Westjet 2001 Annual Report Download - page 53

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51
Years ended December 31, 2001 and 2000
(Tabular Amounts are Stated in Thousands of Dollars)
6. Share capital (continued):
(d) Stock Option Plan:
The Corporation has a Stock Option Plan, whereby up to a maximum of 4,565,693 common shares may
be issued to directors, officers and employees of the Corporation subject to the following limitations:
(i) the number of common shares reserved for issuance to any one optionee will not exceed 5% of
the issued and outstanding common shares at any time;
(ii) the number of common shares reserved for issuance to insiders shall not exceed 10% of the
issued and outstanding common shares; and
(iii) the number of common shares issuable under the Plan which may be issued within a one year
period shall not exceed 10% of the issued and outstanding common shares at any time.
Stock options are granted at a price that equals the market value and have a term of four years.
Changes in the number of options, with their weighted average exercise prices, are summarized below:
2001 2000
Weighted Weighted
Number average Number average
of exercise of exercise
options price options price
Stock options outstanding,
beginning of year 3,358,121 $ 9.64 3,222,338 $ 2.84
Granted 1,787,734 21.96 1,272,850 20.48
Exercised (1,346,015) 2.88 (1,120,944) 2.38
Cancelled (80,162) 20.60 (16,123) 10.54
Stock options outstanding,
end of year 3,719,678 $ 17.77 3,358,121 $ 9.64
Exercisable, end of year 552,886 $ 3.62 973,249 $ 3.02
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS