Lifetime Fitness 2006 Annual Report Download - page 63

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
57
A summary of option activity is as follows:
Options
Shares
Weighted-
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 2003............................. 3,031,475
Granted ....................................................................... 1,096,334
Exercised .................................................................... (233,801)
Canceled ..................................................................... (62,900)
Outstanding at December 31, 2004............................. 3,831,108
Granted ....................................................................... 758,900
Exercised .................................................................... (1,699,014)
Canceled ..................................................................... (133,328)
Outstanding at December 31, 2005............................. 2,757,666 $17.01
Granted ....................................................................... 71,954 46.57
Exercised .................................................................... (1,090,488) 14.00
Canceled ..................................................................... (14,533) 16.41
Outstanding at December 31, 2006............................. 1,724,599 $20.15 7.2 $48,902
Vested or Expected to Vest at December 31, 2006..... 1,645,608 $19.93 7.2 $47,025
Exercisable at December 31, 2006.............................. 761,855 $15.92 6.4 $24,826
The aggregate intrinsic value of options (the amount by which the market price of the stock on the date of exercise
exceeded the exercise price of the option) exercised during the years ended December 31, 2006 and 2005 was $34.8
million and $46.2 million, respectively. As of December 31, 2006, there was $8.0 million of unrecognized
compensation expense to be recognized over a weighted-average period of 2.2 years.