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On
March 18, 1998, EMCOR sold, pursuant to an underwritten public offering,
1,100,000 of its common stock at a price of $21.875 per share.
As
part of a program previously authorized by the Board of Directors,
EMCOR purchased 174,095 and 957,900 shares of its common stock during
1999 and 1998,
respectively. The aggregate amount of $16.8 million paid for those
shares has been classified as “Treasury Stock, at Cost” in the Consolidated
Balance Sheet at December 31, 1999. EMCOR management is authorized
to repurchase up to $20.0 million of EMCOR’s common stock under
this program.
EMCOR
has stock-based compensation plans under which employees receive
stock options and outside directors receive stock options or shares
of common stock. During 1999, certain stock options were granted
by the board of directors outside
of established stock option plans. A summary of the general terms
of the stock option and stock unit plans, plus other stock option
grants follows:
(1)
At the election of an individual serving as a Director, the individual
may elect to receive one-third, twothirds or all of his retainer
for a calendar year in the form of stock options. Such options become
exercisable quarterly over the calendar year. In addition, the individual
will receive additional stock options equal to the product of .5
times the amount of stock options otherwise issued as a result of
his election.
(2)
At the election of an individual serving as a Director, the individual
may elect to receive one-third, twothirds or all of his retainer
for a calendar year in the form of deferred stock units equal in
value to the retainer. In addition, the individual will receive
additional deferred stock units equal to .2 times the amount
of
deferred stock units otherwise issued as a result of his election.
Following termination of Board service, the director receives shares
of common stock equal to the number of deferred stock units.
(3)
The grant date is the first business day of a calendar year for
individuals who are serving as Directors as of such date, and on
the date.
(4)
The grant date is the first business day of a calendar year for
individuals who are serving as Directors as of such date.
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