World Fuel Services 2002 Annual Report Download - page 20

Treasury Stock
Our Board of Directors, from time to time, has authorized certain stock repurchase programs whereby we could
repurchase our common stock, subject to certain restrictions pursuant to our credit facility. The following summarizes the
status of our treasury stock repurchase programs at December 31, 2002 (in thousands, except average price per share data):
Remaining
Authorized Authorized
Stock Aggregate Average Stock
Repurchase Program Repurchases Shares Cost Price Repurchases
August 1998 6,000$ 616 6,000$ 9.74$ -$
January 2000 10,000 1,391 10,000 7.19 -
September 2000 10,000 368 3,987 10.83 6,013
2,375 19,987$
Repurchases
Outside of the treasury stock repurchase programs, we acquired approximately 22 thousand shares of our common stock
in 1998 with an aggregate cost of $194 thousand.
Our Board of Directors also resolved that the repurchased shares may be reissued for any proper corporate purpose,
including without limitation, future acquisitions. In March 2002, we began reissuing our repurchased shares in connection
with restricted stock grants to employees, non-restricted stock grants to non-employee directors, and exercises of stock
options by employee and non-employee directors. The difference between the aggregate cost of the repurchased shares and
the fair value of the restricted stock grants at the date of grant or the proceeds from the employee stock option exercises is
recorded in Capital in excess of par value in the accompanying Consolidated Balance Sheets. As of December 31, 2002, we
have reissued 326 thousand shares of treasury stock with an aggregate cost of $2.7 million.
Employee and Non-Employee Directors Stock Options
In 1986, our shareholders approved the 1986 Employee Stock Option Plan (the “1986 Plan”), as amended. The 1986
Plan expired in 1996. Options granted under the 1986 Plan, but not yet exercised, survive the 1986 Plan until the options
expire. Outstanding options at December 31, 2002 under the 1986 Plan expire between January 2005 and March 2005.
In 1997, our shareholders approved the 1996 Employee Stock Option Plan (the “1996 Plan”), as amended. The 1996
Plan was replaced by the 2001 Omnibus Plan (the “2001 Plan”). Options granted under the 1996 Plan, but not yet exercised,
survive the 1996 Plan until the options expire. Outstanding options at December 31, 2002 under the 1996 Plan expire
between August 2006 and October 2011.
The 2001 Plan was approved by our shareholders in August 2001 and provides a total of 500 thousand shares of our
common stock for issuance to our employees. The 2001 Plan is administered by the Compensation Committee of the Board
of Directors (the “Compensation Committee”). Additional shares of our common stock that may be granted under the 2001
Plan include any shares of our common stock that are available for future grant under any of our prior stock option plans, and
any stock or options granted under the 2001 Plan or any prior plans that are forfeited, expired or canceled. Furthermore,
pursuant to the 2001 Plan and upon our Board of Directors’ authorization in January 2002, any shares of our common stock
that are reacquired by us in the open market or in private transactions after the effective date of the 2001 Plan, were added to
the limitation on the total shares of our common stock which may be issued under the 2001 Plan. As of December 31, 2002,
we have repurchased approximately 259 thousand shares since the 2001 Plan’s effective date, and accordingly increased the
total number of shares of our common stock which may be delivered to participants in the 2001 Plan by the same number of
shares. As of December 31, 2002, the aggregate limit on the total shares of our common stock which may be issued under
the 2001 Plan was approximately 797 thousand shares, of which 117 thousand shares are subject to options already issued
and an additional 121 thousand shares have been issued as restricted common stock grants.
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