NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Under the Company’s Amended and Restated 1992 Stock-Based Incentive Compensation Plan, as amended, stock options may be granted to officers and other key employees of the Company for the purchase of up to 9,900,000 shares of the Company’s common stock. Expiration dates for the options may not exceed 10 years from the date of grant and options typically vest over a three-year period. Under a separate plan for non-employee directors, up to 400,000 shares have been authorized for distribution of options. Periodic grants are made annually under this plan.
The following is a summary of the stock option activity for employees and non-employee directors for the last three fiscal years.
| 2006 | 2005 | 2004 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares | Wtd. Avg. Exercise Price |
Shares | Wtd. Avg. Exercise Price |
Shares | Wtd. Avg. Exercise Price |
||||||||||||||||||
| Outstanding at beginning of year | 5,753,074 | $ | 14.18 | 5,812,945 | $ | 13.37 | 6,494,952 | $ | 13.06 | ||||||||||||||
| Granted | 640,200 | 11.05 | 1,112,200 | 12.55 | 667,400 | 11.68 | |||||||||||||||||
| Exercised | (850,019 | ) | 7.15 | (777,086 | ) | 5.11 | (811,062 | ) | 6.56 | ||||||||||||||
| Forfeited | (131,366 | ) | 5.88 | (79,462 | ) | 10.54 | (109,727 | ) | 7.63 | ||||||||||||||
| Expired | (866,039 | ) | 16.02 | (315,523 | ) | 16.77 | (428,618 | ) | 20.37 | ||||||||||||||
| Outstanding at end of year | 4,545,850 | $ | 14.94 | 5,753,074 | $ | 14.18 | 5,812,945 | $ | 13.37 | ||||||||||||||
| Exercisable at end of year | 3,488,665 | $ | 15.93 | 4,281,775 | $ | 15.88 | 3,618,300 | $ | 17.40 | ||||||||||||||
| Weighted average fair value of options granted |
$ | 4.83 | $ | 4.82 | $ | 6.00 | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable as of the current fiscal year end:
| Range of Exercise Price | Number Outstanding as of 4/30/06 |
Wtd. Avg. Remaining Contractual Life |
Wtd. Avg. Exercise Price |
Number Exercisable as of 4/30/06 |
Wtd. Avg. Exercise Price of Exercisable Options |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $ 3.17 - $ 6.95 | 883,108 | 6.65 | $ | 4.39 | 883,108 | $ | 4.39 | ||||||||||||
| $ 7.70 - $ 9.30 | 798,991 | 6.62 | $ | 8.95 | 610,080 | $ | 8.99 | ||||||||||||
| $ 9.75 - $11.65 | 766,400 | 9.13 | $ | 11.07 | 193,369 | $ | 11.00 | ||||||||||||
| $12.30 - $14.90 | 920,100 | 5.29 | $ | 14.02 | 624,857 | $ | 13.72 | ||||||||||||
| $14.95 - $28.65 | 864,451 | 2.04 | $ | 27.28 | 864,451 | $ | 27.28 | ||||||||||||
| $28.75 - $39.65 | 312,800 | 2.09 | $ | 38.10 | 312,800 | $ | 38.10 | ||||||||||||
| 4,545,850 | 3,488,665 | ||||||||||||||||||