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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(continued)
A summary of stock-based award activity as of December 31, 2007, 2006 and 2005 and the changes during the years
are presented below:
2007
Stock Options
Restricted Stock
Performance Vested
Restricted Stock Units
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Contractual
Term
Shares
Weighted
Average Grant
Date Fair Value
Shares
Weighted
Average Grant
Date Fair Value
Outstanding at January 1, 2007..... 2,860,159 $ 14.30 570,134 $ 29.81 49,780 $ 46.22
Granted ......................................... 250,957 39.60
157,467 40.28 21,141 40.75
Exercised/Vested .......................... (565,261) 10.18 (198,258) 26.08 — —
Forfeited/Expired .......................... (62,579) 27.92
(43,783) 32.85 (2,933) 45.05
Outstanding at December 31, 2007
................................................. 2,483,276 $ 17.46 4.1 years 485,560 $ 34.45 67,988 $ 44.57
Options exercisable at
December 31, 2007 .................. 1,708,527 $ 11.29 3.2 years
2006
Stock Options
Restricted Stock
Performance Vested
Restricted Stock Units
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Contractual
Term
Shares
Weighted
Average Grant
Date Fair Value
Shares
Weighted
Average Grant
Date Fair Value
Outstanding at January 1, 2006 3,753,001 $ 10.81 689,865 $ 22.13 — $ —
Granted ............................................ 190,548
48.74
143,943 48.67 49,780 46.22
Exercised/Vested ............................. (1,037,979) 8.19
(234,231) 18.68 — —
Forfeited/Expired ............................. (45,411) 10.12
(29,443) 30.76 — —
Outstanding at December 31, 2006.. 2,860,159 $ 14.30 4.8 years 570,134 $ 29.81 49,780 $ 46.22
Options exercisable at
December 31, 2006 ..................... 1,746,427
$ 9.37 3.8 years
2005
Stock Options
Restricted Stock
Performance Vested
Restricted Stock Units
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Contractual
Term
Shares
Weighted
Average Grant
Date Fair Value
Shares
Weighted
Average Grant
Date Fair Value
Outstanding at January 1, 2005........ 5,440,414 $ 8.32
638,226 $ 15.64 — $—
Granted ............................................ 355,384
29.92
265,589 31.97 — —
Exercised/Vested ............................. (1,928,903) 7.37
(184,800) 13.88 — —
Forfeited/Expired............................. (113,894) 9.98
(29,150) 22.00 — —
Outstanding at December 31, 2005.. 3,753,001 $ 10.81 5.3 years 689,865 $ 22.13 — $—
Options exercisable at
December 31, 2005 ..................... 2,200,008
$ 7.95
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