Cabela's 2009 Annual Report Download - page 108

99
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
The stock options outstanding and exercisable for equity share-based payment awards as of January 2, 2010,
were in the following exercise price ranges:
Options Outstanding Options Exercisable
Exercise
Price Shares
Weighted
Average
Exercise
Price
Average
Remaining
Contractual
Life (in Years) Shares
Weighted
Average
Exercise Price
$ 0.00 to $10.00 1,860,087 4.88 6.18 365,779 8.50
$10.01 to $15.00 609,008 12.26 3.86 554,645 12.37
$15.01 to $17.50 1,000,717 15.25 6.34 343,697 15.25
$17.51 to $20.00 1,812,926 19.73 5.36 1,523,193 19.80
$20.01 to $25.00 915,834 22.38 5.36 618,033 22.38
$25.01 to $30.00 4,000 27.26 4.57 4,000 27.26
6,202,572 14.21 5.83 3,409,347 17.40
19. STOCK OPTION AND OTHER EMPLOYEE BENEFIT PLANS
Employee Stock Option Plans – The 2004 Plan provides for the granting of non-qualified stock options,
incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based
awards to employees, directors, and consultants. Options granted under the 2004 Plan have a term of no greater
than ten years from the grant date and are exercisable in accordance with the vesting schedule determined at the
time the awards are granted. On May 12, 2009, shareholders of the Company approved an amendment to the 2004
Plan to increase the number of shares authorized for issuance by 3,750,000 shares. During 2009, there were 785,780
options granted to employees at a weighted average exercise price of $8.13 per share and 10,000 options granted to
non-employee directors at an exercise price of $11.49 per share. These options have an eight-year term and vest over
three years for employees and one year for non-employee directors.
In addition, on July 7, 2008, 111,324 shares of restricted stock were issued to two executives under the 2004 Plan.
The stock price on the date of grant was $10.48 per share resulting in a fair value of $1,167 of deferred compensation
which will be amortized to expense over a five-year period. The restricted stock vests one-third on the third, fourth,
and fifth anniversaries of the grant date. As of January 2, 2010, there were 5,883,141 shares subject to options and
3,843,370 shares authorized and available for grant under the 2004 Plan. Our policy has been to issue new shares for
the exercise of stock options.
On March 13, 2009, there were 111,720 options granted to our President and Chief Executive Officer at an
exercise price of $8.68 per share. These options are subject to the same terms and conditions of the 2004 Plan. These
options have an eight-year term and vest over three years.
As of January 2, 2010, under our 1997 Plan, there were 569,400 shares subject to options with no shares available
for grant. Options issued expire on the fifth or the tenth anniversary of the date of the grant under the 1997 Plan.
Employee Stock Purchase Plan – The maximum number of shares of common stock available for issuance
under our Employee Stock Purchase Plan is 1,835,000. During 2009, there were 217,707 shares issued. As of January 2,
2010, there were 908,949 shares authorized and available for issuance. In October 2008, we began issuing new shares
instead of making market purchases. Beginning in April 2010, we plan to purchase shares in the open market.