Audiovox 2008 Annual Report Download - page 75

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Audiovox Corporation and Subsidiaries
Notes to Consolidated Financial Statements, continued
February 29, 2008
(Dollars in thousands, except share and per share data)
The Company recognized stock-based compensation expense (before deferred income tax benefits) for awards granted
under the Company’s stock option plans in the following line items in the consolidated statement of operations for the
years ended February 29, 2008 and February 28, 2007:
Year Year
Ended Ended
February 29, February 28,
2008 2007
Cost of sales $ 16 $ 21
Selling expense 192 156
General and administrative expenses 662 245
Engineering and technical support 16 10
Stock-based compensation expense before income tax benefits $ 886 $ 432
Net income from continuing operations and net income was impacted by $506 (after tax) and $264 (after tax) in stock
based compensation expense or $0.02 and $0.01 per diluted share for the years ended February 29, 2008 and February
28, 2007, respectively.
Information regarding the Company's stock options and warrants are summarized below:
Weighted-
Average
Number Exercise
of Shares Price
Outstanding at November 30, 2004 2,547,700 $ 11.74
Granted 324,952 13.76
Exercised (660,500) 11.65
Forfeited/expired (10,000) 15.00
Outstanding at November 30, 2005 2,202,152 12.04
Forfeited/expired (5,000) 13.69
Outstanding at February 28, 2006 2,197,152 12.04
Granted 105,000 13.42
Exercised (485,000) 8.72
Forfeited/expired (32,500) 14.39
Outstanding and exercisable at February 28, 2007 1,784,652 12.97
Granted 275,000 10.90
Exercised (408,866) 7.70
Forfeited/expired (83,750) 13.68
Outstanding and exercisable at February 29, 2008 1,567,036 $ 13.96
At February 29, 2008 and February 28, 2007, the Company had no unrecognized compensation cost as all stock options
were fully vested.
F-21
Source: AUDIOVOX CORP, 10-K, May 14, 2008