iHeartMedia 2007 Annual Report Download - page 93

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The following table presents a summary of CCO’s stock options outstanding at and stock option activity during the year ended December 31,
2007 (“Price” reflects the weighted average exercise price per share):
A summary of CCO’s unvested options at and changes during the year ended December 31, 2007, is presented below:
CCO also grants restricted stock awards to employees and directors of CCO and its affiliates. These common shares hold a legend which
restricts their transferability for a term of up to five years and are forfeited, except in certain circumstances, in the event the employee
terminates his or her employment or relationship with CCO prior to the lapse of the restriction. The restricted stock awards were granted out of
the CCO’s stock option plan.
The following table presents a summary of CCO’s restricted stock outstanding at and restricted stock activity during the year ended
December 31, 2007 (“Price” reflects the weighted average share price at the date of grant):
92
Weighted Average Aggregate
Remaining Intrinsic
(In thousands, except per share data) Options Price Contractual Term Value
Outstanding, January 1, 2007 7,707 $23.41
Granted (a) 978 29.02
Exercised (b) (454)23.85
Forfeited (71) 19.83
Expire
d
(624)36.25
Outstanding, December 31, 2007 7,536 23.08 4.2 years $40,259
Exercisable 2,915 26.82 1.6 years $6,900
Expect to vest 4,622 20.73 5.9 years $33,359
(a) The weighted average grant date fair value of options granted during the years ended December 31, 2007, 2006 and 2005 was $11.05,
$6.76 and $6.51, respectively.
(b) Cash received from option exercises for the year ended December 31, 2007 was $10.8 million. The total intrinsic value of options
exercised during the years ended December 31, 2007 and 2006 was $2.0 million and $0.3 million, respectively.
Weighted Average
Grant Date
(In thousands, except per share data) Options Fair Value
Unvested, January 1, 2007 4,151 $ 5.78
Granted 978 11.05
Vested (a) (436) 4.55
Forfeited (71) 5.91
Unvested, December 31, 2007 4,622 7.01
(a) The total fair value of shares vested during the year ended December 31, 2007 and 2006 was $2.0 million and $1.6 million, respectively.
I
n thousands, except per share data) Awards Price
Outstanding, January 1, 2007 217 $18.84
Granted 293 29.02
Vested (restriction lapsed) (10)18.37
Forfeited (9) 20.48
Outstanding, December 31, 2007 491 24.57