Marks and Spencer 2006 Annual Report Download - page 72

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70 Marks and Spencer Group plc
Notes to the financial statements continued
12 SHARE-BASED PAYMENTS continued
Outstanding options granted under the United Kingdom Employees’ Save As You Earn Option Scheme are as follows:
Weighted average remaining
Number of options contractual life (years) Option
Options granted 2006 2005 2006 2005 price
January 1998 Expired 1,038,090 –0.2 467p
January 1999 164,580 1,594,114 0.3 1.2 324p
January 2000 3,295,357 4,398,817 1.3 1.9 223p
January 2001 4,485,640 13,572,339 2.1 1.9 156p
January 2002 3,775,553 4,702,766 1.3 2.1 250p
January 2003 3,923,986 7,988,919 2.1 2.3 283p
January 2004 9,238,136 10,812,290 2.2 3.2 228p
January 2005 7,199,193 8,080,928 3.3 4.2 280p
January 2006 8,321,180 –4.1 – 349p
40,403,625 52,188,263 2.6 2.6 262p
B Executive Share Option Scheme
Under the terms of the Executive Share Option Scheme, approved by shareholders in 2005, the Board may offer options to
purchase ordinary shares in the Company to executive directors and senior employees at the market price on a date to be
determined prior to the date of the offer. No further options may be granted under any schemes other than the 2005 scheme.
No awards have been made under the 2005 scheme. Further details are set out in the Remuneration report on page 42.
Performance targets are assessed over a three-year period from the date of grant with no ability to re-test any grants. Once options
have vested they can be exercised during the period up to ten years from grant date.
2006 2005
Number of Weighted average Number of Weighted average
options exercise price options exercise price
Outstanding at beginning of the period 31,690,916 335.2p 47,165,764 308.9p
Granted 1,491,046 352.0p 12,709,897 346.3p
Exercised (9,683,033) 324.8p (16,979,635) 252.9p
Forfeited (4,338,398) 352.2p (8,867,917) 333.3p
Expired (1,025,065) 414.0p (2,337,193) 469.8p
Outstanding at end of the period 18,135,466 333.5p 31,690,916 335.2p
Exercisable at end of period 2,841,565 374.4p 7,005,133 355.2p
For executive share options exercised during the period, the weighted average share price at the date of exercise was 423.4p
(last year 358.8p).