Invacare 2012 Annual Report Download - page 108

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INVACARE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
At December 31, 2012 and 2011, there were 260,548 and 249,499 shares, respectively, for restricted stock
awards that were unvested. Unearned restricted stock compensation of $4,323,000 in 2012, $5,227,000 in 2011
and $5,190,000 in 2010, determined as the market value of the shares at the date of grant, is being amortized on a
straight-line basis over the vesting period. Compensation expense of $2,241,000, $2,199,000 and $2,022,000 was
recognized in 2012, 2011 and 2010, respectively, related to restricted stock awards granted since 2004.
The 2003 Plan and the 1994 Performance Plan have provisions that allow employees to exchange mature
shares to pay the exercise price and surrender shares from the options or restricted awards to cover the minimum
tax withholding obligation. Under these provisions, the company acquired approximately 35,000 treasury shares
for $459,000 in 2012, 31,000 shares for $676,000 in 2011 and 280,000 shares for $7,830,000 in 2010.
The following table summarizes information about stock option activity for the three years ended 2012,
2011 and 2010:
2012
Weighted
Average
Exercise
Price 2011
Weighted
Average
Exercise
Price 2010
Weighted
Average
Exercise
Price
Options outstanding
at January 1 ........ 4,455,365 $ 28.99 4,484,195 $ 29.60 4,619,528 $ 29.28
Granted ........... 761,892 13.44 608,896 24.57 646,797 25.22
Exercised .......... (9,417) 10.70 (178,744) 23.15 (399,144) 23.08
Canceled .......... (543,206) 31.52 (458,982) 31.42 (382,986) 25.07
Options outstanding
at December 31 ..... 4,664,634 $ 26.21 4,455,365 $ 28.99 4,484,195 $ 29.60
Options exercise
price range at
December 31 ....... 13.37 to 10.70 to 10.70 to
$ 47.80 $ 47.80 $ 47.80
Options exercisable at
December 31 ....... 3,074,275 2,960,317 2,941,772
Options available
for grant at
December 31* ...... 1,248,033 1,914,574 2,478,905
* Options available for grant as of December 31, 2012 reduced by net restricted stock award activity
of 694,337.
FS-28