Napa Auto Parts 2005 Annual Report Download - page 35

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Asummary of the Company’s stock option activity and related information is as follows:
33
Exercise prices for options outstanding as of December 31,
2005, ranged from approximately $21 to $37, except for 12,000
options granted in connection with a 1998 acquisition for
which the exercise price is approximately $18. The weighted-
average remaining contractual life of options outstanding is
approximately 6.5 years.
In 2004, the Company granted approximately 1,146,000 Stock
Appreciation Rights (SARS) and 124,000 Restricted Stock Units
(RSUS). In 2005, the Company granted approximately 1,169,000
Stock Appreciation Rights (SARS) and 91,000 Restricted Stock
Units (RSUS). SARS represent a right to receive the excess, if
any, of the fair market value of one share of common stock on
the date of exercise over the grant price. RSUS represent a con-
tingent right to receive one share of the Company’s common
stock at a future date provided certain pre-tax profit targets
are achieved.
2005 2004 2003
Weighted Weighted Weighted
Average Average Average
Shares Exercise Shares Exercise Shares Exercise
(000’s) Price (000’s) Price (000’s) Price
Outstanding at beginning of year 5,759 $ 31 6,913 $ 30 7,590 $ 29
Granted (1) 1,260 44 1,270 37 20 32
Exercised (1,246) 28 (2,096) 29 (500) 23
Forfeited (184) 29 (328) 32 (197) 31
Outstanding at end of year 5,589 $ 34 5,759 $ 31 6,913 $ 30
Exercisable at end of year 3,216 $ 32 3,092 $ 30 4,171 $ 29
Weighted-average fair value of options
granted during the year $ 8.58 $ 6.94 $ 6.92
Shares available for future grants 1,547 2,689 3,631
(1) Total includes 91,000 and 124,000 Restricted Stock Units (RSUS) granted in 2005 and 2004, respectively.
The weighted average exercise price excludes RSUS.