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EQR » Topics » F-36

This excerpt taken from the EQR 8-K filed Dec 15, 2008.

F-36

 

(1) The aggregate intrinsic value of options exercised during the years ended December 31, 2007 and 2006 was $13.7 million and $58.0 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.
(2) The weighted average grant date fair value for Options granted during the years ended December 31, 2007, 2006 and 2005 was $6.26 per share, $4.22 per share and $2.64 per share, respectively.

The following table summarizes information regarding options outstanding and exercisable at December 31, 2007:

 

Range of Exercise Prices

    Options Outstanding (1)    Options Exercisable (2)
   Options    Weighted
Average
Remaining
Contractual
Life in Years		    Weighted
Average
Exercise
Price		    Options    Weighted
Average
Exercise
Price

$16.05 to $21.40

    817,375    1.53    $ 20.55    817,375    $ 20.55

$21.41 to $26.75

    1,614,905    3.95    $ 24.35    1,614,905    $ 24.35

$26.76 to $32.10

    4,297,841    5.73    $ 29.61    3,820,364    $ 29.34

$32.11 to $37.45

    26,047    6.75    $ 32.54    25,573    $ 32.46

$37.46 to $42.80

    1,481,288    7.98    $ 42.12    709,326    $ 41.48

$42.81 to $48.15

    3,992    8.51    $ 45.33    2,661    $ 45.33

$48.16 to $53.50

    943,693    8.96    $ 53.50    10,018    $ 53.50
                            

$16.05 to $53.50

    9,185,141    5.74    $ 32.37    7,000,222    $ 28.45
                            

Vested and expected to vest as of December 31, 2007

    8,980,625    5.72    $ 31.96      
                      

 

(1) The aggregate intrinsic value of both options outstanding and options vested and expected to vest as of December 31, 2007 is $62.2 million.
(2) The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2007 is $59.9 million and 5.0 years, respectively.
Note:  The aggregate intrinsic values in Notes (1) and (2) above were both calculated as the excess between the Company’s closing share price of $36.47 per share on December 31, 2007 and the strike price of the underlying awards.

As of December 31, 2006 and 2005, 6,567,868 Options (with a weighted average exercise price of $26.87) and 6,940,065 Options (with a weighted average exercise price of $25.65) were exercisable, respectively.

 

15. Employee Plans

The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of the Company. In 2003, the Company’s shareholders approved an increase in the aggregate number of Common Shares available under the ESPP to 7,000,000 (from 2,000,000). The Company has 4,081,688 Common Shares available for purchase under the ESPP at December 31, 2007. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP:

 

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