Blackberry 2004 Annual Report Download - page 50

48
Research In Motion Limited • Incorporated Under the Laws of Ontario (In thousands of United States dollars, except per share data, and except as otherwise indicated)
On January 22, 2004 the Company completed a
public share issue of 12.1 million common shares
for proceeds of $905,240, net of related issue costs
of $39,629.
During fiscal 2004, the Company’s share purchase
warrants were redeemed and converted into common
shares.
On October 3, 2002 the Company’s Board of Directors
approved the purchase during the subsequent
12 months of up to as many as 3.8 million common
shares, which approximated 5% of the common
shares outstanding at that date. All common shares
purchased by RIM have been cancelled. No shares
have been re-purchased under this Common Share
Purchase Program during fiscal 2004.
During the year ended March 1, 2003 the Company
repurchased 1.9 million common shares pursuant to
its Common Share Purchase Program at a cost of
$24,502. The amount paid in excess of the carrying
value of the common shares of $2,974 was charged
to retained earnings. All common shares repurchased
by the Company pursuant to its Common Share
Purchase Program have been cancelled.
During the year ended March 2, 2002 the Company
repurchased 370 common shares pursuant to its
Common Share Purchase Program at a cost of
$5,525. The amount in excess of the carrying value
of the common shares of $1,445 was charged to
retained earnings. All common shares repurchased
by the Company pursuant to its Common Share
Purchase Program have been cancelled.
(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 generally vest over a period of five
years after which they are exercisable for a
maximum of ten years after the grant date. The
Company’s shareholders approved the reconstitution
of the stock option plan at the Annual General
Meeting on August 12, 2002. The reconstitution
increased the number of common shares available
for the grant of options by 2,756. As at February
28, 2004, there were 8,009 options outstanding
with exercise prices ranging from $2.43 to $119.80.
Options issued and outstanding for 2,640 shares are
vested as at February 28, 2004 and there are 3,040
shares available for future grants under the plan.
A summary of option activity since February 28, 2001 is shown below:
Options Outstanding
Weighted
Number average
(in 000’s) exercise price
Balance as at February 28, 2001 7,920 $17.04
Granted during the year 2,978 $ 21.83
Exercised during the year (515) $3.71
Forfeited during the year (297) $ 27.92
Balance as at March 2, 2002 10,086 $ 18.81
Granted during the year 956 $ 16.41
Exercised during the year (320) $ 3.88
Forfeited during the year (621) $ 31.35
Balance as at March 1, 2003 10,101 $18.29
Granted during the year 1,574 $30.34
Exercised during the year (3,129) $ 14.12
Forfeited during the year (537) $27.95
Balance as at February 28, 2004 8,009 $ 21.64