Papa Johns 2001 Annual Report Download - page 60

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56
15. Stock Options (continued)
Information pertaining to options for 2001, 2000 and 1999 is as follows (number of options in thousands):
2001 2000 1999
Number o f Weighted-Average Number of Weighted-Average Number of Weighted-Average
Optio ns Exe rc is e P rice Optio ns Exe rc is e P rice Optio ns Exe rc is e P rice
Outstanding-beginning of year 5,269 $ 28.53 5,740 $ 28.55 5,782 $ 28.54
Granted 207 22.73 197 24.59 1,216 26.68
Exercised 387 21.72 149 14.50 636 22.72
Cancelled 1,026 29.96 519 32.18 622 32.83
Outstanding-end of year 4,063 $ 28.52 5,269 $ 28.53 5,740 $ 28.55
Exercisable-end of year 3,488 $ 28.39 3,394 $28.06 2,638 $ 27.30
Weighted-average fair value
o f o ptio ns gra nted during
the ye ar $ 7.58 $ 9.02 $ 9.22
The number, weighted-average exercise price and weighted-average remaining contractual life of options
outstanding as of December 30, 2001, and the number and weighted average exercise price of options
exercisable as of December 30, 2001 follow (number of options in thousands):
Range of Number of Weighted-Average Weighted-Average
Exercise Prices Options Exercise Price Remaining Life
Outstanding options: $5.78 - $9.99 16 $6.95 1.74
10.00 - 19.99 369 15.94 3.65
20.00 - 29.99 1,842 25.15 6.49
30.00 - 45.56 1,836 34.63 6.02
Total 4,063 $28.52 6.00
Exercis able options: $5.78 - $9.99 16 $6.95
10.00 - 19.99 369 15.94
20.00 - 29.99 1,492 25.47
30.00 - 45.56 1,611 34.16
Total 3,488 $28.39
Plan provisions provide that excess available shares under the 1993 Plan may be transferred to the 1999
Plan. As of December 30, 2001, 1,635,000 shares were available for future issuance under the 1993 and
1999 plans and 92,000 shares under the Directors Plan.
16. Defined Contribution Benefit Plan
We have established the Papa John’s International, Inc. 401(k) Plan (the “Plan”), as a defined
contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The Plan is
open to all employees who meet certain eligibility requirements and allows participating employees to
defer receipt of a portion of their compensation and contribute such amount to one or more investment
funds. Effective July 1, 1999, we began contributing up to 1.5% of a participating employee’s earnings.
Costs of the Plan recognized in 2001, 2000 and 1999 were $688,000, $402,000 and $146,000,
respectively. Administrative costs of the Plan are paid by us and are not significant.
17. Segment Information