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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Options Awards
The following table summarizes the status of our Option Awards outstanding and exercisable, and related
transactions for each of the following years (in thousands, except weighted average exercise price and weighted
average remaining contractual life data):
Option Awards Outstanding Option Awards Exercisable
Options
Awards
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Weighted
Average
Remaining
Contractual
Life
(in Years)
Options
Awards
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Weighted
Average
Remaining
Contractual
Life
(in Years)
At December 31, 2005 . . . . . . . . . . 2,376 $13.01 $49,203 3.2 1,655 $10.21 $38,892 3.2
Granted . . . . . . . . . . . . . . . . . . . . . . 1,005 37.24
Exercised . . . . . . . . . . . . . . . . . . . . (985) 8.20
Forfeited . . . . . . . . . . . . . . . . . . . . . (145) 28.93
At December 31, 2006 . . . . . . . . . . 2,251 24.92 44,340 3.1 975 13.53 30,331 1.9
Granted . . . . . . . . . . . . . . . . . . . . . . 43 42.07
Exercised . . . . . . . . . . . . . . . . . . . . (82) 11.71
Forfeited . . . . . . . . . . . . . . . . . . . . . (8) 40.20
At December 31, 2007 . . . . . . . . . . 2,204 25.69 15,297 2.2 1,153 16.62 14,578 1.2
Granted . . . . . . . . . . . . . . . . . . . . . . 368 26.83
Exercised . . . . . . . . . . . . . . . . . . . . (674) 13.79
Forfeited . . . . . . . . . . . . . . . . . . . . . (3) 42.20
At December 31, 2008 . . . . . . . . . . 1,895 $30.12 $16,654 2.4 584 $22.04 $ 9,772 1.3
As discussed in Note 1, we currently use the Black-Scholes option pricing model to estimate the fair value
of Option Awards granted to employees and non-employee directors. The aggregate intrinsic value of Option
Awards exercised during 2008, 2007 and 2006 was $7.1 million, $2.4 million and $36.0 million, respectively,
based on the difference between the average of the high and low market price of our common stock at the
exercise date and the Option Award exercise price.
The weighted average fair value of the Option Awards and the assumptions used to determine such fair
value for each of the following years are as follows:
2008 2007 2006
Weighted average fair value of Option Awards . . . . . . . . . . . . . $8.10 $13.34 $11.59
Expected term (in years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 3.2 4.3
Volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.3% 38.5% 29.6%
Dividendyields ..................................... 0.6% 0.3% 0.4%
Risk-free interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3% 4.8% 4.8%
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