161 / 188
The following table summarizes stock option activity.
(In thousands of shares)
Stock
Option
Shares
Weighted-Average
Exercise Price
Per Share
Outstanding at December 31, 2013
9,980
$ 47.03
Granted in 2014
678
61.81
Canceled in 2014
(115)
52.01
Exercised in 2014
(1,236)
41.04
Outstanding at December 31, 2014
9,307
48.84
Granted in 2015
855
61.47
Canceled in 2015
(231)
55.70
Exercised in 2015
(2,013)
45.15
Outstanding at December 31, 2015
7,918
50.94
Granted in 2016
664
61.39
Canceled in 2016
(181)
55.63
Exercised in 2016
(2,061)
48.91
Outstanding at December 31, 2016
6,340
$ 52.56
(In thousands of shares)
2016
2015
2014
Shares exercisable, end of year
4,493
6,085
7,497
The following table summarizes information about stock options outstanding and exercisable at December 31, 2016.
(In thousands of shares)
Options Outstanding
Options Exercisable
Range of
Exercise Prices
Per Share
Stock Option
Shares
Outstanding
Wgtd.-Avg.
Remaining
Contractual
Life (Yrs.)
Wgtd.-Avg.
Exercise
Price
Per Share
Stock Option
Shares
Exercisable
Wgtd.-Avg.
Exercise
Price
Per Share
$ 14.99 - $ 47.06
1,639
3.0
$ 36.38
1,639
$ 36.38
47.23 -
55.72
1,348
3.8
51.11
1,348
51.11
56.24 -
61.45
1,706
7.0
59.05
632
57.92
61.81 -
63.16
1,322
4.1
62.10
802
61.87
63.34 -
72.42
325
8.5
67.36
72
67.50
$ 14.99 - $ 72.42
6,340
4.8
$ 52.56
4,493
$ 48.88
The aggregate intrinsic value represents the difference between the exercise price of the stock options and the quoted
closing common stock price of $69.60 as of December 31, 2016, for those awards that have an exercise price currently
below the closing price. As of December 31, 2016, the aggregate intrinsic value of stock options outstanding was $108
million, with a weighted-average remaining term of 4.8 years. The aggregate intrinsic value of stock options exercisable at
that same date was $93 million, with a weighted-average remaining term of 3.3 years.
The following table summarizes stock option activity during the years ended December 31.
(In millions)
2016
2015
2014
Total intrinsic value of options exercised
$ 41
$ 36
$ 25
Cash received from options exercised
68
68
39
Tax benefit realized as a result of options exercised and
restricted stock releases
45
25
17
The value of restricted stock awards is based on the fair market value of our common stock at the date of grant. The
following table summarizes restricted stock activity during the years ended December 31.
154