iHeartMedia 2001 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2001 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 111

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111

93
(In thousands of shares)
Outstanding Weighted Average Exercisable Weighted
Range of as of Remaining Weighted Average as of Average
Exercise Prices 12/31/01 Contractual Life Exercise Price 12/31/01 Exercise Price
$ 0.0000 $ 11.2467 3,165 3.3 $ 5.3027 3,165 $ 5.3027
11.2468 - 22.4933 2,293 4.1 15.2811 2,038 14.5792
22.4934 - 33.7400 6,808 5.9 27.2901 6,462 27.2654
33.7401 - 44.9867 5,370 5.5 42.6346 4,587 42.7986
44.9868 - 56.2334 17,325 7.1 48.5536 11,112 49.1613
56.2335 - 67.4800 10,120 6.0 60.2631 3,720 60.1482
67.4801 - 78.7267 1,387 5.8 71.8544 695 73.4493
78.7268 - 89.9734 609 3.6 83.3500 545 83.0135
89.9735 - 101.2200 70 3.3 97.6911 61 98.4236
47,147 6.0 $ 43.9188 32,385 $ 39.6069
The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing
model with the following weighted average assumptions for 2001, 2000 and 1999: risk-free interest rates
of 5.2% and 4.9% for options granted in 2001 with an expected life of eight years and six years,
respectively, and 6.0% for all options granted in 2000 and 1999; a dividend yield of 0%; the volatility
factors of the expected market price of the Company’s common stock used was 36% and 37% for options
granted in 2001 with an expected life of eight years and six years, respectively, and 34% and 30% for
2000 and 1999, respectively; and the weighted average expected life of the option was eight years for all
options granted with a ten year term and six years for options granted with a seven year term.
Pro forma net income and earnings per share, assuming that the Company had accounted for its employee
stock options using the fair value method and amortized such to expense over the options’ vesting period
is as follows:
2001 2000 1999
Net income (loss) before extraordinary item (in thousands)
As reported $ (1,144,026) $ 248,808 $ 85,655
Pro forma $ (1,193,495) $ 219,898 $ 70,781
Net income (loss) before extraordinary item per common share
Basic:
As reported $ (1.93) $ .59 $ .27
Pro forma $ (2.02) $ .52 $ .23
Diluted:
As reported $ (1.93) $ .57 $ .26
Pro forma $ (2.02) $ .50 $ .21