Kodak 2000 Annual Report Download - page 58

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F u rther information relating to options is as follows:
S h a re s
(Amounts in thousands, U n d e r Range of Price
except per share amounts) O p t i o n Per Share
Outstanding on
December 31, 1997 2 4 , 2 0 4 $ 3 0 . 2 5 – $ 9 2 . 3 1
G r a n t e d 1 4 , 5 4 6 $ 5 9 . 0 0 – $ 8 7 . 5 9
E x e rc i s e d 3 , 2 0 8 $ 3 0 . 2 5 – $ 8 2 . 0 0
Te rminated, Canceled
or S urre n d e re d 1 , 2 1 1 $ 3 1 . 4 5 – $ 8 3 . 3 8
Outstanding on
December 31, 1998 3 4 , 3 3 1 $ 3 0 . 2 5 – $ 9 2 . 3 1
G r a n t e d 4 , 2 7 6 $ 6 0 . 1 3 – $ 7 9 . 6 3
E x e rc i s e d 1 , 1 0 1 $ 3 0 . 2 5 – $ 7 4 . 3 1
Te rminated, Canceled
or S urre n d e re d 4 7 3 $ 3 1 . 4 5 – $ 9 2 . 3 1
Outstanding on
December 31, 1999 3 7 , 0 3 3 $ 3 0 . 2 5 – $ 9 2 . 3 1
G r a n t e d 1 2 , 5 3 3 $ 3 7 . 2 5 – $ 6 9 . 5 3
E x e rc i s e d 1 , 3 2 6 $ 3 0 . 2 5 – $ 5 8 . 6 3
Te rminated, Canceled
or S urre n d e re d 3 , 3 9 4 $ 3 1 . 4 5 – $ 9 0 . 5 0
Outstanding on
December 31, 2000 4 4 , 8 4 6 $ 3 2 . 5 0 – $ 9 2 . 3 1
E x e rcisable on
December 31, 2000 2 8 , 7 8 3 $ 3 2 . 5 0 – $ 9 2 . 3 1
P ro forma net earnings and earnings per share information, as
re q u i red by SFAS No. 123, “Accounting for Stock-Based Com-
p e n s a t i o n,” has been determined as if the Company had accounted
for employee stock options under SFAS No. 123’s fair value
method. The fair value of options was estimated at grant date
using a Black-S choles option pricing model with the following
weighted-average assumptions:
2 0 0 0 1 9 9 9 1 9 9 8
Risk free interest rates 6 . 2 % 5 . 1 % 5 . 6 %
Expected option lives 7 years 7 years 7 years
Expected volatilities 2 9 % 2 8 % 2 7 %
Expected dividend yields 3 . 1 9 % 2 . 7 6 % 2 . 7 1 %
The weighted-average fair value of options granted was $16.79,
$18.77 and $19.94 for 2000, 1999 and 1998, re s p e c t i v e l y.
For purposes of pro forma disclosures, the estimated fair value
of the options is amortized to expense over the options’ vesting
period (2-3 years). The Company’s pro forma information follows:
Year Ended December 31,
(in millions,
except per share data) 2 0 0 0 1 9 9 9 1 9 9 8
Net earn i n g s
As re p o rt e d $1 , 4 0 7 $1 , 3 9 2 $ 1 , 3 9 0
P ro form a 1 , 3 4 6 1 , 2 6 3 1 , 2 7 2
Basic earnings per share
As re p o rt e d $4 . 6 2 $4 . 3 8 $ 4 . 3 0
P ro form a 4 . 4 1 3 . 9 7 3 . 9 4
Diluted earnings per share
As re p o rt e d $4 . 5 9 $4 . 3 3 $ 4 . 2 4
P ro form a 4 . 4 1 3 . 9 6 3 . 9 3