Fluor 2004 Annual Report Download - page 94

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The following table summarizes stock option activity:
Weighted Average
Exercise Price
Stock Options Per Share
Outstanding at December 31, 2001 4,561,312 $ 31
Granted 736,660 30
Expired or canceled (97,421) 37
Exercised (627,896) 24
Outstanding at December 31, 2002 4,572,655 31
Granted 1,085,950 29
Expired or canceled (111,177) 33
Exercised (1,101,406) 26
Outstanding at December 31, 2003 4,446,022 32
Granted – –
Expired or canceled (33,070) 38
Exercised (2,010,998) 31
Outstanding at December 31, 2004 2,401,954 $ 33
Exercisable at:
December 31, 2004 1,986,761 $ 33
December 31, 2003 2,693,830 32
December 31, 2002 3,400,858 30
At December 31, 2004, there are a maximum of 3,737,298 shares available for future grant. Available for grant includes
shares which may be granted by the Committee under the company’s various stock plans, as either stock options, on a share-
for-share basis, or restricted stock, on the basis of one share for each 1.75 available shares.
At December 31, 2004, options outstanding have exercise prices between $17 and $45, with a weighted-average exercise
price of $33 and a weighted-average remaining contractual life of 5.7 years. Of the options outstanding, 465,793 have
exercise prices between $17 and $26, with a weighted-average exercise price of $25 and a weighted-average remaining
contractual life of 4.5 years; all of these options are exercisable with a weighted-average exercise price of $25. The remaining
1,936,161 outstanding options have exercise prices between $27 and $45, with a weighted-average exercise price of $35 and a
weighted-average remaining contractual life of 6.0 years; 1,520,968 of these options are exercisable with a weighted-average
exercise price of $35.
Lease Obligations
Net rental expense for continuing operations amounted to approximately $95 million, $90 million and $83 million in the
years ended December 31, 2004, 2003 and 2002, respectively. The company’s lease obligations relate primarily to office
facilities, equipment used in connection with long-term construction contracts and other personal property.
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