Einstein Bros 2003 Annual Report Download - page 64

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http://www.sec.gov/Archives/edgar/data/949373/000104746904009609/a2132006z10-k.htm[9/11/2014 10:13:55 AM]
and narrative below:
December 30, 2003
December 31, 2002
January 1, 2002
Options
Weighted
Average
Exercise
Price
Options
Weighted
Average
Exercise
Price
Options
Weighted
Average
Exercise
Price
Outstanding, beginning of year 86,647 $ 17.46 47,582 $ 97.53 26,609 $ 148.10
Granted 877,495 4.05 84,219 15.61 20,990 33.71
Forfeited (85,797) 16.89 (45,154) 98.68 (17) 180.61
Outstanding, end of year 878,345 4.12 86,647 17.46 47,582 97.53
Exercisable, end of year 2,345 $ 33.99 30,418 $ 20.02 27,755 $ 143.89
Weighted average, fair value of options granted $ 2.84 $ 6.47 $ 22.88
F-35
The following table summarizes information about stock options outstanding at December 30, 2003:
Exercise Price
Number
Outstanding at
December 30,
2003
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise Price
Number
Exercisable at
December 30,
2003
Weighted
Average
Exercise Price
$3.90 - $8.00 876,000 9.97 $ 4.04 — $ —
$8.01 - $90.00 1,827 9.41 $ 12.20 1,827 $ 12.20
$90.01 - $241.00 518 5.82 $ 110.80 518 $ 110.80
878,345 9.96 $ 4.12 2,345 $ 33.99
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following
weighted-average assumptions used for grants in 2003, 2002 and 2001 respectively: risk-free interest rates of 3.0%; expected dividend yields of
0%; expected lives of four years and expected stock price volatility of 100%.
10. Income Taxes
Components of the (provision for) benefit from the income taxes are as follows:
December 30, 2003
December 31, 2002
January 1, 2002
(amounts in thousands)
Current
Federal — — —
State (812) (366) (167)
(812) (366) (167)
Deferred
Federal 11,366 13,948 11,412
State 1,624 1,993 1,630
Increase in valuation allowance (12,990) (15,941) (13,042)