UNITED TECHNOLOGIES CORP /DE/ | 2013 | FY | 3


 
 
2013
 
2012
 
2011
Expected volatility
 
26% – 27%

 
30% – 35%

 
26% – 32%

Weighted-average volatility
 
27
%
 
30
%
 
26
%
Expected term (in years)
 
7.3 – 7.6

 
7.4 – 7.7

 
7.5 – 8.0

Expected dividends
 
2.6
%
 
2.3
%
 
2.4
%
Risk-free rate
 
0.1% – 1.9%

 
0.0% – 2.0%

 
0.1% – 3.5%

 
Stock Options
 
Stock Appreciation Rights
 
Performance Share Units
 
Other
Incentive
Shares/Units

(shares and units in thousands)
Shares

 
Average
Price*

 
Shares

 
Average
Price*

 
Units

 
Average
Price**

 
Outstanding at:
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
13,806

 
$
52.45

 
38,421

 
$
68.70

 
2,791

 
$
74.77

 
1,284

Granted
309

 
87.46

 
6,719

 
86.87

 
942

 
84.03

 
543

Exercised/earned
(7,840
)
 
49.40

 
(5,747
)
 
63.19

 
(886
)
 
71.80

 
(233
)
Cancelled
(36
)
 
75.04

 
(1,178
)
 
81.31

 
(146
)
 
78.63

 
(116
)
December 31, 2013
6,239

 
$
57.88

 
38,215

 
$
72.33

 
2,701

 
$
78.77

 
1,478

 
 
Equity Awards Vested and Expected to Vest
 
Equity Awards That Are Exercisable
(shares in thousands; aggregate intrinsic value in millions)
 
Awards

 
Average
Price*

 
Aggregate
Intrinsic
Value

 
Remaining
Term**

 
Awards

 
Average
Price*

 
Aggregate
Intrinsic
Value

 
Remaining
Term**

Stock Options/Stock Appreciation Rights
 
43,979

 
$
69.70

 
$
1,939

 
5.5

 
27,656

 
$
63.44

 
$
1,393

 
3.9

Performance Share Units/Restricted Stock
 
3,722

 

 
424

 
1.1

 
 
 
 
 
 
 
 

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