Twenty-First Century Fox 2005 Annual Report Download - page 96

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NEWS CORPORATION
Notes to the Consolidated Financial Statements (continued)
outstanding as June 30, 2005 are subject to the provisions of the 2004 Plan. No future grants will be issued under the 2004 Plan and the plan
automatically terminates in ten years.
Other
The Company operates an employee share ownership scheme in the United Kingdom. This plan enables employees to enter into a fixed-term
savings contract with independent financial institutions linked to an option for Class A Common Stock. The savings contracts can range from
three to seven years with an average expected life of four years.
The following table summarizes information about the Company’s stock option transactions (options in thousands):
2005 2004 2003
Options
Weighted average
exercise price Options
Weighted average
exercise price Options
Weighted average
exercise price
(in US$) (in A$) (in US$) (in A$) (in US$) (in A$)
Outstanding at the beginning of the year 143,849 $13.69 $23.13 136,299 $13.44 $23.13 110,395 $14.74 $25.15
Granted 1,519 14.04 18.70 26,767 12.97 19.73 35,559 8.87 16.09
Exercised (6,273) 10.09 15.96 (9,738) 8.77 14.00 (2,470) 8.21 12.79
Cancelled (7,728) 11.95 20.97 (9,479) 13.05 22.99 (7,185) 12.62 22.75
Outstanding at the end of the year 131,367 $13.97 $23.35 143,849 $13.69 $23.13 136,299 $13.44 $23.13
Exercisable at the end of the year 95,638 82,549 70,616
Weighted average fair value of options granted(a) $ 6.74 $ 8.66 $ 7.13 $10.01 $ 4.60 $ 7.89
(a) Refer to Note 2 Summary of significant accounting policies for Black-Scholes assumptions.
The exercise prices for the options presented above are in Australian dollars. The US dollar equivalents above have been converted at
historical exchange rates; therefore, the proceeds from the exercise of these options may differ due to fluctuations in exchange rates in periods
subsequent to the date of the grants.
The following table summarizes information about the Company’s stock option transactions (options in thousands):
Tranches Options Outstanding
Weighted
Average
Exercise Price
Weighted
Average Remaining
Contractual Life Exercisable Options
Weighted
Average Exercise Price
(in US$) (in US$) (in US$)
$3.80 to $4.82 44 4.12 1.17 44 4.12
$6.49 to $9.68 34,559 8.47 5.90 21,252 8.24
$9.96 to $14.70 68,675 12.85 5.97 46,350 12.75
$15.20 to $22.38 16,076 20.35 5.06 15,979 20.37
$23.25 to $27.74 12,013 27.74 4.36 12,013 27.74
131,367 $13.97 95,638 $14.90
NDS Option Schemes
NDS, an indirect majority-owned subsidiary of the Company which is a publicly traded Company, has three executive share option schemes (“the
NDS Plans”). The NDS Plans provide for the grant of options to purchase Series A ordinary shares in NDS with a maximum term of 10 years.
Options granted under the NDS Plans vest over a four-year period. The NDS Plans authorize options to be granted subject to a maximum of
10% of the ordinary shares of NDS on issue at the date of grant. All NDS employees are entitled to participate in the plans, however (with the
exception of the employee share ownership schemes which are open to all), management determines to whom and how many options are
granted.
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