Panera Bread 2007 Annual Report Download - page 83

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A summary of stock option activity under the Company’s stock-based compensation plans is set forth below:
Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Term
Aggregate
Intrinsic
Value
(in thousands) (in years) (in thousands)
Outstanding at December 25, 2004 . ........ 3,045 $28.72
Granted ........................... 340 55.55
Exercised .......................... (657) 19.24
Cancelled.......................... (159) 36.70
Outstanding at December 27, 2005 . ........ 2,569 34.20
Granted ........................... 146 54.27
Exercised .......................... (305) 25.25
Cancelled.......................... (99) 37.74
Outstanding at December 26, 2006 . ........ 2,311 36.36
Granted ........................... 140 44.58
Exercised .......................... (310) 21.40
Cancelled.......................... (55) 40.88
Outstanding at December 25, 2007 . ........ 2,086 $39.05 2.3 $5,000
Exercisable at December 25, 2007 . ........ 1,316 $36.65 1.9 $4,425
Of the options at December 25, 2007, December 26, 2006, and December 27, 2005, 1,315,512, 1,152,382, and
927,972, respectively, were vested and exercisable with a weighted average exercise price of $36.65, $32.40, and
$30.01, respectively. The following table summarizes information concerning outstanding and exercisable options
at December 25, 2007:
Range of Exercise Price
Number
Outstanding
Weighted Average
Remaining
Contractual Life
Weighted
Average
Exercise Price
Number
Exercisable
Weighted
Average
Exercise Price
Options Outstanding Options Exercisable
(in thousands) (in years) (in thousands)
$ 0.00 - $26.93 ........... 86 0.7 $19.03 86 $19.03
$26.94 - $28.37 ........... 200 2.2 27.51 161 27.51
$28.38 - $33.22 ........... 170 1.3 29.12 171 29.12
$33.23 - $36.00 ........... 473 2.5 35.45 287 35.55
$36.01 - $39.73 ........... 430 1.3 37.42 311 37.48
$39.74 and over ........... 727 3.2 50.24 300 51.07
2,086 2.3 $39.05 1,316 $36.65
The total intrinsic value of options exercised during the fiscal years ended December 25, 2007, December 26,
2006, and December 27, 2005, was $10.1 million, $12.3 million, and $25.5 million, respectively. As of Decem-
ber 25, 2007, the total unrecognized compensation cost related to non-vested options was $7.8 million, which is net
of a $1.4 million forfeiture estimate, and is expected to be recognized over a weighted average period of
approximately 2.6 years.
73
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)