Chipotle 2006 Annual Report Download - page 56

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Chipotle Mexican Grill, Inc.
Notes to Consolidated Financial Statements—(Continued)
(dollar and share amounts in thousands, unless otherwise specified)
A summary of option activity as of and for the years ended December 31, 2006, 2005 and 2004 is as follows
(in thousands, except per share data):
Options Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Grant
Date
Fair Value
Options outstanding as of December 31, 2003 ............................. 241 $16.25
Granted ........................................................... — $ — $—
Options outstanding as of December 31, 2004 ............................. 241 $16.25
Expired ........................................................... (6) $14.97 $6.27
Forfeited .......................................................... (10) $17.49 $6.81
Options outstanding as of December 31, 2005 ............................. 225 $16.23
Granted ........................................................... 774 $22.00 $9.21
SARs conversion .................................................... 149 $22.35 $8.08
Exercised .......................................................... (150) $18.33 $7.24
Forfeited .......................................................... (58) $22.01 $9.17
Options outstanding as of December 31, 2006 ............................. 940 $21.26
The following table reflects the vesting activity of options during the year:
Vested and
Exercisable
Shares
Total
Fair Value
Weighted-
Average
Exercise
Price
Intrinsic
Value
Weighted-
Average
Remaining
Contractual
Life
As of December 31, 2004 ........................ — $ — $ — $ — —
Vested ....................................... 112
As of December 31, 2005 ........................ 112 $ 704 $14.97 $ 509 1.9
Vested ....................................... 170 $2,120
Exercises ..................................... (150) $4,947
As of December 31, 2006 ........................ 132 $ 872 $16.45 $5,369 1.4
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