THE CHEESECAKE FACTORY INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. Stock Options:
The Company maintains stock option plans under which incentive stock options and non-qualified stock options may be granted to employees, consultants and non-employee directors. All stock options are granted at the fair market value of the underlying stock on the date of the grant, generally vest at 20% per year, and become exercisable provided the Company meets or exceeds certain performance criteria approved by our Board of Directors. Our stock options generally expire ten years from the date of grant. Transactions during fiscal 2003, 2002 and 2001 under our stock option plans were as follows:
| |
Fiscal 2003 |
|
Fiscal 2002 |
Fiscal 2001 |
|
|
| Options outstanding at start of year |
5,213,742 |
|
|
6,383,526 |
|
6,712,467 |
|
| Options granted |
1,335,005 |
|
|
1,458,967 |
|
540,418 |
|
| Options exercised |
(1,130,295 |
) |
|
(2,385,587 |
) |
(729,561 |
) |
| Options cancelled |
(385,397 |
) |
|
(243,164 |
) |
(139,798 |
) |
|
|
| Options outstanding at end of year |
5,033,055 |
|
|
5,213,742 |
|
6,383,526 |
|
|
|
Options exercisable at end of year |
1,364,660 |
|
|
1,358,122 |
|
3,024,166 |
|
| Options available for grant at end of year |
2,272,095 |
|
|
3,221,703 |
|
1,740,706 |
|
Weighted average option exercise price information for fiscal 2003, 2002 and 2001 was as follows:
| |
Fiscal 2003 |
|
Fiscal 2002 |
Fiscal 2001 |
|
| Options outstanding at start of year |
$ |
18.65 |
|
$ |
12.03 |
$ |
10.74 |
| Options granted |
$ |
31.34 |
|
$ |
32.69 |
$ |
22.83 |
| Options exercised |
$ |
11.20 |
|
$ |
9.02 |
$ |
8.07 |
| Options cancelled |
$ |
31.52 |
|
$ |
23.59 |
$ |
12.44 |
| Options outstanding at end of year |
$ |
22.71 |
|
$ |
18.65 |
$ |
12.03 |
The following table sets forth information with respect to fixed stock options as of December 30, 2003:
| Options Outstanding |
|
Options Exercisable |
|
|
|
| |
|
|
|
|
Amount |
Weighted Average |
|
Weighted |
Amount |
|
Weighted |
|
| Range of |
Outstanding as |
Remaining |
|
Average |
Exercisable as |
|
Average |
|
| Exercise Prices |
of 12/30/03 |
Contractual Life |
|
Exercise Price |
of 12/30/03 |
|
Exercise Price |
|
|
|
|
| $ |
5.37 - |
|
$ |
11.71 |
|
909,066 |
|
4.53 years |
|
$ |
8.49 |
|
727,266 |
|
$ |
8.18 |
|
| $ |
12.00 - |
|
$ |
16.31 |
|
848,125 |
|
6.03 |
|
$ |
13.04 |
|
344,125 |
|
$ |
13.09 |
|
| $ |
17.08 - |
|
$ |
25.45 |
|
947,056 |
|
7.12 |
|
$ |
22.77 |
|
160,469 |
|
$ |
23.46 |
|
| $ |
25.83 - |
|
$ |
30.00 |
|
977,000 |
|
8.96 |
|
$ |
29.34 |
|
46,000 |
|
$ |
29.47 |
|
| $ |
30.62 - |
|
$ |
33.83 |
|
1,062,808 |
|
8.54 |
|
$ |
32.86 |
|
86,300 |
|
$ |
33.66 |
|
| $ |
33.86 - |
|
$ |
40.02 |
|
289,000 |
|
9.46 |
|
$ |
35.85 |
|
500 |
|
$ |
38.10 |
|
|
|
|
|
| $ |
5.37 - |
|
$ |
40.02 |
|
5,033,055 |
|
7.26 |
|
$ |
22.71 |
|
1,364,660 |
|
$ |
13.56 |
|
|
|
|
|
|
