IHOP 2010 Annual Report Download - page 146
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
18. Stock-Based Incentive Plans (Continued)
The following table summarizes information regarding outstanding and exercisable options at
December 31, 2010:
Number of Weighted Weighted Number of Weighted
Shares Average Average Shares Average
Outstanding Remaining Exercise Exercisable Exercise
as of Contractual Price Per as of Price Per
Range of Exercise Prices 12/31/2010 Life Share 12/31/2010 Share
$ 5.55 - $ 5.55 ....................... 505,445 8.04 $ 5.50 20,476 $ 5.50
$ 5.90 - $28.11 ....................... 117,364 5.13 17.30 69,234 21.73
$28.21 - $28.21 ....................... 197,352 9.03 28.21 2,364 28.21
$28.80 - $29.32 ....................... 156,152 8.74 29.24 3,833 28.80
$30.67 - $38.88 ....................... 138,066 4.75 34.25 95,066 35.71
$40.00 - $40.00 ....................... 206,666 7.01 40.00 133,167 40.00
$46.70 - $50.85 ....................... 154,698 4.76 48.41 140,198 48.27
$50.93 - $62.00 ....................... 47,967 9.18 51.78 7,967 56.04
$ 5.55 - $62.00 ....................... 1,523,710 7.28 $24.90 472,305 $37.54
The following table summarizes the Company’s nonvested options as of December 31, 2010, 2009
and 2008 and changes during the years ended December 31, 2010, 2009 and 2008:
Weighted Average
Number of Grant-Date Fair
Shares Value Per Share
Nonvested at December 31, 2007 ................. 100,175 $11.96
Granted .................................... 576,000 18.70
Vested ..................................... (89,653) 11.77
Forfeited ................................... (77,799) 21.07
Nonvested at December 31, 2008 ................. 508,723 18.23
Granted .................................... 1,016,750 5.03
Vested ..................................... (123,365) 19.95
Forfeited ................................... (222,923) 10.19
Nonvested at December 31, 2009 ................. 1,179,185 7.10
Granted .................................... 415,804 19.85
Vested ..................................... (493,362) 9.43
Forfeited ................................... (50,222) 15.91
Nonvested at December 31, 2010 ................. 1,051,405 $11.76
Fair Value of Options
The per share fair values of the stock options granted have been estimated as of the date of grant
or assumption using the Black-Scholes option pricing model. The Black-Scholes model considers,
among other factors, the expected life of the option and the expected volatility of the Company’s stock
price. The Black-Scholes model meets the requirements of U.S. GAAP but the fair values generated by
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