Westjet 2001 Annual Report Download - page 54

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52
Years ended December 31, 2001 and 2000
(Tabular Amounts are Stated in Thousands of Dollars)
6. Share capital (continued):
(d) Stock Option Plan (continued):
The following table summarizes the options outstanding and exercisable at December 31, 2001 and
the year of expiry:
Outstanding Exercisable Options
Exercise Number Year of Exercise Year of
Price Outstanding Vesting Exercisable Price Expiry
$ 2.67 248,414 2001 248,414 $ 2.67 2002
4.00 259,472 2001 259,472 4.00 2002
4.00 133,875 2002 - 4.00 2003
6.67 45,000 2001 45,000 6.67 2002
6.67 83,355 2002 - 6.67 2003
20.48 1,179,880 2003 - 20.48 2004
19.00 16,850 2004 - 19.00 2005
22.02 1,740,095 2004 - 22.02 2005
17.86 6,416 2004 - 17.86 2005
16.48 6,321 2004 - 16.48 2005
$ 17.77 3,719,678 552,886 $ 3.62
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 and of this amount 128,355 were remaining at December
31, 2001. The Corporation committed to the holders of the options that it would pay the differential
of $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withdrawn from the Plan after being held in trust for one year.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 $6,081,000 (2000 - $4,025,000).
(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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS