Lifetime Fitness 2008 Annual Report Download - page 71

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
65
each restricted stock grant, based on the fair market value of the stock on the date of grant, is amortized to
compensation expense on a straight-line basis over the related vesting period.
A summary of option activity is as follows:
Options
Shares
Weighted-
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2005 ....................... 2,757,666 $17.01
Granted ...................................................................... 71,954 46.57
Ex e r c is e d ................................................................... (1,090,788) 1 4. 0 0
Ca n c e l e d .................................................................... (14,233) 16.41
Outstanding at December 31, 2006 ....................... 1,724,599 20.15
Gr anted ...................................................................... 2,477 5 0.85
Ex e r c is e d ................................................................... (487,075) 1 7 . 34
Ca n c e l e d .................................................................... (31,734) 26.82
Outstanding at December 31, 2007 ....................... 1,208,267 21.17
Gr anted ...................................................................... — —
Ex e r c is e d ................................................................... (185,453) 1 6 . 43
Ca n c e l e d .................................................................... (41,885) 30.87
Outstanding at December 31, 2008 ....................... 980,929 $21.65 5.6 $(8,538)
Vested or Expected to Vest at
December 31, 2008 .......................................... 957,823 $21.51 5.6 $(8,186)
Exercisable at December 31, 2008 ........................ 754,402 $19.69 5.4 $(5,082)
No stock options were granted during the year ended December 31, 2008. The weighted average grant date fair value of
stock options granted during the year ended December 31, 2007 was $20.35. 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, 2008 and 2007 was $3.8 million and $17.3 million, respectively. As
of December 31, 2008, there was $0.9 million of unrecognized compensation expense to be recognized over a
weighted-average period of 0.4 years.