Southwest Airlines 1999 Annual Report Download - page 42

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each September 1, December 1, and January 1, respectively, the exercise price will be
equal to 105 percent of the fair value of such stock on the date of the grant.
Information regarding the Company’s seven fixed stock option plans, as adjusted for
stock splits, is summarized below:
(In thousands except exercise prices)
INCENTIVE PLANS NON-QUALIFIED PLANS
OPTIONS
AVERAGE
EXERCISE
PRICE OPTIONS
AVERAGE
EXERCISE
PRICE
Outstanding December 31, 1996 21,046 $4.90 50,639 $5.94
Granted – Incentive Plans 5,524 6.45 - -
Granted – SWAPA Plan - - 1,984 8.79
Granted – Other Non-Qualified Plans
- - 327 6.45
Exercised (2,592) 4.02 (3,987) 5.90
Surrendered (1,507) 6.48 (223) 6.04
Outstanding December 31, 1997 22,471 5.27 48,740 6.06
Granted – Incentive Plans 4,108 11.81 - -
Granted – SWAPA Plan - - 1,354 12.91
Granted – SAEA Plan - - 1,107 13.08
Granted – Other Non-Qualified Plans
- - 384 11.79
Exercised (3,541) 4.18 (3,782) 6.05
Surrendered (1,252) 7.01 (371) 6.63
Outstanding December 31, 1998 21,786 6.59 47,432 6.46
Granted – Incentive Plans 3,064 17.56 -
Granted – SWAPA Plan -1,306 17.52
Granted – SAEA Plan - -
Granted – SWAPIA Plan -230 22.60
Granted – Other Non-Qualified Plans
-303 17.46
Exercised (3,197) 4.55 (2,313) 6.31
Surrendered (1,102) 8.14 (440) 7.07
Outstanding December 31, 1999 20,551 $8.46 46,518 $6.92
Exercisable December 31, 1999 5,279 $6.86 22,174 $6.50
Available for granting in future periods
15,981 9,279
The following table summarizes information about stock options outstanding under the seven
fixed option plans at December 31, 1999:
OPTIONS OUTSTANDING OPTIONS EXERCISABLE
RANGE OF
EXERCISE PRICES
OPTIONS
OUTSTANDING
AT 12/31/99
WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
LIFE
WEIGHTED-
AVERAGE
EXERCISE
PRICE
OPTIONS
EXERCISABLE
AT 12/31/99
WEIGHTED-
AVERAGE
EXERCISE
PRICE
$1.78 to $2.31 3,182 1.1 yrs $1.85 1,664 $1.92
$3.36 to $3.57 606 2.1 3.56 245 3.57
$5.57 to $8.06 50,132 6.8 6.13 22,246 6.06
$8.80 to $13.08 8,484 8.1 11.48 2,633 11.26
$15.72 to $22.60 4,665 8.6 17.80 665 17.73
$1.78 to $22.60 67,069 6.7 yrs $7.40 27,453 $6.57
F17