Garmin 2007 Annual Report Download - page 98

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72
Net sales, long-lived assets (property and equipment), and net assets by geographic area are as follows as of
and for the years ended December 29, 2007, December 30, 2006, and December 31, 2005:
North
America Asia Europe Total
December 29, 2007
Net sales to external customers $2,066,823 $144,155 $969,341 $3,180,319
Long-lived assets 185,838 143,181 45,128 374,147
Net assets 908,267 1,309,783 132,564 2,350,614
December 30, 2006
Net sales to external customers $1,093,581 $87,048 $593,371 $1,774,000
Long-lived assets 148,922 65,280 36,786 250,988
Net assets 431,795 1,074,827 51,277 1,557,899
December 31, 2005
Net sales to external customers $661,085 $50,447 $316,241 $1,027,773
Long-lived assets 135,875 42,770 528 179,173
Net assets 377,684 742,843 36,737 1,157,264
No single customer accounted for 10% or more of the Company’s consolidated net sales in any period.
10. Stock Compensation Plans
Accounting for Stock-Based Compensation
The various Company stock compensation plans are summarized below:
2005 Equity Incentive Plan
In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of
incentive and nonqualified stock options and “other” stock compensation awards to employees of the Company and
its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. The stock options
and stock appreciation rights vest evenly over a period of five years or as otherwise determined by the Board of
Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised.
During 2007, 2006, and 2005, the Company granted 2,838,200, 2,341,800, and 896,000 stock appreciation rights,
respectively.
2000 Equity Incentive Plan
In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants
of incentive and nonqualified stock options and “other” stock compensation awards to employees of the Company
and its subsidiaries, pursuant to which up to 7,000,000 common shares of common stock were available for
issuance. The stock options and stock appreciation rights vest evenly over a period of five years or as otherwise
determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date
of grant, if not exercised. During 2007, the Company granted 20,000 stock appreciation rights and during 2006 and
2005 the Company granted 64,131 and 755,750 nonqualified stock options, respectively.
2000 Non-employee Directors’ Option Plan
Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the
Directors Plan) providing for grants of options for up to 100,000 common shares. The term of each award is ten
years. All awards vest evenly over a three-year period. During 2007, 2006, and 2005, options to purchase 5,562,
7,630, and 11,000 shares, respectively, were granted under this plan.