At December 31, 1999, 1998, and 1997 options on approximately 1,283,000 shares, 675,000 shares and 50,000 shares, respectively were exercisable at weighted average exercise prices of $17.18, $17.12, and $14.88, respectively. The weighted average remaining contract life on outstanding options at December 31, 1999, 1998 and 1997 was 5.7 years, 8.4 years and 9.0 years. A summary of activity in the company’s stock option plans is presented below.

On July 9, 1999 the company completed a cash tender offer for all of the common stock of Jevic Transportation, Inc. at $14 per share. The transaction was accounted for as a purchase. The aggregate purchase price of the stock, including vested stock options and transaction costs was approximately $160.8 million, net of an anticipated $4.3 million tax benefit relating to the cost of the stock options. Transaction costs relate primarily to legal and professional fees (in millions).