Red Lobster 2004 Annual Report Download - page 52

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The following table provides information regarding exercisable and outstanding options at May 30, 2004:
฀ Range฀of฀ ฀ Weighted-Average฀ ฀ Weighted-Average฀ Weighted-Average฀
฀ Exercise฀ Options฀ Exercise฀ Options฀ Exercise฀ Remaining฀Contractual฀
฀ Price฀Per฀Share฀ Exercisable฀ Price฀Per฀Share฀ Outstanding฀ Price฀Per฀Share฀ Life฀(Years)
฀$฀4.00฀–฀฀$10.00฀ 5,150,315฀ $฀฀6.87฀ 5,150,315฀ $฀฀6.87฀ 1.9
฀ $10.01฀–฀$15.00฀ 7,613,735฀฀ 12.20฀฀ 9,075,619฀฀ 11.96฀฀ 5.3฀
฀ $15.01฀–฀$20.00฀ 1,268,145฀฀ 17.00฀ 6,744,078฀฀ 17.77฀ 7.8
฀ Over฀$20.00฀ 348,000฀ 24.01฀฀ 4,683,625฀฀ 25.34฀฀ 8.4
฀ ฀ 14,380,195฀฀ $11.00฀฀ 25,653,637฀฀ $14.91฀ 5.8
We granted restricted stock and RSUs during fiscal 2004, 2003, and 2002 totaling 513,305, 275,610, and 428,280 shares, respectively.
The per share weighted-average fair value of the awards granted in fiscal 2004, 2003, and 2002 was $19.45, $26.53, and $17.10, respectively.
After giving consideration to assumed forfeiture rates and subsequent forfeiture adjustments, compensation expense recognized in net
earnings for awards granted in fiscal 2004, 2003, and 2002 amounted to $4,198, $3,579, and $4,392, respectively.
Notes฀to฀
Consolidated Financial Statements
52
Financial Review 2004
EMPLOYEE฀STOCK฀PURCHASE฀PLAN
16We maintain the Darden Restaurants
Employee Stock Purchase Plan to provide
eligible employees who have completed one
year of service (excluding senior officers
subject to Section 16(b) of the Securities Exchange Act of 1934)
an opportunity to purchase shares of our common stock, subject
to certain limitations. Under the plan, up to an aggregate of
2,100,000 shares are available for purchase by employees at the
lower of 85 percent of the fair market value of our common stock
as of the first or last trading days of each quarterly participation
period. During fiscal 2004, 2003, and 2002, employees purchased
shares of common stock under the plan totaling 319,299, 261,409,
and 284,576, respectively. At May 30, 2004, an additional 459,157
shares were available for issuance.
No compensation expense has been recognized for shares
issued under the plan. The impact of recognizing compensation
expense for purchases made under the plan in accordance with the
fair value method specified in SFAS No. 123 is less than $900 and
has no impact on reported basic or diluted net earnings per share.
Stock option activity during the periods indicated was as follows:
฀ ฀ Weighted-Average฀ ฀ Weighted-Average
฀ Options฀ Exercise฀Price฀ Options฀ Exercise฀Price
฀ Exercisable฀ Per฀Share฀ Exercisable฀ Per฀Share
Balance฀at฀May฀27,฀2001฀ 12,222,339฀ $฀฀7.62฀ 26,132,288฀ $฀฀9.68
Options฀granted฀ ฀ ฀ 5,776,350฀ $17.36
Options฀exercised฀ ฀ ฀ (4,310,327)฀ $฀฀8.36
Options฀cancelled฀ ฀ ฀ (675,776)฀ $13.49
Balance฀at฀May฀26,฀2002฀ 12,152,538฀ $฀฀8.31฀ 26,922,535฀ $฀11.44
Options฀granted฀ ฀ ฀ 4,200,086฀ $25.99
Options฀exercised฀ ฀ ฀ (3,132,894)฀ $฀฀9.23
Options฀cancelled฀ ฀ ฀ (1,298,094)฀ $16.86
Balance฀at฀May฀25,฀2003฀ 13,481,166฀ $฀฀9.59฀ 26,691,633฀ $13.73
Options฀granted฀ ฀ ฀ 3,336,655฀ $20.36
Options฀exercised฀ ฀ ฀ (3,463,615)฀ $10.01
Options฀cancelled฀ ฀ ฀ (911,036)฀ $18.98
Balance฀at฀May฀30,฀2004฀ 14,380,195฀ $11.00฀ 25,653,637฀ $14.91