Avid 1997 Annual Report Download - page 44

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37
earnings per share detailed in the table above, is approximately $499,000, $626,000, and $837,000 for 1997, 1996, and
1995, respectively.
The effects of applying SFAS No. 123 for the purposes of pro forma disclosures may not be indicative of the effects on
reported net income (loss) and net income (loss) per share for future years, as the pro forma disclosures include the effects of
only those awards granted after January 1, 1995.
Information with respect to options granted under all stock option plans is as follows:
1997 1996 1995
Shares
Wtd Avg.
Price
Per Share Shares
Wtd Avg.
Price
Per Share Shares
Wtd Avg.
Price
Per Share
Options outstanding at beginning
of year January 1, 3,547,356 $16.18 2,986,595 $21.59 2,956,569
Granted, at fair value 1,243,950 $14.77 2,273,398 $17.01 1,105,040 $33.60
Exercised (758,298) $13.23 (260,055) $4.56 (741,313) $8.03
Canceled (459,481) $17.17 (1,452,582) $30.55 (333,701) $26.26
Options outstanding at end of year
December 31, 3,573,527 $16.09 3,547,356 $16.18 2,986,595 $21.59
Options exercisable at December 31, 1,338,726 $16.04 1,237,924 $13.71 999,602 $12.76
Options available for future grant at
December 31, 674,296 866,759 821,801
Weighted average fair value of
options granted during the year $7.46 $6.93 $15.59
The following table summarizes information about stock options outstanding at December 31, 1997:
Options Outstanding Options Exercisable
Range of
Exercise Prices Number
Outstanding
Weighted-Average
Remaining
Contractual Life Weighted-Average
Exercise Price Number
Exercisable Weighted-Average
Exercise Price
$0.0100 to $13.0000 1,220,057 7.82 $10.4889 354,883 $8.3389
$13.1875 to $15.3125 271,419 8.74 $14.2218 77,918 $14.2806
$15.6250 to $16.5000 978,908 8.19 $16.4563 398,770 $16.4632
$16.6875 to $19.6250 504,340 7.66 $18.8271 278,099 $18.4287
$19.7500 to $46.7500 598,803 8.20 $25.4678 229,056 $24.9226
$0.0100 to $46.7500 3,573,527 8.03 $16.0938 1,338,726 $16.0379
On February 12, 1996, the Board of Directors authorized that all options under the 1994 Stock Option Plan at an exercise
price greater or equal to $28.48 would be eligible to be exchanged for options with an exercise price at the then fair market
value of $16.50 per share and a first vest date of February 21, 1997. This cancellation and reissuance of stock options
affected approximately 860,000 options.