Air Canada 2007 Annual Report Download - page 116

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2007 Air Canada Annual Report
116
A summary of the activity related to Air Canada employees participating in the ACE stock option plan is as follows:
2007 2006
Options (000)
Weighted
Average Exercise
Price/Share Options (000)
Weighted
Average Exercise
Price/Share
Beginning of year 1,610 $ 24.42 1,550 $ 24.37
Granted - - 26 34.78
Exercised (20 ) 18.70 (80 ) 20.00
Forfeited - - (30 ) 20.00
Outstanding options, prior to special distribution
January 10, 2007 (March 3, 2006) 1,590 24.49
1,466 24.88
Adjustment - ACE special distribution (a) 386 - 101
Outstanding options, after special distribution (a) 1,976 19.71 1,567 23.26
Granted - - 160 32.08
Exercised (410 ) 17.15 (96 ) 19.07
Forfeited (2 ) 26.16 (21 ) 20.73
Outstanding options, prior to special distribution
March 14, 2007 1,564 20.37 1,610 24.42
Adjustment - ACE special distribution (a) 272 - - -
Outstanding options, after special distribution (a) 1,836 17.35 1,610 24.42
Granted - - - -
Exercised (10 ) 18.53 - -
Forfeited (123 ) 26.00 - -
Outstanding options, prior to special distribution
May 24, 2007
1,703 16.73
1,610 24.42
Adjustment - ACE special distribution (a) 270 - - -
Outstanding options, after special distribution (a) 1,973 14.43 1,610 24.42
Granted - - - -
Exercised (1,433 ) 13.12 - -
Forfeited (216 ) 20.95 - -
Outstanding options, end of year 324 $ 15.90 1,610 $ 24.42
Options exercisable, end of year 324 $ 15.90 291 $ 24.27
(a) In accordance with the terms of the ACE stock option plan, each distribution of Aeroplan and Jazz units by ACE
during 2007 and 2006 triggered an adjustment to the weighted average exercise price and the number of options
outstanding. Effective on the applicable dates of the distributions, the adjustments were applied to all unexercised
ACE stock options held by Air Canada employees, whether vested or not.