Rogers 2007 Annual Report Download - page 111

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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 107
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At December 31, 2007, a summary of the stock option plans is
as follows:
At December 31, 2007, the range of exercise prices, the weighted
average exercise price and the weighted average remaining
contractual life are as follows:
Effective March 1, 2006, the Company amended certain provisions
of its stock option plans, which resulted in a new measurement date
for purposes of determining compensation cost. The amendment
provides that on the death or retirement of an option holder, or the
resignation of a director, options would continue to be exercisable
until the original expiry date in accordance with their original
terms and the vesting would not be accelerated. The amendment
resulted in additional compensation cost of $7 million, of which
$1 million was recorded as stock-based compensation expense in
2007 (2006 – $4 million).
(ii) Stock option plans:
Options to purchase Class B Non-Voting shares of the Company on
a one-for-one basis may be granted to employees, directors and
officers of the Company and its affiliates by the Board of Directors
or by the Company’s Management Compensation Committee.
There are 30 million options authorized under the 2000 Plan,
25 million options authorized under the 1996 Plan, and 9.5 million
options authorized under the 1994 Plan. The term of each option
is 7 to 10 years and the vesting period is generally four years but
may be adjusted by the Management Compensation Committee on
the date of grant. The exercise price for options is equal to the fair
market value of the Class B Non-Voting shares determined as the
five-day average before the grant date as quoted on The Toronto
Stock Exchange.
Effective July 1, 2006, non-executive directors no longer receive
stock options.
2007 2006
Weighted Weighted
average average
Number of exercise Number of exercise
options price options price
Outstanding, beginning of year 19,694,860 $ 11.17 26,478,848 $ 9.62
Granted 1,886,088 39.19 2,043,900 22.71
Exercised (5,847,046) 7.17 (7,826,982) 8.80
Forfeited (147,836) 20.16 (1,000,906) 12.22
Outstanding, end of year 15,586,066 $ 15.96 19,694,860 $ 11.17
Exercisable, end of year 11,409,666 $ 11.41 14,160,866 $ 9.65
Options outstanding Options exercisable
Weighted
average Weighted Weighted
remaining average average
Range of Number contractual exercise Number exercise
exercise prices outstanding life (years) price exercisable price
$ 1.36 – $ 6.99 2,087,886 1.9 $ 5.82 2,087,886 $ 5.82
$ 7.00 – $ 9.99 1,743,670 5.1 8.44 1,743,670 8.44
$ 10.00 – $ 10.99 2,598,025 5.8 10.43 2,258,025 10.43
$ 11.00 – $ 11.99 1,715,831 3.7 11.85 1,715,831 11.85
$ 12.00 – $ 16.99 2,031,094 3.6 13.92 1,606,911 13.41
$ 17.00 – $ 18.99 1,498,028 2.3 17.63 1,484,316 17.63
$ 19.00 – $ 37.99 2,066,239 5.2 22.90 513,027 22.72
$ 38.00 – $ 47.99 1,845,293 6.2 39.22 – –
15,586,066 3.6 $ 15.96 11,409,666 $ 11.41