A, How many options are outstanding at 12/31/16? B, What is the weighted average
ID: 2510312 • Letter: A
Question
A, How many options are outstanding at 12/31/16?B, What is the weighted average exercise price of all outstanding options at 12/31/16? What does BOKF report is the total (“aggregate”) intrinsic value of outstanding options at 12/31/16?
C, Check BOKF’s current stock price (“BOKF” on NASDAQ). Report the stock price and the date checked. Using the current stock price and the weighted average exercise price of all outstanding options (answer to above), calculate the current aggregate intrinsic value of the outstanding options (assuming they all still exist and are now all exercisable). Show your work. Is this an increase or decrease over the amount reported at 12/31/16? (12) Share-Based Compensation Plans The sharcholders and Board of Directors of BOK Financial have approved various share-based compensation plans. An independent compensation committee of the Board of Directors determines the number of awards granted to the Chict Executive Olficer and other senior executives. Share-based compensation is granted to other officers and employees as determined by the Chief Executive Officer The following table presents stock options outstanding during 2016, 2015 and 2014 under these plans (in thousands, except for per share data): Average Exerche gate Price Valee Options outstanding at December 31, 2013 Options awarded Options exercised Options foricited Options expired Options outstanding at December 31, 2014 Options awarded Options exercised Options forfened Options expired Options outstanding at December 31, 2015 Optieas awarded Optieas exercised Options ferfeited Optieas expired Optiens outstanding at December 31, 2016 Optiens vested at: (323,004) (15,509) (2.701) 793.891 9.17 45.7 47.98 8,725 (286,678) 7.86 48.90 480,035 49.75 4,821 (249,404) 47.60 5544 53.43 51.95 S (8,009) 6,793 December 31, 2014 Docember 31.201S December 31, 2016 47,633 48KS S 3,889 243.395 93,117 48.17 2,829 The following table summarizcs information concerning currently outstanding and vested stock options Options Vested Welghted Welghted Average Wihted Remmaining Average Number Centractual Eercise Weighted Average Average Remaining Exercise Centractual Exercise Outstasding Life (years) Price Price 36,722 6906 21,138 Life (years) 1.45 1.57 S36.65 48.30 36,722 14.208 36.65 48.30 36.65 48.30 4.33 55,74 55.94 58.76 232 21,138 081 ,628003 $1,570 4.2 3.08 42,4583.62 54.33 55.74 55.94 38.76 54,33 0.03 55.74 2.03 55.94 12.260 1.72 58.76 1.70 The aggregate intrinsic value of options exercisod was $6.2 million for 2016, $5.1 mallion for 2015 and S5.5 million for 2014. 145
Explanation / Answer
A, How many options are outstanding at 12/31/16?
Answer: 218,524
B, What is the weighted average exercise price of all outstanding options at 12/31/16? What does BOKF report is the total (“aggregate”) intrinsic value of outstanding options at 12/31/16?
Answer:
Weighted average price for options outstanding at 31 December 2016 is $51.95
Aggregate intrinsic value of outstanding options at 31 December 2016 is $6,793 millions
C, Check BOKF’s current stock price (“BOKF” on NASDAQ). Report the stock price and the date checked. Using the current stock price and the weighted average exercise price of all outstanding options (answer to above), calculate the current aggregate intrinsic value of the outstanding options (assuming they all still exist and are now all exercisable). Show your work. Is this an increase or decrease over the amount reported at 12/31/16?
Current stock price as on 12/31/2017 = 92.32
Number of shares outstanding
Current stock price
Weighted average exercise price
Intrinsic value
36,722
92.32
36.65
55.67
14,208
92.32
48.30
44.02
21,138
92.32
48.46
43.86
3,628
92.32
54.33
37.99
51,570
92.32
55.74
36.58
48,800
92.32
55.94
36.38
42,458
92.32
58.76
33.56
Number of shares outstanding
Current stock price
Weighted average exercise price
Intrinsic value
36,722
92.32
36.65
55.67
14,208
92.32
48.30
44.02
21,138
92.32
48.46
43.86
3,628
92.32
54.33
37.99
51,570
92.32
55.74
36.58
48,800
92.32
55.94
36.38
42,458
92.32
58.76
33.56
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