50 Eme r s on 2013 Ann u al R e por t Changes in shares subject to option during the year ended September 30 2013 follow average total average exercise price intrinsic value remaining shares in thousands per share shares of awards life years Beginning of year 4475 14603 Options granted 5170 639 Options exercised 3789 3377 Options canceled 4974 191 End of year 4703 11674 205 56 Exercisable at year end 4580 9038 170 50 The weightedaverage grant date fair value per option was 1012 753 and 1100 for 2013 2012 and 2011 respectively Cash received for option exercises was 104 in 2013 42 in 2012 and 65 in 2011 The total intrinsic value of options exercised was 66 38 and 49 in 2013 2012 and 2011 respectively and the actual tax beneft realized by the Company from tax deductions related to option exercises was 7 11 and 16 respectively The grant date fair value of options is estimated using the BlackScholes optionpricing model The weightedaverage assumptions used in valuations for 2013 2012 and 2011 follow riskfree interest rate based on US Treasury yields 12 percent 13 percent and 19 percent dividend yield 32 percent 37 percent and 26 percent and expected volatility based on historical volatility 28 percent 27 percent and 25 percent The expected life of each option awarded is 7 years based on historical experience and expected future exercise patterns Per F ormance s hares r estricted s tock and r estricted s tock u nits The Companys incentive shares plans include performance shares awards which distribute the value of common stock to key management employees subject to certain operating performance conditions and other restrictions Distribution is primarily in shares of common stock and partially in cash Compensation expense for performance shares is recognized over the service period based on the number of shares ultimately expected to be earned Performance shares awards are accounted for as liabilities in accordance with ASC 718 Compensation Stock Compensation with compensation expense adjusted at the end of each reporting period to refect the change in fair value of the awards As of September 30 2013 5201866 performance shares awarded primarily in 2010 were outstanding and contingent on the Company achieving its performance objectives and the provision of service by the employees The objectives for these shares were met at the 93 percent level at the end of 2013 or 4837739 shares Of these 2902647 shares will be distributed in early 2014 while 1935092 shares remain subject to employees providing one additional year of service Additionally 5118500 performance shares awarded in 2013 are outstanding and contingent on the Company achieving its performance objectives through 2016 and the provision of service by the employees As a result of the Company achieving its performance objectives at the 96 percent level at the end of 2010 for performance shares awarded primarily in 2007 and employees providing an additional year of service rights to receive 4777248 common shares vested and were distributed to participants in 2011 as follows 2841534 issued as shares 1661045 withheld for income taxes and the value of 274669 paid in cash Incentive shares plans also include restricted stock awards which involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years The fair value of restricted stock awards is determined based on the average of the high and low market prices of the Companys common stock on the date of grant with compensation expense recognized ratably over the applicable service period In 2013 390000 shares of restricted stock vested as a result of participants fulflling the applicable service requirements Consequently 231983 shares were issued while 158017 shares were withheld for income taxes in accordance with minimum withholding requirements As of September 30 2013 there were 1275000 shares of unvested restricted stock outstanding Changes in shares outstanding but not yet earned under the incentive shares plans during the year ended September 30 2013 follow a v e r a g e g r a n t d a t e shares in thousands shares f a i r v a l u e p e r s h a r e Beginning of year 6799 3955 Granted 5532 4825 Earnedvested 390 3315 Canceled 710 4275 End of year 11231 4386