FairPoint Communications 2004 Annual Report Download - page 114

Stock option activity under the 1998 Plan is summarized as follows:
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Outstanding at December 31, 2001 834,952 $9.71
Granted 47,372 36.94
Exercised — —
Forfeited (42,652) 17.31
Outstanding at December 31, 2002 839,672 10.87
Granted — —
Exercised — —
Forfeited (3,316) 9.02
Outstanding at December 31, 2003 and 2004 836,356 10.87
Stock options available to grant at December 31, 2004 481,069
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$9.02 756,332 3.60 — $ —
14.46 29,183 4.50 — —
17.31 3,468 5.30 3,468 17.31
36.94 47,373 7.00 — —
836,356 3,468 $17.31
The weighted average remaining contractual life for the options outstanding at December 31, 2004 is 3.8 years.
(d) FairPoint Communications, Inc. 2000 Employee Stock Incentive Plan
In May 2000, the Company adopted the FairPoint Communications, Inc. 2000 Employee Stock Incentive Plan (the 2000
Plan). The 2000 Plan provided for grants to members of management of up to 1,898,521 options to purchase class A common
stock, at the discretion of the compensation committee. During 2002, the Company amended the 2000 Plan to limit the
number of shares available for grant to 448,236. In December 2003, the Company amended the 2000 Plan to allow for the
grant to members of management of up to 1,898,521 shares of restricted stock in addition to shares available for stock options.
Options granted under the 2000 Plan may be of two types: (i) incentive stock options and (ii) nonstatutory stock options. Unless
the compensation committee shall otherwise specify at the time of grant, any option granted under the 2000 Plan shall be a
nonstatutory stock option.
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