Kodak 2003 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2003 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

Financials
71
Further information relating to options is as follows: Weighted-
Average Exercise
(amounts in thousands, except per share amounts) Shares Under Option Range of Price Per Share Price Per Share
Outstanding on December 31, 2000 44,846 $32.50-$92.31 $60.87
Granted 8,575 $26.90-$48.34 $36.49
Exercised 615 $32.50-$43.18 $35.91
Terminated, Canceled or Surrendered 2,351 $32.50-$90.75 $50.33
Outstanding on December 31, 2001 50,455 $25.92-$92.31 $57.53
Granted 20,155 $26.30-$38.04 $32.72
Exercised 1,581 $26.90-$37.74 $32.05
Terminated, Canceled or Surrendered 26,752 $26.90-$92.31 $54.58
Outstanding on December 31, 2002 42,277 $25.92-$92.31 $48.52
Granted 1,595 $22.58-$38.85 $28.45
Exercised 392 $29.31-$32.50 $31.28
Terminated, Canceled or Surrendered 3,931 $26.82-$86.94 $44.49
Outstanding on December 31, 2003 39,549 $22.58-$92.31 $48.30
Exercisable on December 31, 2001 31,571 $26.90-$92.31 $63.54
Exercisable on December 31, 2002 31,813 $25.92-$92.31 $52.49
Exercisable on December 31, 2003 32,593 $22.58-$92.31 $51.30
The table above excludes approximately 68 (in thousands) options granted by the Company in 2001 at an exercise price of $.05-$21.91 as part of
an acquisition. At December 31, 2003, approximately 30 (in thousands) stock options were outstanding in relation to this acquisition.
The following table summarizes information about stock options at December 31, 2003:
(number of options in thousands) Options Outstanding Options Exercisable
Range of Exercise Prices Weighted-Average
At Less Remaining Weighted-Average Weighted-Average
Least Than Options Contractual Life Exercise Price Options Exercise Price
$20 - $30 1,524 8.82 $26.87 491 $29.12
$30 - $40 18,831 6.60 $32.42 13,506 $31.85
$40 - $50 2,431 1.90 $43.78 2,220 $43.96
$50 - $60 3,738 4.21 $55.28 3,466 $55.37
$60 - $70 6,054 4.50 $65.42 5,941 $65.43
$70 - $80 4,642 3.04 $73.26 4,640 $73.26
Over $80 2,329 3.17 $89.94 2,329 $89.94
39,549 32,593
canceled option. As a result of the exchange program, approximately 23.7
million old options were canceled on February 22, 2002, with approxi-
mately 16 million new options granted on, or shortly after, August 26,
2002. The exchange program did not result in variable accounting, as it
was designed to comply with FASB Interpretation No. 44 (FIN 44),
“Accounting for Certain Transactions Involving Stock-Based
Compensation.” Also, the new options had an exercise price equal to the
fair market value of the Company’s common stock on the new grant date,
so no compensation expense was recorded as a result of the exchange
program.