v2.4.0.6
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2011
Share-Based Compensation  
Assumptions used to estimate fair value of stock options

 

 

 
   December 31,  
Assumptions
  2011   2010   2009  

Expected option term (in years)

     5.39     5.43     5.14  

Expected dividend yield

     1.29 %   1.36 %   1.47 %

Expected volatility

     45.45 %   44.34 %   43.35 %

Risk-free interest rate

     2.48 %   2.56 %   2.31 %
Summary of stock option activity

 

 

Options
  Shares   Weighted-Average
Exercise Price 		  Weighted-Average
Remaining
Contractual Term 		  Aggregate
Intrinsic
Value 		 

(US$ in millions)

                          

Outstanding at January 1, 2011

     5,242,831   $ 57.34              

Granted

     1,016,025     71.20              

Exercised

     (682,560 )   33.76              

Forfeited or expired

     (161,649 )   72.82              
                         

Outstanding at December 31, 2011

     5,414,647   $ 62.45     5.85   $ 30  
                       

Exercisable at December 31, 2011

     3,699,962   $ 60.91     4.56   $ 29  
                       
Summary of restricted stock unit activity

 

 

Restricted Stock Units
  Shares   Weighted-Average
Grant-Date
Fair Value 		 

Restricted stock units at January 1, 2011 (1)

     1,134,753   $ 67.15  

Granted

     454,523     70.36  

Vested/issued (2)

     (214,006 )   93.42  

Forfeited/cancelled (2)

     (189,415 )   79.82  
             

Restricted stock units at December 31, 2011 (1)

     1,185,855   $ 61.62  
             
(1)
Excludes accrued unvested corresponding dividends, which are payable in shares upon vesting in Bunge's common shares. At December 31, 2011, there were 17,491 unvested corresponding dividends accrued. Accrued unvested corresponding dividends are revised upon non-achievement of performance targets.

(2)
During 2011, Bunge issued 214,006 common shares, net of common shares withheld to cover taxes, including related common shares representing accrued corresponding dividends, with a weighted-average fair value of $70.12 per share. In 2011, payment/issuance of 851 vested restricted stock units and related earned dividends were deferred by participants. As of December 31, 2011, Bunge has approximately 27,790 deferred common share units including common shares representing accrued corresponding dividends. During 2011, Bunge canceled in the aggregate approximately 187,323 shares related primarily to performance-based restricted stock unit awards that were withheld to cover payment of employee related taxes and performance-based restricted stock unit awards did not vest due to non-achievement of performance targets.