|
The Cheesecake Factory Incorporated and Subsidiaries
Notes to Consolidated Financial Statements
11. Stock Options:
The Company maintains stock option plans under which incentive stock options, nonqualified stock options, stock appreciation rights, restricted shares, deferred shares, performance shares and performance units 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 2004, 2003 and 2002 under our stock option plans were as follows:
| |
Fiscal |
Fiscal |
Fiscal |
| |
2004 |
2003 |
2002 |
 |
| Options outstanding at start of year |
|
7,549,583 |
|
|
7,820,613 |
|
|
9,575,289 |
|
| Options granted |
|
2,003,425 |
|
|
2,002,508 |
|
|
2,188,451 |
|
| Options exercised |
|
(1,681,896 |
) |
|
(1,695,442 |
) |
|
(3,578,381 |
) |
| Options cancelled |
|
(419,425 |
) |
|
(578,096 |
) |
|
(364,746 |
) |
|
|
| Options outstanding at end of year |
|
7,451,687 |
|
|
7,549,583 |
|
|
7,820,613 |
|
|
|
| Options exercisable at end of year |
|
1,581,433 |
|
|
2,046,990 |
|
|
2,037,183 |
|
| Options available for grant at end of year |
|
10,974,143 |
|
|
3,408,143 |
|
|
4,832,555 |
|
11. Stock Options (continued):
Weighted average option exercise price information for fiscal 2004, 2003 and 2002 was as follows:
| |
Fiscal |
Fiscal |
Fiscal |
| |
2004 |
2003 |
2002 |
|
| Options outstanding at start of year |
$ |
15.14 |
|
$ |
12.43 |
|
$ |
8.02 |
|
| Options granted |
$ |
28.77 |
|
$ |
20.89 |
|
$ |
21.79 |
|
| Options exercised |
$ |
9.55 |
|
$ |
7.47 |
|
$ |
6.01 |
|
| Options cancelled |
$ |
21.18 |
|
$ |
21.01 |
|
$ |
15.73 |
|
| Options outstanding at end of year |
$ |
19.73 |
|
$ |
15.14 |
|
$ |
12.43 |
|
The following table sets forth information with respect to stock options as of December 28, 2004:
| |
Options Outstanding |
|
Options Exercisable |
|
|
|
| Range of Exercise Prices |
Amount
Outstanding as
of 12/28/04 |
Weighted Average
Remaining
Contractual Life |
Weighted
Average
Exercise Price |
Amount
Exercisable
as of
12/28/04 |
Weighted
Average
Exercise Price |
|
| $ 3.58 - $10.87 |
|
1,302,768 |
|
|
4.29 |
years |
$ |
7.23 |
|
|
951,431 |
|
$ |
6.60 |
|
| $11.56 - $18.61 |
|
1,389,665 |
|
|
6.35 |
|
$ |
15.65 |
|
|
271,422 |
|
$ |
15.23 |
|
| $18.75 - $21.22 |
|
1,375,877 |
|
|
8.11 |
|
$ |
20.03 |
|
|
158,850 |
|
$ |
19.75 |
|
| $21.45 - $23.77 |
|
1,337,377 |
|
|
7.53 |
|
$ |
22.45 |
|
|
166,730 |
|
$ |
22.39 |
|
| $23.89 - $29.36 |
|
1,753,500 |
|
|
9.15 |
|
$ |
28.05 |
|
|
33,000 |
|
$ |
29.06 |
|
| $29.45 - $32.74 |
|
292,500 |
|
|
9.70 |
|
$ |
30.93 |
|
|
0 |
|
$ |
0.00 |
|
|
|
|
|
| $ 3.58 - $32.74 |
|
7,451,687 |
|
|
7.32 |
|
$ |
19.73 |
|
|
1,581,433 |
|
$ |
11.54 |
|
|
|
|
|
|
