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2004 Annual Report MANPOWER INC.78
The value of restricted stock granted is charged to equity and amortized to expense over the restriction period. There
were 41,000 and 66,500 restricted shares granted during 2004 and 2003, respectively. During 2004, 2003, and 2002
we recognized $0.9, $0.5, and $0.1, respectively, of expense, net of tax, related to restricted stock grants. As of
December 31, 2004 there were 97,000 restricted shares that had not vested.
In addition to the stock option plan discussed above, we have the Savings Related Share Option Scheme for United
Kingdom employees with at least one year of service. As of December 31, 2004, there were approximately 918,000
shares of common stock remaining available for grant under this plan. The employees are offered the opportunity to
obtain an option for a specified number of shares of common stock at not less than 85% of its market value on the day
prior to the offer to participate in the plan. Options vest after either three, five or seven years, but may lapse earlier.
Funds used to purchase the shares are accumulated through specified payroll deductions over a 60-month period.
Information related to options outstanding under our plans, and the related weighted-average exercise prices is as follows:
December 31 2004 2003 2002
Shares (000) Price Shares (000) Price Shares (000) Price
Options outstanding,
beginning of period 5,064 $ 31 5,641 $ 29 5,437 $ 26
Granted 1,243 43 982 32 1,645 34
Assumed in RMC acquisition(a) 1,962 18 ————
Exercised (2,542) 21 (1,345) 23 (1,211) 21
Expired or cancelled (470) 40 (214) 32 (230) 36
Options outstanding, end of period 5,257 $ 33 5,064 $ 31 5,641 $ 29
Options exercisable, end of period 2,925 $ 31 3,008 $ 31 2,991 $ 27
(a) See note 2 for further information.
Options outstanding and exercisable as of December 31, 2004 are as follows:
Options Options
Outstanding Exercisable
Weighted-
Average Weighted- Weighted-
Remaining Average Average
Contractual Exercise Exercise
Exercise Price Shares (000) Life Price Shares (000) Price
$7 – $29 783 4.6 $ 23 718 $ 23
30 – 33 1,652 6.9 31 1,045 31
34 1,371 6.9 34 670 34
35 – 49 1,451 8.3 41 492 39
5,257 6.9 $ 33 2,925 $ 31
Other Stock Plans
We have reserved 2,250,000 shares of common stock for issuance under the 1990 Employee Stock Purchase Plan,
of which 340,000 shares remained available for future issuance as of December 31, 2004. Under the plan, designated
Manpower employees meeting certain service requirements may purchase shares of our common stock through payroll
deductions. These shares may be purchased at the lesser of 85% of their fair market value at the beginning or end of
each year. During 2004, 2003, and 2002, employees purchased 92,000, 193,000, and 136,000 shares, respectively,
under the plan.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data