$ in thousands, except per share amounts
Exercisable options at
the end of fiscal 2001, 2000 and 1999 were 6.3 million, 4.6 million and
5.0 million, respectively. The following table summarizes information
concerning options outstanding and exercisable as of March 3, 2001:
Restricted Stock
Plan
The Company adopted a restricted stock award plan in fiscal 2001. The plan
authorizes the Company to issue up to 1.0 million shares of the Company’s
common stock to eligible employees of the Company and its subsidiaries, as
well as to the Board of Directors, consultants and independent contractors
of the Company and its subsidiaries. Restricted shares have the same
rights as other shares of common stock, except they are not transferable
until fully vested. Restrictions lapse over a vesting period of three
years in which 25% is vested at the time of award and 25% on each
anniversary date thereafter. All shares still subject to restrictions are
generally forfeited and returned to the plan if the plan participant’s
relationship with the Company is terminated. The number of shares granted
under this plan was not significant during fiscal 2001.
Earnings per Share
The following table presents a reconciliation of the numerators and
denominators of basic and diluted earnings per common share for fiscal
2001, 2000 and 1999:
Repurchase
of Common Stock
In October 1998 and September 1999, the Company’s Board of Directors
authorized the purchase of up to $100,000 and $200,000, respectively, of
the Company’s common stock. These plans were completed with a total of
1.8 million and 3.8 million shares purchased and retired, respectively.
In February 2000, the Company’s Board of Directors authorized the
purchase of up to $400,000 of the Company’s common stock from time to
time through open market purchases. This plan has no stated expiration
date. As of March 3, 2001, 1.9 million shares had been purchased and
retired at a cost of $100,000. No shares were repurchased in fiscal 2001.
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