E-Z-GO 2001 Annual Report Download - page 53

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At year-end 2001, 6,139,000 stock options w ere available for future grant under the 1999 Plan as amended.
Stock option activity is summarized as follow s:
2001 2000 1999
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
(Shares in thousands) Shares Price Shares Price Shares Price
Outstanding at
beginning of year 12,631 $ 52.32 8,822 $ 55.26 8,342 $47.23
Granted 315 $50.93 4,618 $ 46.31 2,176 $ 73.75
Exercised (884) $30.20 (440) $30.67 (1,451) $ 34.86
Canceled (1,086) $ 58.01 (369) $ 76.41 (245) $67.06
Outstanding at end of year 10,976 $53.50 12,631 $52.32 8,822 $ 55.26
Exercisable at end of year 8,653 $55.33 7,012 $ 53.25 5,815 $ 45.60
Stock options outstanding at year-end 2001 are summarized as follow s:
Weighted
Average Weighted Weighted
Remaining Average Average
Contractual Exercise Exercise
(Shares in thousands) Outstanding Life (in Years) Price Exercisable Price
$17 – $ 37 1,542 3.1 $ 29.61 1,507 $29.83
$38 – $ 63 6,212 7.9 $ 48.75 3,935 $49.80
$64 – $ 94 3,222 7.5 $ 73.94 3,211 $73.96
Reserved Shares of Common Stock
At year-end 2001, common stock reserved for the subsequent conversion of preferred stock and shares
reserved for the exercise of stock options were 2,865,000 and 10,976,000, respectively.
Preferred Stock Purchase Rights
Each outstanding share of Textron common stock has attached to it one-half of a preferred stock purchase
right. One preferred stock purchase right entitles the holder to buy one one-hundredth of a share of Series C
Junior Participating Preferred Stock at an exercise price of $250. The rights become exercisable only under
certain circumstances related to a person or group acquiring or offering to acquire a substantial block of
Textron’s common stock. In certain circumstances, holders may acquire Textron stock, or in some cases
the stock of an acquiring entity, w ith a value equal to tw ice the exercise price. The rights expire in
September 2005 but may be redeemed earlier for $.05 per right.
Income per Common Share
A reconciliation of income from continuing operations and basic to diluted share amounts is presented below.
2001 2000 1999
(Dollars in millions, Average Average Average
shares in thousands) Income Shares Income Shares Income Shares
Income from continuing operations $166 $277 $623
Less: Preferred stock dividends (1) –(1)
Basic
Available to common shareholders 165 141,050 277 143,923 622 150,389
Dilutive effect of convertible preferred
stock and stock options 11,887 –2,227 1 3,365
Diluted
Available to common shareholders
and assumed conversions $166 142,937 $277 146,150 $ 623 153,754
Textron Annual Report 51