World Fuel Services 2005 Annual Report Download - page 72

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Stock Repurchase Programs
Our Board of Directors, from time to time, has authorized stock repurchase programs under the terms of
which we may repurchase our common stock, subject to certain restrictions contained in our credit agreement.
The following summarizes the status of our stock repurchase programs at December 31, 2005 (in thousands,
except average price per share data):
Authorized
Stock
Repurchases
Repurchases Remaining
Authorized
Stock
RepurchasesRepurchase Programs Shares
Aggregate
Cost
Average
Price
per Share
August 1998 ...................... $ 6,000 1,232 $ 6,000 $4.87 $ —
January 2000 ..................... 10,000 2,782 10,000 3.59 —
September 2000 ................... 10,000 736 3,987 5.42 6,013
4,750 $19,987
In August 2005, our Board of Directors approved the retirement of all of the outstanding shares of our
common stock owned by us and held as treasury stock. As a result, we retired approximately 2.3 million shares
of our common stock which eliminated the treasury stock balance with an offsetting reduction in common stock
and capital in excess of par value in the accompanying consolidated balance sheets. The retired shares will
constitute authorized but unissued shares of common stock.
Share-Based Payment Plans
In 1986, our shareholders approved the 1986 Employee Stock Option Plan (the “1986 Plan”), as amended.
The 1986 Plan expired in 1996. Options granted under the 1986 Plan, but not yet exercised, survive the 1986
Plan until the options expire. In 2005, the last remaining outstanding options were exercised.
In 1994, our shareholders approved the 1993 Non-Employee Directors Stock Option Plan (the “Directors
Plan”). The Directors Plan permits the issuance of options to purchase up to an aggregate of 0.5 million shares of
our common stock. Additional options to purchase shares of our common stock may be granted under the
Directors Plan for any options that are forfeited, expired or canceled without delivery of shares of our common
stock. Also, shares delivered to us from non-employee directors as payment for option exercise prices and related
withholding taxes are added to the maximum amount of shares that may be issued under the plan. Under the
Directors Plan, members of the Board of Directors who are not our employees receive a non-qualified option to
purchase 10 thousand shares, on a pro-rata basis, when such person is first elected to the Board of Directors and
will receive a non-qualified option to purchase 10 thousand shares each year that the individual is re-elected.
Options granted are fully exercisable upon grant. All options under the Directors Plan expire five years after the
date of grant. Outstanding options at December 31, 2005 under the Directors Plan expire between August 2006
and June 2010.
In 1997, our shareholders approved the 1996 Employee Stock Option Plan (the “1996 Plan”), as amended.
The 1996 Plan was replaced by the 2001 Omnibus Plan (the “2001 Plan”). Options granted under the 1996 Plan,
but not yet exercised, survive the 1996 Plan until the options expire. Outstanding options at December 31, 2005
under the 1996 Plan expire between January 2008 and October 2011.
The 2001 Plan was approved by our shareholders in August 2001. The 2001 Plan is administered by the
Compensation Committee of the Board of Directors (the “Compensation Committee”) and its purpose is to
recruit, reward, and motivate all executives and key employees to work as a team to achieve our corporate goal of
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