Shaw 2014 Annual Report Download - page 100

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2014 and 2013
[all amounts in millions of Canadian dollars except share and per share amounts]
Share transfer restriction
The Articles of the Company empower the directors to refuse to issue or transfer any share of
the Company that would jeopardize or adversely affect the right of Shaw Communications Inc.
or any subsidiary to obtain, maintain, amend or renew a license to operate a broadcasting
undertaking pursuant to the Broadcasting Act (Canada).
17. SHARE-BASED COMPENSATION
Stock option plan
Under a stock option plan, directors, officers, employees and consultants of the Company are
eligible to receive stock options to acquire Class B Non-Voting Shares with terms not to exceed
ten years from the date of grant. Options granted up to August 31, 2014 vest evenly on the
anniversary dates from the original grant date at either 25% per year over four years or 20% per
year over five years. The options must be issued at not less than the fair market value of the
Class B Non-Voting Shares at the date of grant. The maximum number of Class B Non-Voting
Shares issuable under the plan may not exceed 52,000,000. As at August 31, 2014,
24,760,910 Class B Non-Voting Shares have been issued under the plan.
The changes in options are as follows:
2014 2013
Number
Weighted
average
exercise
price
$ Number
Weighted
average
exercise
price
$
Outstanding, beginning of year 19,555,441 21.71 21,162,672 21.09
Granted 1,633,000 25.76 2,777,000 23.07
Forfeited (1,279,330) 22.12 (819,375) 21.06
Exercised(1) (3,431,548) 20.46 (3,564,856) 19.24
Outstanding, end of year 16,477,563 22.34 19,555,441 21.71
(1) The weighted average Class B Non-Voting Share price for the options exercised was $26.12.
The following table summarizes information about the options outstanding at August 31, 2014:
Options outstanding Options exerciseable
Range of prices
Number
outstanding
Weighted
average
remaining
contractual
life
Weighted
average
exercise
price
Number
exercisable
Weighted
average
exercise
price
$16.30 – $22.27 7,700,283 5.13 19.74 6,177,783 19.54
$22.28 – $26.99 8,777,280 5.04 24.62 6,095,280 24.54
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