Carphone Warehouse 2006 Annual Report Download - page 51

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6 Share-based payments continued
b) Executive Share Option Scheme:
The Group has an Executive Share Option Scheme which provides for a grant price equal to the average quoted market price of the Company’s shares on
the date of the grant. Options granted from June 2002 are subject to TSR performance conditions as described in the Remuneration Report on pages 26 to 32.
The vesting period is generally three years. If the options remain unexercised after a period of ten years from the date of grant, the options expire. Furthermore,
options are forfeited if the employee leaves the Group before the options vest.
The following table illustrates the number and WAEP of share options for the scheme:
2006 2005
Number WAEP Number WAEP
000’s £ 000’s £
Outstanding at the beginning of the period 47,826 1.04 52,497 1.03
Granted during the period 100 1.35 ––
Forfeited during the period (826) 0.90 (1,342) 0.97
Exercised during the period (14,541) 1.05 (3,329) 0.87
Outstanding at the end of the period 32,559 1.05 47,826 1.04
Exercisable at the end of the period 20,276 1.13 21,024 1.27
The options outstanding at 1 April 2006 had a weighted average remaining contractual life of 5.8 years (2005 – 6.7 years). The options exercised during the period
were exercised at a weighted average market price of £1.95 (2005 – £1.61).
Share options outstanding at the end of the period have the following exercise prices:
Exercise 2006 2005
price Number Number
Expiry date £000’s 000’s
01/04/09 0.25 560 580
01/04/09 0.50 230 260
02/04/09 0.80 667 667
02/04/09 1.00 167 167
02/04/09 1.00 167 167
25/07/09 0.25 –10
25/07/09 0.50 70 290
06/10/09 0.50 60 120
01/02/10 0.80 250 500
01/02/10 0.80 100 200
01/02/10 1.00 650 1,000
01/02/10 1.00 200 200
19/05/10 1.50 4,543 5,760
19/05/10 2.00 600 600
24/06/10 1.50 2,000 4,000
21/05/11 1.25 2,847 5,072
01/12/11 1.30 115 431
25/03/12 0.80 1,000 1,000
11/06/12 0.83 5,981 13,662
28/11/12 0.86 70 70
06/05/13 0.90 11,852 12,740
07/11/13 1.35 430 330
32,559 47,826
The summary above includes 20.2m (2005 – 34.7m) options that were granted before 7 November 2002. In accordance with IFRS2 ‘Share-based Payment’,
no cost has been recognised in respect of these options.
Notes to the Financial Statements continued www.cpwplc.com 47
Financial Statements