Thrifty Car Rental 2007 Annual Report Download - page 74

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The following table sets forth the non-qualified option rights activity for non-qualified option rights
under the LTIP for the periods indicated:
Weighted
Weighted Average
A
ggregate
Number o
f
A
verage Remaining Intrinsic
Shares Exercise Contractual
V
alue
(In Thousands) Price Term (In Thousands)
Outstanding at December 31, 2004 1,939 17.39$ 4.84 24,844$
Granted - -
Exercised (979) 17.35
Canceled (4) 15.64
Outstanding at December 31, 2005 956 17.44 4.53 17,816
Granted - -
Exercised (426) 17.35
Canceled (3) 16.66
Outstanding at December 31, 2006 527 17.51 3.56 14,804
Granted - -
Exercised (62) 17.67
Canceled - -
Outstanding at December 31, 2007 465 17.49$ 2.63 2,883$
Options exercisable at:
December 31, 2007 465 17.49$ 2.63 2,883$
December 31, 2006 527 17.51$ 3.56 14,804$
December 31, 2005 956 17.44$ 4.53 17,816$
The total intrinsic value of options exercised during 2007, 2006 and 2005 was $1,383,000,
$11,450,000, and $15,263,000, respectively. Total cash received for non-qualified option rights
exercised during 2007, 2006 and 2005 totaled $1,093,000, $7,400,000 and $16,979,000,
respectively. The Company deems a tax benefit to be realized under SFAS No. 123(R) when the
benefit provides incremental benefit by reducing current taxes payable that it otherwise would have
had to pay absent the share-based compensation deduction (the “with-and-without” approach).
Under this approach, share-based compensation deductions are, effectively, always considered last
to be realized. Due to significant net operating losses for income tax purposes, the Company did
not realize any tax benefits from option exercises during 2007, 2006 or 2005.
66