E-Z-GO 2002 Annual Report Download - page 59

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Stock options outstanding at the end of 2002 are summarized as follows (shares in thousands):
Weighted
Average Weighted Weighted
Remaining Average Average
Contractual Exercise Exercise
Range of Exercise Prices Outstanding Life (in Years) Price Exercisable Price
$22 - $40 1,442 3.9 $ 32.93 1,152 $ 31.32
$41 - $63 9,950 7.9 $ 45.20 5,143 $ 48.54
$64 - $94 2,748 6.4 $ 73.97 2,748 $ 73.97
Reserved Shares of Common Stock
At the end of 2002, common stock reserved for the subsequent conversion of preferred stock and
shares reserved for the exercise of stock options were 2,786,000 and 14,140,000, respectively.
Preferred Stock Purchase Rights
Each outstanding share of Textron common stock has attached to it one-half of a preferred stock pur-
chase 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 exercis-
able 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, with a value equal to twice 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 operations and basic to diluted share amounts is presented below.
2002 2001 2000
(Dollars in millions, Average Average Average
shares in thousands) Income Shares Income Shares Income Shares
Income from operations $ 364 $ 166 $ 277
Less: Preferred stock dividends — (1) —
Basic
Available to common
shareholders 364 138,745 165 141,050 277 143,923
Dilutive effect of convertible
preferred stock and stock
options — 1,507 1 1,887 — 2,227
Diluted
Available to common
shareholders and
assumed conversions $ 364 140,252 $ 166 142,937 $ 277 146,150
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