JetBlue Airlines 2011 Annual Report Download - page 81

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The following is a summary of outstanding stock options at December 31, 2011:
Options Outstanding Options Vested and Exercisable
Range of
exercise prices Shares
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(millions) Shares
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(millions)
$4.00 to $4.00 ...... 486,803 0.1 $ 4.00 $ 1 486,803 0.1 $ 4.00 $ 1
$7.03 to $29.71 ..... 21,320,367 2.6 14.14 — 21,063,723 2.6 14.17 —
21,807,170 $ 1 21,550,526 13.94 $ 1
The total intrinsic value, determined as of the date of exercise, of options exercised during the twelve
months ended December 31, 2011, 2010 and 2009 was $3 million, $5 million and $4 million, respectively. We
received $2 million, $2 million and $1 million in cash from option exercises for the years ended December 31,
2011, 2010 and 2009, respectively.
Under the 2002 Plan, the number of shares reserved for issuance automatically increased each January by an
amount equal to 4% of the total number of shares of our common stock outstanding on the last trading day in
December of the prior calendar year. This automatic reload feature was eliminated with the adoption of the new
2011 Plan.
Crewmember Stock Purchase Plan: Our CSPP, which was available to all employees, had 5.1 million
shares of our common stock initially reserved for issuance at its inception in April 2002. Through 2008, the
reserve automatically increased each January by an amount equal to 3% of the total number of shares of our
common stock outstanding on the last trading day in December of the prior calendar year. The CSPP was
amended in 2008 to eliminate this automatic reload.
The 2011 CSPP, as did the original CSPP, has a series of successive overlapping 6-month offering periods,
with a new offering period beginning on the first business day of May and November each year. Employees can
only join an offering period on the start date. Employees may contribute up to 10% of their pay, through payroll
deductions, toward the purchase of common stock. Purchase dates occur on the last business day of April and
October each year.
CSPP participation is considered non-compensatory as the purchase price discount is only 5% based upon
the stock price on the date of purchase.
Should we be acquired by merger or sale of substantially all of our assets or sale of more than 50% of our
outstanding voting securities, then all outstanding purchase rights will automatically be exercised immediately
prior to the effective date of the acquisition at a price equal to 95% of the fair market value per share
immediately prior to the acquisition.
The following is a summary of CSPP share reserve activity for the years ended December 31:
2011 2010 2009
Shares
Weighted
Average Shares
Weighted
Average Shares
Weighted
Average
Available for future purchases,
beginning of year ................ 20,923,959 22,169,558 23,550,382
Shares reserved for issuance ......... — — —
Common stock purchased ........... (1,617,602) $4.76 (1,245,599) $5.96 (1,380,824) $4.82
Available for future purchases, end of
year ........................... 19,306,357 20,923,959 22,169,558
71