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[NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS continued ]
44
2003 Annual ReportBarnes & Noble, Inc.
The following table summarizes information as of January 31, 2004 concerning outstanding and exercisable options:
Options Outstanding Options Exercisable
Weighted- Weighted- Weighted-
Number Average Average Number Average
Outstanding Remaining Exercise Exercisable Exercise
Range of Exercise Prices (000s) Contractual Life Price (000s) Price
$10.00 - $16.80 2,329 6.59 $ 15.55 818 $ 14.30
$17.13 - $24.43 5,087 7.01 $ 20.98 2,324 $ 21.22
$26.50 - $34.75 1,483 5.96 $ 30.35 1,052 $ 30.85
$10.00 - $34.75 8,899 6.73 $ 21.12 4,194 $ 22.29
The weighted-average fair value of the options granted
during fiscal 2003, 2002 and 2001 were estimated
at $8.02, $8.96 and $10.13, respectively, using the
Black-Scholes option-pricing model with the following
assumptions:
Fiscal Year 2003 2002 2001
Volatility 40% 40% 35%
Risk-free interest rate 2.71% 3.51% 4.86%
Expected life 6 years 6 years 6 years
A summary of the status of the Company’s BKS stock
options is presented below:
Weighted-Average
(Thousands of shares) Shares Exercise Price
Balance, February 3, 2001 12,016 $ 17.15
Granted 2,204 18.24
Exercised ( 2,163 ) 21.81
Forfeited ( 362 ) 23.76
Balance, February 2, 2002 11,695 18.04
Granted 2,182 20.09
Exercised ( 385 ) 18.52
Forfeited ( 924 ) 20.22
Balance, February 1, 2003 12,568 18.22
Granted 1,967 18.78
Exercised ( 5,063 ) 13.04
Forfeited ( 573 ) 20.98
Balance, January 31, 2004 8,899 $ 21.12