Circuit City 2004 Annual Report Download - page 53

For Shares Option Prices
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Outstanding, January 1, 2002 1,675,491 $ 1.95 to $39.06
Granted 591,375 $ 3.05 to $ 3.39
Cancelled (175,551) $ 1.95 to $18.41
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Outstanding, December 31, 2002 2,091,315 $ 1.95 to $39.06
Granted 1,072,700 $ 1.76 to $ 3.36
Exercised (184,341) $ 1.76 to $ 3.05
Cancelled (158,372) $ 1.76 to $39.06
-------- ----------------
Outstanding, December 31, 2003 2,821,302 $ 1.76 to $18.41
Granted 780,267 $ 5.30 to $ 6.34
Exercised (144,168) $ 1.76 to $ 3.05
Cancelled (216,150) $ 1.76 to $18.41
-------- ----------------
Outstanding, December 31, 2004 3,241,251 $ 1.76 to $18.41
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2004 2003 2002
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Weighted-Average Weighted Average Weighted Average
Stock Option Plans - The Company has three fixed option plans which reserve shares of common stock for
issuance to key employees, directors, consultants and advisors to the Company. The following is a description of
these plans:
The 1995 Long-term Stock Incentive Plan - This plan allows the Company to issue qualified, non-qualified and
deferred compensation stock options, stock appreciation rights, restricted stock and restricted unit grants,
performance unit grants and other stock based awards authorized by the Compensation Committee of the Board
of Directors. Options issued under this plan expire ten years after the options are granted and generally become
exercisable ratably on the third, fourth, and fifth anniversary of the grant date. A maximum total number of 2.0
million shares may be granted under this plan of which a maximum of 800,000 shares may be of restricted stock
and restricted stock units. No award shall be granted under this plan after December 31, 2005. A total of
1,590,474 options were outstanding under this plan as of December 31, 2004.
The 1995 Stock Option Plan for Non-Employee Directors - This plan provides for automatic awards of non-
qualified options to directors of the Company who are not employees of the Company or its affiliates. All options
granted under this plan will have a ten year term from grant date and are immediately exercisable. A maximum of
100,000 shares may be granted for awards under this plan. This plan will terminate the day following the tenth
annual shareholders meeting. A total of 52,000 options were outstanding under this plan as of December 31,
2004.
The 1999 Long-term Stock Incentive Plan, as amended("1999 Plan") - This plan was adopted on October 25,
1999 with substantially the same terms and provisions as the 1995 Long-term Stock Incentive Plan. A maximum
of 5.0 million shares may be granted under this plan. The maximum number of shares granted per type of award
to any individual may not exceed 1,500,000 in any calendar year and 3,000,000 in total. No award shall be
granted under this plan after December 31, 2009. Restricted stock grants and common stock awards reduce stock
options otherwise available for future grant. A total of 1,598,777 options were outstanding under this plan as of
December 31, 2004.
The following table reflects the plan activity for the years ended December 31, 2004, 2003 and 2002:
The following table summarizes information for the three years ended December 31, 2004 concerning currently
outstanding and exercisable options: