Sunbeam 2001 Annual Report Download - page 26

A summary of stock option activity for the
years ended December 31, 2001 and 2000 is as
follows:
2001
Shares
Weighted
Avg.
Option Price Price Range
Outstanding at
beginning of year .... 306,170 $18.27 $10.89-$27.94
New options granted . . . 666,000 11.06 10.95-15.09
Exercised ........... (15,355) 10.89 10.89-10.89
Canceled ........... (33,843) 19.62 13.00-27.94
Outstanding at end of
year............. 922,972 13.14 10.95-27.94
Exercisable at end of
year............. 242,543 $18.37 $12.50-$27.94
2000
Shares
Weighted
Avg.
Option Price Price Range
Outstanding at
beginning of year .... 276,110 $18.81 $10.89-$27.94
New options granted . . . 80,750 16.54 12.50-23.75
Exercised ........... (20,890) 12.38 10.89-19.63
Canceled ........... (29,800) 23.53 19.63-27.94
Outstanding at end of
year............. 306,170 18.27 10.89-27.94
Exercisable at end of
year............. 213,650 $18.70 $10.89-$27.94
Significant option groups outstanding at
December 31, 2001 and related weighted aver-
age price and life information follows:
Exercise Price
$22.75–
$27.94
$18.75–
$21.50
$10.95–
$15.09
Options outstanding .... 52,576 108,894 761,502
Weighted average
exercise price ........ $ 23.95 $ 20.89 $ 11.29
Options exercisable ..... 43,893 106,148 92,502
Weighted average
exercise price ........ $ 23.70 $ 20.92 $ 12.91
Weighted average
remaining life (years) . . 4.36 3.65 8.69
Had compensation cost for the Company’s
stock option plans been determined based on
the fair value at the grant dates for awards
under those plans, the Company’s net income
and earnings per share would have been re-
duced to the pro forma amounts indicated.
(in thousands, except per
share amounts) 2001 2000 1999
Net income (loss)
As reported ........ $(85,429) $4,922 $29,192
Pro forma ......... (85,724) 4,624 28,899
Basic earnings (loss)
per share
As reported ........ $ (13.43) $ 0.78 $ 4.34
Pro forma ......... (13.47) 0.73 4.29
Diluted earnings (loss)
per share
As reported ........ $ (13.43) $ 0.77 $ 4.28
Pro forma ......... (13.47) 0.72 4.24
The fair value of each option granted is
estimated on the date of grant using the Black-
Scholes option-pricing model with the follow-
ing weighted-average assumptions used for
grants in 2001, 2000 and 1999, respectively: no
dividend yield for all years, expected volatility
of 37, 36 and 25 percent, risk-free interest rates
of 4.8, 5.1 and 5.4 percent and expected lives of
7.5 years for all periods. The average fair value
of each option granted in 2001, 2000 and 1999
was $5.77, $8.26 and $8.62, respectively.
The Company also grants restricted stock
to key employees. The company granted 500,
3,250 and 6,950 shares in 2001, 2000 and 1999,
respectively.
The Company also maintains an employee
stock purchase plan whereby the Company
matches 20% of each participating employee’s
monthly payroll deduction, up to $500. The
Company thereby contributed $59,000,
$144,000 and $166,000 to the plan in 2001,
2000 and 1999, respectively.
11. Lease Commitments
The Company has commitments under op-
erating leases, certain of which extend through
Alltrista
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