Avnet 2004 Annual Report Download - page 65

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AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
The Company has Ñve stock option plans with shares available for grant at July 3, 2004:
Plan
1995 1996 1997 1999 2003
Minimum exercise price as
a percentage of fair
market value at date of
grant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85% 100% 85% 85% 85%
Plan termination date ÏÏÏÏÏ August 31, December 31, November 19, November 21, September 18,
2005 2006 2007 2009 2013
Shares available for grant
at July 3, 2004 ÏÏÏÏÏÏÏÏÏ 417,000 87,963 9,750 102,838 5,675,000
As applicable, the excess of the fair market value at the date of grant over the exercise price is considered
deferred compensation, which is amortized and charged against income as it is earned. The maximum term of
options granted under any of the plans is 10 years from the date of grant.
The following is a summary of the changes in outstanding options for the three years ended July 3, 2004:
2004 2003 2002
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of
yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,614,722 $21.37 9,555,698 $23.13 10,125,378 $23.20
Granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,808,300 18.30 1,798,700 12.84 1,739,675 18.72
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (888,276) 17.18 (58,524) 9.76 (1,478,805) 17.56
Canceled or expired ÏÏÏÏÏÏÏÏÏÏ (1,521,503) 23.49 (681,152) 24.81 (830,550) 24.78
Outstanding at end of year ÏÏÏÏ 10,013,243 20.87 10,614,722 21.37 9,555,698 23.13
Exercisable at end of year ÏÏÏÏÏ 6,031,657 23.12 6,810,029 23.35 5,784,988 24.03
The following information relates to options outstanding at July 3, 2004:
Options Outstanding Options Exercisable
Weighted
Weighted Average Weighted
Number of Average Remaining Average
Options Exercise Contractual Number of Exercise
Range of Exercise Prices Outstanding Price Life Options Price
$15.00 and below 1,665,472 $12.82 93 Months 461,023 $12.80
15.00 to 20.00 4,029,038 17.89 85 Months 1,750,981 17.78
20.00 to 25.00 2,304,086 22.91 50 Months 2,080,911 22.86
25.00 to 30.00 1,174,913 28.28 74 Months 907,430 28.25
30.00 to 35.00 631,776 31.66 41 Months 624,746 31.65
35.00 and above 207,958 45.77 39 Months 206,566 45.84
10,013,243 6,031,657
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