts in thousands, except per share amounts) |
Units |
|
|
Per Share |
|
Awards (1) |
|
|
Per Share |
| Nonvested at January 1, 2011 |
5,511 |
|
$ |
5.78 |
|
466 |
|
$ |
5.24 |
| Granted |
3,886 |
|
|
6.24 |
|
--- |
|
|
--- |
| Vested |
(1,467) |
|
|
5.26 |
|
(453) |
|
|
5.31 |
| Forfeited |
(339) |
|
|
6.29 |
|
(13) |
|
|
3.11 |
| Nonvested at December 31, 2011 |
7,591 |
|
$ |
6.09 |
|
--- |
|
$ |
--- |
| |
|
|
|
|
|
|
|
|
|
| (1) Includes restricted stock awards granted under the 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. |
|
| Summary of options by exercise price range |
The following table presents additional information regarding options outstanding as of December 31, 2011
| (amounts in thousands, except years and per share amounts) |
Options Outstanding |
|
|
Exercisable Options |
| |
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Average |
|
|
Weighted- |
|
|
|
|
|
Weighted- |
| |
|
|
|
|
Remaining |
|
|
Average |
|
|
|
|
|
Average |
| Range of |
|
|
|
|
Contractual |
|
|
Exercise |
|
|
|
|
|
Exercise |
| Exercise Prices |
|
Shares |
|
|
Life (Years)
|
|
|
Price |
|
|
Shares |
|
|
Price |
| $1.28 to $5.39 |
|
3,312 |
|
|
4.8 |
|
$ |
4.42 |
|
|
1,539 |
|
$ |
4.21 |
| $5.40 to $6.02 |
|
10,489 |
|
|
6.5 |
|
|
6.01 |
|
|
78 |
|
|
5.66 |
| $6.03 to $20.00 |
|
6,299 |
|
|
2.8 |
|
|
12.34 |
|
|
4,927 |
|
|
14.01 |
| $20.01 to $24.65 |
|
7,105 |
|
|
1.6 |
|
|
22.03 |
|
|
7,105 |
|
|
22.03 |
| Total |
|
27,205 |
|
|
4.2 |
|
$ |
11.47 |
|
|
13,649 |
|
$ |
17.03 |
|