Garmin 2008 Annual Report Download - page 97

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75
2000 Non-employee Directors’ Option Plan
Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the
Directors Plan) providing for grants of options for up to 100,000 common shares. The term of each award is ten
years. All awards vest evenly over a three-year period. During 2008, 2007, and 2006, options to purchase 15,696,
5,562, and 7,630 shares, respectively, were granted under this plan.
Stock-Based Compensation Activity
A summary of the Company’s stock-based compensation activity and related information under the 2005
Equity Incentive Plan, the 2000 Equity Incentive Plan and the 2000 Non-employee Directors’ Option Plan for the
years ended December 27, 2008, December 29, 2007, and December 30, 2006 is provided below:
Weighted-Average Weighted-Average
Exercise Price Number of Shares Fair Value RSUs Number of Shares
(In Thousands) (In Thousands)
Outstanding at December 31, 2005 $19.29 6,354 - -
Granted $48.54 2,413 - -
Exercised $12.59 (994) - -
Forfeited $28.57 (47) - -
Outstanding at December 30, 2006 $29.24 7,726 - -
Granted $84.61 2,864 - -
Exercised $18.29 (934) - -
Forfeited $38.11 (125) - -
Outstanding at December 29, 2007 $46.82 9,531 - -
Granted $51.00 1,470 $19.59 1,044
Exercised $22.35 (226) - -
Forfeited $53.89 (249) - -
Outstanding at December 27, 2008 $47.76 10,526 $19.59 1,044
Exercisable at December 27, 2008 $33.27 4,656 - -
Exercise Options Remaining Options
Price Outstanding Life (Years) Exercisable
(In Thousands) (In Thousands)
$7.00 -$20.00 2,001 4.40 1,744
$20.01 - $40.00 2,142 6.13 1,521
$40.01 - $60.00 3,626 8.38 837
$60.01 - $80.00 1,345 8.44 270
$80.01 - $100.00 7 8.81 1
$100.01 - $120.00 1,402 8.92 282
$120.01 - $140.00 3 8.78 1
10,526 7.25 4,656
Stock Options as of December 27, 2008
The weighted-average remaining contract life for options outstanding and exercisable at December 27,
2008 is 7.25 and 5.88 years, respectively.
The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing
model with the following weighted-average assumptions for 2008, 2007, and 2006: