Sunbeam 2003 Annual Report Download - page 59

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Jarden Corporation
Notes to Consolidated Financial Statements (continued)
A summary of the Company’s stock option activity for the years ended December 31, 2003, 2002 and
2001 is as follows:
Shares
Weighted Avg.
Option Price Price Range
Outstanding as of December 31, 2000 .............. 918,510 $ 6.09 $ 3.63-$9.31
New options granted ............................ 1,998,000 3.69 3.65-5.03
Exercised ...................................... (46,065) 3.63 3.63-3.63
Canceled ...................................... (101,529) 6.54 4.33-9.31
Outstanding as of December 31, 2001 .............. 2,768,916 4.38 3.65-9.31
New options granted ............................ 1,761,750 12.51 6.25-18.10
Exercised ...................................... (2,057,624) 4.25 3.65-11.51
Canceled ...................................... (52,050) 10.11 3.65-11.51
Outstanding as of December 31, 2002 .............. 2,420,993 10.37 3.65-18.10
New options granted ............................ 535,500 21.00 15.97-25.82
Exercised ...................................... (280,143) 6.01 3.65-17.43
Canceled ...................................... (53,886) 12.38 4.33-19.20
Outstanding as of December 31, 2003 .............. 2,622,464 $ 12.97 $3.65-$25.82
Exercisable as of December 31, 2001 ............... 727,629 $ 6.13 $ 4.17-$9.31
Exercisable as of December 31, 2002 ............... 493,310 5.03 3.65-9.31
Exercisable as of December 31, 2003 ............... 743,912 9.60 3.65-18.10
Significant option groups outstanding at December 31, 2003 and related weighted average price
and life information follows:
Options outstanding Options exercisable
Exercise
Price
Number
outstanding
Weighted average
exercise price
Weighted average
remaining life (years)
Number
exercisable
Weighted average
exercise price
$3.65-$7.42 439,552 $ 4.64 6.89 294,808 $ 4.72
7.67-12.40 220,912 10.22 7.96 78,789 10.88
12.90 1,413,750 12.90 8.50 336,565 12.90
15.97-19.71 379,500 18.87 9.47 33,750 16.21
21.45-25.82 168,750 25.50 9.91 — —
2,622,464 743,912
The Company records non-cash compensation expense for its issued and outstanding restricted
stock either when the restrictions lapse or ratably over time, when the passage of time is the only
restriction. During the fourth quarter of 2003, the Company recorded a non-cash restricted stock charge
of approximately $21.8 million related to the lapsing of restrictions over all the restricted stock issuances
to Messrs. Franklin, Ashken and Lillie discussed below. The Company will receive a tax deduction for
this non-cash restricted stock charge.
During 2003, the Company issued 375,000, 135,000 and 52,500 shares of restricted stock to Messrs.
Franklin, Ashken and James E. Lillie, (the Company’s President and Chief Operating Officer),
respectively. The Company issued these shares under its 2003 Stock Incentive Plan and out its treasury
stock account. During 2003, all of these restricted stock issuances either provided or were amended to
provide that the restrictions lapse upon the earlier of (i) a change in control of the Company; or (ii) the
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