Stamps.com 2005 Annual Report Download - page 59

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STAMPS.COM INC.
NOTES TO FINANCIAL STATEMENTS (continued)
A summary of stock option activity is as follows (in thousands, except per share amounts):
The weighted-average fair value of stock grants for the years ended December 31, 2005, 2004 and 2003 using the Black-Scholes valuation
method are as follows:
Weighted average exercise prices for 2005 stock options are as follows:
F-18
Options
Outstanding
Weighted
Average
Exercise
Price
Number of
Options
Balance at January 1, 2003
2,163
12.20
Granted
423
11.02
Forfeited
(167
)
14.12
Exercised
(133
)
4.02
Balance at December 31, 2003
2,286
12.20
Granted
1,221
16.54
Forfeited
(75
)
15.42
Exercised
(213
)
6.20
Balance at December 31, 2004
3,219
$
14.28
Granted
265
18.89
Forfeited
(180
)
15.67
Exercised
(696
)
9.25
Balance at December 31, 2005
2,608
$
14.98
2005
2004
2003
Weighted-average fair value of stock options with an exercise price equal to the market
price on the grant date
$
9.20
$
6.06
$
3.40
Weighted-average fair value of stock options with an exercise price greater than the
market price on the grant date
7.93
5.76
—
Total
$
9.10
$
5.81
$
3.40
2005
Weighted-average exercise price of stock options with an exercise price equal to the
market price on the grant date
$
19.57
Weighted-average exercise of stock options with an exercise price greater than the
market price on the grant date
17.65
Total weighted
-
average exercise price
$
19.41