JetBlue Airlines 2009 Annual Report Download - page 74

The following is a summary of outstanding stock options at December 31, 2009:
Range of
exercise prices Shares
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(millions) Shares
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(millions)
Options Outstanding Options Vested and Exercisable
$0.33 to $4.00 ........ 2,641,863 1.6 $ 2.25 $ 9 2,641,863 1.6 $ 2.25 $ 9
$7.03 to $29.71 ....... 22,951,020 4.6 14.10 — 20,459,696 4.4 14.23 —
25,592,883 4.3 12.88 $ 9 23,101,559 4.1 12.86 $ 9
The total intrinsic value, determined as of the date of exercise, of options exercised during the twelve
months ended December 31, 2009, 2008 and 2007 was $4 million, $3 million and $15 million, respectively.
We received $1 million, $1 million and $8 million in cash from option exercises for the years ended
December 31, 2009, 2008 and 2007, respectively.
The number of shares reserved for issuance under the 2002 Plan will automatically increase each January
by an amount equal to 4% of the total number of shares of our common stock outstanding on the last trading
day in December of the prior calendar year. In no event will any such annual increase exceed 12.2 million
shares. The 2002 Plan, by its terms, terminates no later than December 31, 2011.
Crewmember Stock Purchase Plan: Our CSPP, which is available to all employees, had 5.1 million
shares of our common stock initially reserved for issuance at its inception in April 2002. Through 2008, the
reserve automatically increased each January by an amount equal to 3% of the total number of shares of our
common stock outstanding on the last trading day in December of the prior calendar year. The CSPP was
amended in 2008 to eliminate this automatic reload feature and, by its terms, terminates no later than the last
business day of April 2012.
The CSPP has a series of successive overlapping 6-month offering periods, with a new offering period
beginning on the first business day of May and November each year. Employees can only join an offering
period on the start date. Employees may contribute up to 10% of their pay, through payroll deductions, toward
the purchase of common stock. Purchase dates occur on the last business day of April and October each year.
Effective May 1, 2007, all new CSPP participation is considered non-compensatory following the
elimination of the 24-month offering period and the reduction of the purchase price discount from 15% to 5%.
Participants previously enrolled were allowed to continue to purchase shares in their compensatory offering
periods until those offering periods expired in 2008.
Prior to the 2007 amendment, if the fair market value per share of our common stock on any purchase
date within a particular offering period was less than the fair market value per share on the start date of that
offering period, then the participants in that offering period were automatically transferred and enrolled in the
new two-year offering period which began on the next business day following such purchase date and the
related purchase of shares.
Should we be acquired by merger or sale of substantially all of our assets or sale of more than 50% of
our outstanding voting securities, then all outstanding purchase rights will automatically be exercised
immediately prior to the effective date of the acquisition at a price equal to 95% of the fair market value per
share immediately prior to the acquisition.
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