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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
FS-25
The 2013 Plan, 2003 Plan and the 1994 Performance Plans (the "Plans") have provisions that allow employees to exchange
mature shares to pay the exercise price and surrender shares from the options or restricted awards to cover the minimum tax
withholding obligation. Under these provisions, the Company acquired approximately 23,000 treasury shares for $532,000 in
2013, 35,000 shares for $459,000 in 2012 and 31,000 shares for $676,000 in 2011.
The following table summarizes information about stock option activity for the three years ended 2013, 2012 and 2011:
2013
Weighted
Average
Exercise
Price 2012
Weighted
Average
Exercise
Price 2011
Weighted
Average
Exercise
Price
Options outstanding at
January 1 . . . . . . . . . . . . . . . . . 4,664,634 $ 26.21 4,455,365 $ 28.99 4,484,195 $ 29.60
Granted. . . . . . . . . . . . . . . . . . . 756,700 14.47 761,892 13.44 608,896 24.57
Exercised . . . . . . . . . . . . . . . . . (30,166) 16.94 (9,417) 10.70 (178,744) 23.15
Canceled. . . . . . . . . . . . . . . . . . (857,386) 28.63 (543,206) 31.52 (458,982) 31.42
Options outstanding at
December 31 . . . . . . . . . . . . . . 4,533,782 $ 23.86 4,664,634 $ 26.21 4,455,365 $ 28.99
Options exercise price range at
December 31 . . . . . . . . . . . . . . 13.35 to 13.37 to 10.70 to
$ 47.80 $ 47.80 $ 47.80
Options exercisable at
December 31 . . . . . . . . . . . . . . 2,985,175 3,074,275 2,960,317
Options available for grant at
December 31* . . . . . . . . . . . . . 4,460,337 1,248,033 1,914,574
________________________
* Options available for grant as of December 31, 2013 reduced by net restricted stock award activity of 793,351.
The following table summarizes information about stock options outstanding at December 31, 2013:
Options Outstanding Options Exercisable
Exercise Prices
Number
Outstanding
At 12/31/13
Weighted Average
Remaining
Contractual Life
Years Weighted Average
Exercise Price
Number
Exercisable
At 12/31/13 Weighted Average
Exercise Price
$ 13.35 – $15.00. . . . 1,332,962 8.9 $ 13.96 152,186 $ 13.40
$ 15.01 – $25.00. . . . 1,580,572 5.4 22.53 1,333,490 22.22
$ 25.01 – $35.00. . . . 919,833 5.6 25.73 799,084 25.76
$ 35.01 – $47.80. . . . 700,415 1.1 43.25 700,415 43.25
Total. . . . . . . . . . . . . 4,533,782 5.8 $ 23.86 2,985,175 $ 27.65
The Plans provide that shares granted come from the Company’s authorized but un-issued Common Shares or treasury shares.
In addition, the Company’s stock-based compensation plans allow participants to exchange mature shares for the exercise price
and surrender shares for minimum withholding taxes, which results in the Company acquiring treasury shares. Pursuant to the
Plans, the Committee has established that the majority of the 2013 grants may not be exercised within one year from the date
granted and options must be exercised within ten years from the date granted. Accordingly, for the stock options issued in 2013,
2012 and 2011, 25% of such options vested in the year following issuance. The stock options awarded during such years provided
a four-year vesting period whereby options vest equally in each year. The 2013, 2012 and 2011 expense has been adjusted for
estimated forfeitures of awards that will not vest because service or employment requirements have not been met.