Blackberry 2001 Annual Report Download - page 31

>For the years ended February 28, 2001, February 29, 2000 and February 28, 1999
Share Capital
Common share
Common shares purchase warrants Total
Balance, February 28, 1998 $ 99,567 $ –$ 99,567
Exercise of options 49 –49
Financing costs (262) –(262)
Income tax reduction resulting from financing costs 519 –519
Balance, February 28, 1999 99,873 –99,873
Issued for cash 196,744 –196,744
Exercise of options 1,791 –1,791
Warrant issued –370 370
Financing costs (9,887) –(9,887)
Income tax reduction resulting from financing costs 4,370 –4,370
Balance, February 29, 2000 292,891 370 293,261
Public offering 610,664 –610,664
Exercise of options 4,887 –4,887
Financing costs (30,462) –(30,462)
Income tax reduction resulting from financing costs 12,664 –12,664
Balance, February 28, 2001 $ 890,644 $ 370 $ 891,014
During the year ended February 28, 2001 the Company issued 134,391 common shares in exchange for 139,000
common share purchase warrants and no cash consideration. During the year ended February 29, 2000, the
Company issued a common share purchase warrant which entitles the holder to acquire 75,000 common shares for
$20.83 each from August 17, 2000 to August 17, 2004. This transaction was a non-cash transaction. The
Company has determined that the fair value of the warrant was $370 using the Black-Scholes option pricing
model which assumes an expected life of one year, volatility of 60%, risk free interest rate of 4.5% and no
expected dividend yield.
(b) Stock option plan –The Company has an incentive stock option plan for all of its directors, officers and
employees. The option exercise price is the fair market value of the Company’s common shares at the date of
grant. These options vest over a period of five years after which they are exercisable for seven or ten years after
the grant date. As at February 28, 2001, there were 7,919,890 options outstanding with exercise prices ranging
from Cdn.$3.40 to Cdn.$179.00. Options issued and outstanding for 1,337,000 shares are vested. There are
4,438,460 shares available for future grants under the plan.
A summary of option activity since February 28, 1998 is shown below (in Canadian dollars):
Options Outstanding
Weighted average
Number (in 000’s) Range exercise price
Balance, February 28, 1998 4,231 $0.05 - $7.25 $ 3.68
Granted during the year 2,860 $5.00 - $13.40 $ 6.45
Exercised during the year (340) $0.05 - $6.25 $ 1.14
Cancelled during the year (268) $0.05 - $6.15 $ 6.10
Balance, February 28, 1999 6,483 $3.40 - $13.40 $ 4.87
Granted during the year 1,821 $11.55 - $101.00 $ 24.77
Exercised during the year (826) $3.40 - $13.85 $ 4.35
Cancelled during the year (235) $3.40 - $48.40 $ 7.49
Balance, February 29, 2000 7,243 $3.40 - $101.00 $ 10.73
Granted during the year 1,767 $35.45 - $179.00 $ 77.89
Exercised during the year (1,018) $3.40 - $74.85 $ 9.17
Cancelled during the year (72) $3.40 - $179.00 $ 56.47
Balance, February 28, 2001 7,920 $3.40 - $179.00 $ 25.32
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