Neiman Marcus 2002 Annual Report Download - page 55
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A summary of the status of the Company's 1997 and 1987 Stock Incentive Plans as of August 2, 2003, August 3, 2002 and July 28,
2001 and changes during the fiscal years ended on those dates are presented in the following table:
August 2, 2003 August 3, 2002 July 28, 2001
Shares
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price
Outstanding at beginning of
year 2,894,300 $ 28.59 2,753,900 $ 28.78 2,277,100 $ 24.28
Granted 822,525 30.93 542,500 24.50 1,064,500 35.44
Exercised (392,300) 25.96 (338,550) 23.52 (299,070) 20.85
Canceled (244,820) 28.93 (63,550) 27.48 (288,630) 26.17
Outstanding at end of year 3,079,705 $ 29.54 2,894,300 $ 28.59 2,753,900 $ 28.78
Exercisable at year end 1,012,790 $ 29.39 834,570 $ 28.39 699,480 $ 25.09
Options outstanding at August 2, 2003 were granted at prices (not less than 100 percent of the fair market value on the date of the
grant) varying from $11.63 to $36.50. Options granted during 2003 cliff vest on the third anniversary of the grant and expire six years
from the grant date. Options granted prior to 2003 vest ratably over five years and expire after ten years. There were 150 employees
with options outstanding at August 2, 2003.
The following table summarizes information about the Company's stock options as of August 2, 2003:
Options Outstanding Options Exercisable
Range
Of
Exercise
Prices
Shares
Outstanding
At August 2,
2003
Weighted-
Average
Remaining
Contractual
Life (Years)
Weighted-
Average
Exercise
Price
Shares
Outstanding
At August 2,
2003
Weighted-
Average
Exercise
Price
$ 11.63 - $ 15.38 9,600 1.5 $ 14.76 9,600 $ 14.76
$ 22.94 - $ 24.94 1,088,480 6.8 $ 24.00 398,190 $ 23.90
$ 25.94 - $ 32.94 1,150,625 5.2 $ 30.59 258,200 $ 30.43
$ 33.38 - $ 36.50 831,000 6.7 $ 35.51 346,800 $ 35.31
$ 11.63 - $ 36.50 3,079,705 6.2 $ 29.54 1,012,790 $ 29.39
Spin-off from Harcourt General, Inc. On October 22, 1999, Harcourt General, Inc. (Harcourt General) completed the spin-off of its
controlling equity position in the Company in a tax-free distribution to its shareholders (Spin-off). Harcourt General distributed
approximately 21.4 million of its approximately 26.4 million shares of the Company's common stock and subsequently divested itself
entirely of any holdings in the Company's common stock. Each common shareholder of Harcourt General received 0.3013 of a share
of Class B Common Stock of the Company for every share of Harcourt General Common Stock and Class B Stock held on October
12, 1999, which was the record date for the distribution. This transaction had no impact on the reported equity of the Company.
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