Audiovox 2004 Annual Report Download - page 98

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2002, 2003 and 2004
(Dollars in thousands, except share and per share data)
Summarized information about stock options and warrants outstanding as
of November 30, 2004 is as follows:
Outstanding and Exercisable
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Weighted Weighted
Average Average
Exercise Exercise Life
Price Number Price Remaining
Range of Shares of Shares In Years
−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−− −−−−−−−−−−−
$4.63 − 8.00 1,007,700 $ 7.23 2.16
$8.01 − 13.00 120,000 $ 11.02 1.60
$13.01 − 15.00 1,420,000 $ 15.00 3.84
(c) Restricted Stock Plan
The Company has restricted stock plans under which key employees and
directors may be awarded restricted stock. Awards under the restricted
stock plan may be performance−accelerated shares or
performance−restricted shares. No performance− restricted accelerated
shares or performance−restricted shares were granted in fiscal 2002,
2003 or 2004.
Compensation expense for the performance−accelerated shares is
recorded based upon the quoted market value of the shares on the date
of grant. Compensation expense for the performance−restricted shares
is recorded based upon the quoted market value of the shares on the
balance sheet date. There was no restricted stock outstanding at
November 30, 2002, 2003 and 2004.
(d) Employee Stock Purchase Plan
In April 2000, the stockholders approved the 2000 Employee Stock
Purchase Plan of up to 1,000,000 shares. The stock purchase plan
provides eligible employees an opportunity to purchase shares of the
Company's Class A common stock through payroll deductions at a minimum
of 2% and a maximum of 15% of base salary compensation. Amounts
withheld are used to purchase Class A common stock on the open market.
The cost to the employee for the shares is equal to 85% of the fair
market value of the shares on or about the quarterly purchase date
(December 31, March 31, June 30 or September 30). The Company bears
the cost of the remaining 15% of the fair market value of the shares
as well as any broker fees.
The Company's employee stock purchase plan is a non−compensatory plan,
in accordance with APB No. 25, for which the related expense is
recorded in general and administrative expenses in the consolidated
statement of operations.
95