iHeartMedia 2005 Annual Report Download - page 85

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85
The following table presents a summary of the Company's restricted stock awards outstanding at December 31,
2005, 2004 and 2003 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)
2005 2004 2003
Awards Price Awards Price Awards Price
Outstanding, beginning of year 215 $41.66 75 $36.62 — $ —
Granted 2,300 31.81 142 44.36 75 36.62
Forfeited (1) (63) 33.69 (2) 44.36 — —
Outstanding, end of year 2,452 32.62 215 41.66 75 36.62
(1) Included in the approximate 63,000 restricted stock awards forfeited during 2005 are approximately 36,000 held
by employees of Live Nation. All restricted stock awards held by the employees of Live Nation were cancelled
upon the spin-off.
Other
As a result of mergers during 2000, the Company assumed 2.7 million employee stock options with vesting dates
that vary through April 2005. To the extent that these employees’ options vest post-merger, the Company
recognizes expense over the remaining vesting period. During the year ended December 31, 2005, 2004 and 2003,
the Company recorded expense of $0.2 million, $0.9 million and $1.6 million, respectively, related to the post-
merger vesting of employee stock options. The expense associated with stock options is recorded on the statement
of operations as a component of “Non-cash compensation expense”.
Common Stock Reserved for Future Issuance
Common stock is reserved for future issuances of approximately 75.4 million shares for issuance upon the various
stock option plans to purchase the Company’s common stock (including 42.7 million options currently granted).
Share Repurchase Programs
The Company’s Board of Directors approved two separate share repurchase programs during 2004, each for $1.0
billion. On February 1, 2005, the Board of Directors approved a third $1.0 billion share repurchase program
(“February 2005 program”). On August 9, 2005, the Board of Directors authorized an increase in and extension of
the February 2005 program, which had $307.4 million remaining, by $692.6 million, for a total of $1.0 billion. This
increase expires on August 8, 2006, although the program may be discontinued or suspended at anytime prior to its
expiration. As of December 31, 2005, 84.2 million shares had been repurchased for an aggregate purchase price of
$2.9 billion, including commission and fees, under the share repurchase programs. From January 1, 2005 through
December 31, 2005, we repurchased 32.6 million shares of our common stock for an aggregate purchase price of
$1.1 billion, including commission and fees.
Shares Held in Treasury
Included in the 113,890 and 307,973 shares held in treasury are 13,890 and 24,918 shares that the Company holds
in Rabbi Trusts at December 31, 2005 and 2004, respectively, relating to the Company’s non-qualified deferred
compensation plan. Also included in the 307,793 shares held in treasury at December 31, 2004 was 183,055 shares
held in a Rabbi Trust relating to a performance guarantee of Live Nation. During the year ended December 31,
2005, 32.8 million shares were retired from the Company’s shares held in treasury account.