CarMax 2000 Annual Report Download - page 61

CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT 59
CIRCUIT CITY GROUP
TABLE 1 2000 1999 1998
Weighted Average Weighted Average Weighted Average
(Shares in thousands) Shares Exercise Price Shares Exercise Price Shares Exercise Price
Outstanding at beginning of year.................. 8,894 $18.25 9,988 $16.00 9,656 $14.88
Granted.......................................................... 1,564 40.75 1,080 21.17 1,452 17.61
Exercised........................................................ (2,864) 12.65 (2,008) 8.77 (966) 7.50
Cancelled ....................................................... (214) 22.06 (166) 16.80 (154) 14.71
Outstanding at end of year ............................ 7,380 $25.07 8,894 $18.25 9,988 $16.00
Options exercisable at end of year ................. 1,258 $13.89 2,966 $12.02 3,508 $ 9.84
TABLE 2 Options Outstanding Options Exercisable
Weighted Average
(Shares in thousands) Number Remaining Weighted Average Number Weighted Average
Range of Exercise Prices Outstanding Contractual Life Exercise Price Exercisable Exercise Price
$ 9.09 to 14.75 ........................................................... 1,723 3.9 $13.51 883 $12.33
15.18 to 18.00............................................................ 1,176 4.0 17.31 288 16.74
18.43 to 25.28............................................................ 958 4.7 21.12 87 20.43
29.50 ......................................................................... 2,000 2.1 29.50 – –
34.63 to 47.53............................................................ 1,523 6.0 40.81 – –
Total ............................................................................. 7,380 4.0 $25.07 1,258 $13.89
(Amounts in thousands Years Ended February 29 or 28
except per share data) 2000 1999 1998
Earnings from continuing operations:
As reported.................................. $327,574 $216,927 $132,710
Pro forma .................................... 319,337 211,025 128,035
Net earnings:
As reported.................................. $197,334 $148,381 $112,074
Pro forma .................................... 189,097 142,479 107,399
Earnings per share from continuing
operations:
Basic
— as reported....................... $ 1.63 $ 1.09 $ 0.68
Basic
— pro forma......................... 1.59 1.06 0.65
Diluted
— as reported ................... $ 1.60 $ 1.08 $ 0.67
Diluted
— pro forma ..................... 1.56 1.05 0.65
Net earnings per share:
Basic
— as reported....................... $ 0.98 $ 0.75 $ 0.57
Basic
— pro forma......................... 0.94 0.72 0.55
Diluted
— as reported ................... $ 0.96 $ 0.74 $ 0.57
Diluted
— pro forma ..................... 0.93 0.71 0.54
The Circuit City Group applies APB Opinion No.25 and related interpreta-
tions in accounting for its stock option plans. Accordingly,no compensa-
tion cost has been recognized. Had compensation cost been determined
based on the fair value at the grant date consistent with the methods of
SFAS No.123,the Circuit City Group’s net earnings and net earnings per
share would have been reduced to the pro forma amounts indicated in the
following table. In accordance with the transition provisions of SFAS No.
123,the pro forma amounts reflect options with grant dates subsequent
to March 1,1995. Therefore,the full impact of calculating compensation
cost for stock options under SFAS No.123 is not reflected in the pro forma
net earnings amounts presented because compensation cost is reflected
over the options’ vesting periods and compensation cost of options
granted prior to March 1,1995,is not considered. The pro forma effect on
fiscal year 2000 may not be representative of the pro forma effects on net
earnings for future years.