Sunbeam 2005 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2005 Sunbeam annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

Jarden Corporation
Notes to Consolidated Financial Statements (cont’d)
December 31, 2005
Prior to 2003, the Company granted stock options to key employees and non-employee directors under
the 2001 Stock Option Plan, the 1998 Long-Term Equity Incentive Plan, the 1993 Stock Option Plan and
the 1993 and 1996 Stock Option Plans for Non-employee Directors. There are no remaining shares
available for grant under any of these plans as of December 31, 2005.
A summary of the Company’s stock option activity for the years ended December 31, 2005, 2004 and
2003 is as follows:
Shares Weighted Avg.
Option Price
Outstanding as of December 31, 2002 ........................ 3,631,490 $ 6.91
Granted ................................................. 803,250 14.00
Exercised ................................................ (420,214) 4.00
Cancelled ............................................... (80,835) 8.25
Outstanding as of December 31, 2003 ........................ 3,933,691 8.65
Granted ................................................. 703,875 23.36
Exercised ................................................ (453,445) 5.41
Cancelled ............................................... (82,786) 9.03
Outstanding as of December 31, 2004 ........................ 4,101,335 11.52
Granted ................................................. 1,241,780 30.88
Exercised ................................................ (434,716) 33.03
Cancelled ............................................... (212,863) 14.52
Outstanding as of December 31, 2005 ........................ 4,695,536 $16.92
Significant option groups outstanding at December 31, 2005 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
$ 2.43 – $ 8.27 ....... 383,960 $ 5.68 5.65 274,087 $ 5.26
$ 8.60 – $13.14 ....... 2,251,123 $ 9.39 6.69 1,576,704 $ 9.22
$14.30 – $21.40 ....... 320,062 $18.11 8.01 96,002 $19.70
$21.90 – $28.57 ....... 537,111 $24.19 7.61 75,308 $23.25
$29.46 – $37.99 ....... 1,203,280 $31.03 6.40 — $ —
4,695,536 2,022,101
The Company does not use cash to settle any of its share based awards and when available issues
shares from its treasury stock instead of issuing new shares. The total intrinsic value of options exercised
during the years ended December 31, 2005, 2004 and 2003, based upon the average market price during the
period, was approximately $7.6, $5.1, and $3.3 million, respectively. As of December 31, 2005, there was
approximately $20.3 million of unrecognized compensation cost related to non-vested share-based
arrangements granted under the Company’s stock plans. Those costs are expected to be recognized over a
weighted-average period of approximately 1.5 years.
69