Chipotle 2009 Annual Report Download - page 51

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The tables below summarize the option and SAR activity under the Plan (in thousands, except years and per
share data):
2009 2008 2007
Shares
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price Shares
Weighted-
Average
Exercise
Price
Outstanding, beginning of year ................... 1,214 $52.49 965 $ 33.87 940 $21.26
Granted ..................................... 578 $53.36 332 $102.67 275 $63.89
Exercised .................................... (536) $22.02 (22) $ 21.21 (207) $18.68
Forfeited .................................... (8) $55.02 (61) $ 42.96 (43) $23.15
Expired ..................................... (3) $22.00 — $ — — $ —
Outstanding, end of year ........................ 1,245 $66.08 1,214 $ 52.49 965 $33.87
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Years of
Contractual
Life
Aggregate
Instrinsic
Value
Outstanding as of December 31, 2009 ......................... 1,245 $66.08 5.2 $32,152
Vested and expected to vest as of December 31, 2009(1) ........... 1,235 $66.06 5.2 $31,915
Exercisable as of December 31, 2009 .......................... 106 $32.22 3.3 $ 6,055
(1) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumptions to total
outstanding options.
The total intrinsic value of options and SARs exercised during the years ended December 31, 2009, 2008
and 2007 was $31,753, $893 and $17,749. Unearned compensation as of December 31, 2009 was $8,794 for
options and SAR awards. The remaining vesting period as of December 31, 2009 for unvested options and SAR
awards was generally between 0.1 and 2.1 years.
A summary of non-vested stock award activity under the Plan is as follows (in thousands, except per share
data):
2009 2008 2007
Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value Shares
Grant Date
Fair Value
Outstanding, beginning of year ................. 229 $75.06 123 $64.75 — $ —
Granted ................................... 90 $55.71 109 $87.36 123 $64.75
Vested .................................... (60) $63.89 — $ — — $ —
Forfeited .................................. (2) $53.36 (3) $99.19 — $ —
Outstanding, end of year ...................... 257 $71.03 229 $75.06 123 $64.75
At December 31, 2009, 119 of the outstanding non-vested stock awards were subject to both service and
performance conditions based on reaching specified cumulative operating income levels during certain
timeframes. During 2008, the Company replaced 120 previously issued non-vested time-based stock awards with
an equal number of shares of performance-contingent restricted stock. The modification did not result in the
recognition of any additional stock based-compensation. Unearned compensation as of December 31, 2009 was
$7,231 for non-vested stock awards. The remaining vesting period as of December 31, 2009 for non-vested stock
awards was generally between 0.1 and 2.4 years. The fair value of shares vested during the year ended
December 31, 2009 was $3,833.
49
Annual Report