Supercuts 2006 Annual Report Download - page 101

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
Common shares available for grant under the Company’s 2000 Plan were 250,066, 337,300 and 453,100 shares as of June 30, 2006, 2005
and 2004, respectively, and common shares available for grant under the Company’
s 2004 Plan were 1,971,350 and 2,147,500 at June 30, 2006
and 2005, respectively.
Stock options outstanding and weighted average exercise prices were as follows:
At June 30, 2006, 2,455,787 shares with a $18.12 per share weighted average exercise price and a weighted average remaining contractual
life of 4.1 years were exercisable. The total intrinsic value was $43.3 million. There are an additional 412,676 shares expected to vest with a
$20.59 per share weighted average exercise price and a weighted average remaining contractual life of 4.8 years. The total intrinsic value is
$1.1 million.
All options granted relate to stock option plans that have been approved by the shareholders of the Company.
See Note 1 to the Consolidated Financial Statements for discussion of the Company’
s measure of compensation cost for its incentive stock
option plans, as well as pro forma information.
2004 Long Term Incentive Plan:
In May of 2004, the Company’s Board of Directors approved the 2004 Long Term Incentive Plan (2004 Plan). The 2004 Plan received
shareholder approval at the annual shareholders’ meeting held on October 28, 2004. The 2004 Plan provides for the granting of stock options,
equity-based stock appreciation rights (SARs) and restricted stock, as well as cash-based performance grants, to employees and directors of the
Company. The 2004 Plan expires on May 26, 2014. A maximum of 2,500,000 shares of the Company’s common stock are available for
issuance pursuant to grants and awards made under the 2004 Plan. Stock options, SARs and restricted stock under the 2004 Plan generally vest
pro rata over five years and have a maximum term of ten years. The cash-based performance grants will be tied to the achievement of certain
performance goals during a specified performance period, not less than one fiscal year in length. See Note 1 to the Consolidated Financial
Statements for discussion of the Company’s
100
Options Outstanding
Weighted Average
Shares
Exercise Price
Balance, June 30, 2003
5,686,638
$
17.30
Granted
157,000
40.89
Cancelled
(111,276
)
24.49
Exercised
(1,135,939
)
15.28
Balance, June 30, 2004
4,596,423
18.32
Granted
125,500
35.49
Cancelled
(9,700
)
23.53
Exercised
(1,039,623
)
16.59
Balance, June 30, 2005
3,672,600
19.43
Granted
135,000
35.33
Cancelled
(47,766
)
26.95
Exercised
(851,892
)
17.02
Balance, June 30, 2006
2,907,942
$
20.59