Callaway 2001 Annual Report Download - page 53

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Callaway Golf Company
51
The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2001:
(in thousands)
Authorized Available Outstanding
1991 Plan 10,000 — 958
Promotion Plan 3,560 771 870
1995 Plan 10,800 2,683 6,050
1996 Plan 9,000 1,926 5,549
1998 Plan 500 300 166
Key Officer Plans 1,100 — 720
2001 Directors Plan 500 456 44
Directors Plan 840 — 396
Total 36,300 6,136 14,753
Under the Company’s stock option plans, outstanding options vest over periods ranging from zero to five years from the grant date and expire up to 12 years
after the grant date.
The following summarizes stock option transactions for the years ended December 31, 2001, 2000 and 1999:
(in thousands, except per share data) Year ended December 31,
2001 2000 1999
Weighted- Weighted- Weighted-
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of year 16,758 $ 19.66 15,747 $ 20.46 13,637 $ 22.62
Granted 3,475 $ 19.72 4,461 $ 13.71 4,012 $ 11.30
Exercised (3,634) $ 12.39 (2,252) $ 10.64 (851) $ 6.40
Canceled (1,846) $ 26.77 (1,198) $ 25.01 (1,051) $ 24.95
Outstanding at end of year 14,753 $ 20.57 16,758 $ 19.66 15,747 $ 20.46
Options exercisable at end of year 11,484 $ 21.20 12,394 $ 19.99 11,066 $ 18.64
Price range of outstanding options $ 5.00 - $ 40.00 $ 2.50 - $ 40.00 $ 0.44 - $ 40.00
The exercise price of all options granted during 2001 was equal to the market value on the date of grant. The following table summarizes additional
information about outstanding stock options at December 31, 2001:
Weighted-Average
Number Remaining Number
Range of Outstanding Contractual Weighted-Average Exercisable Weighted-Average
Exercise Price (in thousands) Life-Years Exercise Price (in thousands) Exercise Price
$ 5 - $ 10 86 1.81 $ 5.95 78 $ 5.57
$ 10 - $ 15 4,897 5.20 $ 12.63 3,940 $ 12.44
$ 15 - $ 25 4,595 6.72 $ 18.63 2,723 $ 18.63
$ 25 - $ 40 5,175 3.12 $ 30.05 4,743 $ 30.22
$ 5 - $ 40 14,753 4.93 $ 20.57 11,484 $ 21.20