Garmin 2008 Annual Report Download - page 96

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74
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 27, 2008, December 29, 2007, and December 30, 2006:
North
America Asia Europe Total
December 27, 2008
Net sales to external customers $2,333,585 $144,740 $1,015,752 $3,494,077
Long lived assets 221,158 168,528 55,566 445,252
Net assets 687,638 1,371,240 166,976 2,225,854
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
Best Buy, a customer in the outdoor/fitness, marine, and auto/mobile segments, accounted for 12.0% of the
Company’s consolidated net sales in the year ended December 27, 2008.
9. 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, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and/or
performance shares 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 2008, 2007, and 2006, the Company granted 1,454,050,
2,838,200, and 2,341,800 stock appreciation rights, respectively. Also during 2008, 1,043,800 restricted stock units
were granted which vest evenly over a five year period and 30,000 performance shares were granted which cliff vest
in three years subject to a performance condition pertaining to operating income growth.
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, stock appreciation rights (“SARs”), restricted stock units (“RSUs”)
and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000
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, the Company granted 20,000 stock
appreciation rights and during 2006 the Company granted 64,131 nonqualified stock options, respectively.