Quarterly report pursuant to Section 13 or 15(d)

Share Based Compensation (Tables)

v2.3.0.15
Share Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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-month and nine-month periods ended September 30, 2011 and 2010.

      Three Months Ended     Nine Months Ended
      September 30,     September 30,
      2011       2010       2011       2010  
Assumptions                              
  Risk-free interest rate   1.97 %     2.14 %     1.97 %     2.31 %
  Expected dividend yield   2.64       0.63       2.62       0.67  
  Expected volatility of Huntington's common stock   30.0       32.5       30.0       38.6  
  Expected option term (years)   6.0       6.0       6.0       6.0  
                                 
Weighted-average grant date fair value per share $ 1.40     $ 2.05     $ 1.41     $ 2.21  
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 nine-month periods ended September 30, 2011 and 2010:

    Three Months Ended       Nine Months Ended  
    September 30,       September 30,  
(dollar amounts in thousands)   2011       2010       2011       2010  
Share-based compensation expense $ 6,463     $ 4,525     $ 13,986     $ 11,413  
Tax benefit   2,182       1,584       4,815       3,995  
Stock option activity and related information

Huntington's stock option activity and related information for the nine-month period ended September 30, 2011, was as follows:

                    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   10,625     6.03            
  Exercised   (99)     4.06            
  Forfeited/expired   (4,756)     19.02            
                           
Outstanding at September 30, 2011   27,632   $ 11.65     4.3   $ 1,614
                           
Vested and expected to vest at September 30, 2011 (1)   26,327   $ 11.94     4.2   $ 1,583
                           
Exercisable at September 30, 2011   14,160   $ 17.15     2.3   $ 959
(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 restricted stock awards as of September 30, 2011, and activity for the nine-month period ended September 30, 2011:

            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 3,775     6.27   ---     ---
  Vested (963)     5.97   (428)     5.43
  Forfeited (258)     6.33   (13)     3.11
Nonvested at September 30, 2011 8,065   $ 5.97   25   $ 3.11
                       
(1) 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.