Lifetime Fitness 2007 Annual Report Download - page 65

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
59
During the years ended December 31, 2007 and 2006, we issued 162,393 and 156,164 shares of restricted stock,
respectively, with an aggregate fair value of $8.0 million and $7.8 million, respectively. The fair market value of
restricted shares that became vested during the year ended December 31, 2007 was $2.8 million. The total value of
each restricted stock grant, based on the fair market value of the stock on the date of grant, is amortized to
compensation expense on a straight-line basis over the related vesting period.
A summary of option activity is as follows:
Options Shares
Weighted-
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2004....................... 3,831,108
Granted...................................................................... 758,900
Exercised................................................................... (1,698,714)
Canceled.................................................................... (133,628)
Outstanding at December 31, 2005....................... 2,757,666 $ 17.01
Granted...................................................................... 71,954 46.57
Exercised................................................................... (1,090,788) 14.00
Canceled.................................................................... (14,233) 16.41
Outstanding at December 31, 2006....................... 1,724,599 $ 20.15
Granted...................................................................... 2,477 50.85
Exercised................................................................... (487,075) 17.34
Canceled.................................................................... (31,734) 26.82
Outstanding at December 31, 2007....................... 1,208,267 $ 21.17 6.5 $ 34,441
Vested or Expected to Vest at December 31,
2007 ................................................................... 1,155,351 $ 20.99 6.5 $ 33,145
Exercisable at December 31, 2007........................ 651,253 $ 17.74 6.0 $ 20,799
The weighted average grant date fair value of stock options granted during the years ended December 31, 2007 and 2006,
was $20.35 and $18.41, respectively. The aggregate intrinsic value of options (the amount by which the market price
of the stock on the date of exercise exceeded the exercise price of the option) exercised during the years ended
December 31, 2007 and 2006 was $17.3 million and $34.8 million, respectively. As of December 31, 2007, there
was $4.2 million of unrecognized compensation expense to be recognized over a weighted-average period of 1.2
years.