n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries the following table shows changes in the company 2019s stock options for the years ended december 31 , 2008 , 2007 , and number of options weighted average exercise price .
the weighted-average remaining contractual term was 5.8 years for the stock options outstanding and 4.6 years for the stock options exercisable at december 31 , 2008 . the total intrinsic value was approximately $ 66 million for stock options out- standing and $ 81 million for stock options exercisable at december 31 , 2008 . the weighted-average fair value for the stock options granted for the year ended december 31 , 2008 was $ 17.60 . the total intrinsic value for stock options exercised dur- ing the years ended december 31 , 2008 , 2007 , and 2006 , was approximately $ 54 million , $ 44 million , and $ 43 million , respectively . the amount of cash received during the year ended december 31 , 2008 , from the exercise of stock options was $ 97 million . restricted stock the company 2019s 2004 ltip also provides for grants of restricted stock . the company generally grants restricted stock with a 4-year vesting period , based on a graded vesting schedule . the restricted stock is granted at market close price on the date of grant . included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is a portion of the cost related to the unvested restricted stock granted in the years 2004 to 2008. .
Number of Options WeightedAverageExercise Price
Options outstanding, December 31, 2005 12,643,761 $36.53
Granted 1,505,215 $56.29
Exercised (1,982,560) $33.69
Forfeited (413,895) $39.71
Options outstanding, December 31, 2006 11,752,521 $39.43
Granted 1,549,091 $56.17
Exercised (1,830,004) $35.73
Forfeited (200,793) $51.66
Options outstanding, December 31, 2007 11,270,815 $42.12
Granted 1,612,507 $60.17
Exercised (2,650,733) $36.25
Forfeited (309,026) $54.31
Options outstanding, December 31, 2008 9,923,563 $46.24
number of options weightedaverageexercise price
options outstanding december 31 2005 12643761 $ 36.53
granted 1505215 $ 56.29
exercised -1982560 ( 1982560 ) $ 33.69
forfeited -413895 ( 413895 ) $ 39.71
options outstanding december 31 2006 11752521 $ 39.43
granted 1549091 $ 56.17
exercised -1830004 ( 1830004 ) $ 35.73
forfeited -200793 ( 200793 ) $ 51.66
options outstanding december 31 2007 11270815 $ 42.12
granted 1612507 $ 60.17
exercised -2650733 ( 2650733 ) $ 36.25
forfeited -309026 ( 309026 ) $ 54.31
options outstanding december 31 2008 9923563 $ 46.24
what is the percentage change in the balance of outstanding options from 2005 to 2008?