Estee Lauder 2004 Annual Report Download - page 80

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THE EST{E LAUDER COMPANIES INC.
A summary of the Company’s stock option programs as of June 30, 2004, 2003 and 2002, and changes during the years
then ended, is presented below:
2004 2003 2002
Weighted- Weighted- Weighted-
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
(Shares in thousands)
Outstanding at beginning of year 29,542.2 $34.93 24,843.5 $35.10 23,393.2 $34.55
Granted at fair value 2,693.5 34.77 6,651.2 32.02 2,175.3 39.07
Exercised (2,901.4) 21.18 (1,094.0) 15.16 (435.4) 17.85
Cancelled or expired (384.5) 39.85 (858.5) 43.10 (289.6) 46.38
Outstanding at end of year 28,949.8 36.23 29,542.2 34.93 24,843.5 35.10
Options exercisable at year-end 19,507.8
(a)
36.49 16,425.6 32.31 13,149.5 27.59
Weighted-average fair value of
options granted during the year $13.07 $12.35 $16.02
(a) Does not include approximately 1,467,300 shares which will become exercisable on July 1, 2004 due to the retirement of an executive on June 30, 2004,
based on the original terms of the option grant.
Summarized information about the Company’s stock options outstanding and exercisable at June 30, 2004 is as follows:
Exercise Price Range Options
(a)
Average Life
(b)
Average Price
(c)
Options
(a)
Average Price
(c)
$ 3.10 4.1 3.3 $3.10 4.1 $3.10
$13.00 to $20.813 1,369.3 1.4 13.05 1,369.3 13.05
$21.313 to $30.52 5,024.7 3.1 23.89 4,625.4 23.39
$31.875 to $47.625 16,313.2 7.0 36.05 7,820.5 37.12
$49.75 to $53.50 6,238.5 5.1 51.74 5,688.5 51.93
$ 3.10 to $53.50 28,949.8 36.23 19,507.8 36.49
(a) Shares in thousands.
(b) Weighted average contractual life remaining in years.
(c) Weighted average exercise price.
ExercisableOutstanding
78