Westjet 2000 Annual Report Download - page 34

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6. Share capital (continued):
(d) Stock Option Plan (continued):
The following table summarizes the options outstanding and exercisable at December 31, 2000
and the year of expiry:
Outstanding Exercisable Options
Exercise Number Year of Exercise Year of
Price Outstanding Vesting Exercisable Price Expiry
$ 2.00 421,449 2000 421,449 $ 2.00 2001
2.67 291,777 2001 — 2.67 2002
2.67 516,800 2000 516,800 2.67 2001
4.00 594,875 2001 — 4.00 2002
4.00 133,875 2002 — 4.00 2003
6.67 75,000 2001 — 6.67 2002
6.67 83,355 2002 — 6.67 2003
20.48 35,000 2000 35,000 20.48 2001
20.48 1,205,990 2003 — 20.48 2004
$ 9.64 3,358,121 973,249 $ 3.02
Upon filing the Corporation’s initial public offering on July 13, 1999, 158,355 options were re-
priced from $4.00 per share to $6.67 per share. In 2000, the Corporation has committed to the
holders of the options that it will pay the differential up to $2.67 per share upon exercise of
those options.
(e) Employee Share Purchase Plan:
Under the terms of the Employee Share Purchase Plan, employees may contribute up to a
maximum of 20% of their gross pay and acquire common shares of the Corporation at the
current fair market value of such shares. The Corporation matches the employee contributions
and shares may be withdrawn from the Plan after being held in trust for one year. Employees
may offer to sell common shares, which have not been held for at least one year, on January 1
and July 1 of each year, to the Corporation for 50% of the then current market price. The
Corporation’s share of the contributions is recorded as compensation expense and amounted to
$4,025,000 (1999 - $2,300,000).
(f) Performance shares:
The performance shares were held by management and key employees of the Corporation.
During 2000, the remaining performance shares were all converted into common shares of the
Corporation at a conversion factor of two performance shares for three common shares.
(g) In 1999, the Corporation advanced promissory notes of $575,000 to an officer of the
Corporation to purchase common shares. The promissory notes were repaid in 2000.
WESTJET AIRLINES LTD.
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Hamilton
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