Coca Cola 2003 Annual Report Download - page 87

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 13: RESTRICTED STOCK, STOCK OPTIONS AND OTHER STOCK PLANS (Continued)
The following table summarizes information about stock options at December 31, 2003 (shares in millions):
Outstanding Stock Options Exercisable Stock Options
Weighted-Average
Remaining Weighted-Average Weighted-Average
Range of Exercise Prices Shares Contractual Life Exercise Price Shares Exercise Price
$ 20.00 to $ 30.00 2 0.8 years $ 25.31 2 $ 25.31
$ 30.01 to $ 40.00 8 1.8 years $ 35.63 8 $ 35.63
$ 40.01 to $ 50.00 95 11.5 years $ 47.62 35 $ 47.61
$ 50.01 to $ 60.00 51 10.1 years $ 56.29 46 $ 56.15
$ 60.01 to $ 86.75 11 4.8 years $ 65.86 11 $ 65.86
$ 20.00 to $ 86.75 167 10.1 years $ 50.56 102 $ 51.97
Restricted Stock Award Plans
Under the amended 1989 Restricted Stock Award Plan and the amended 1983 Restricted Stock Award Plan
(the ‘‘Restricted Stock Award Plans’’), 40 million and 24 million shares of restricted common stock, respectively,
may be granted to certain officers and key employees of our Company.
On December 31, 2003, 29 million shares were available for grant under the Restricted Stock Award Plans.
Participants are entitled to vote and receive dividends on the shares and, under the 1983 Restricted Stock Award
Plan, participants are reimbursed by our Company for income taxes imposed on the award, but not for taxes
generated by the reimbursement payment. The shares are subject to certain transfer restrictions and may be
forfeited if a participant leaves our Company for reasons other than retirement, disability or death, absent a
change in control of our Company.
The following table summarizes information about restricted stock grants and cancellations in which the
restrictions lapse upon the achievement of continued employment over a specified period of time.
Number of Average Fair
Year shares Value
2003 Grants 52,720 $ 42.91
Cancellations 27,000 $ 44.61
2002 Grants 30,000 $ 50.99
Cancellations 2,500 $ 67.50
2001 Grants 116,300 $ 48.95
Cancellations 78,700 $ 48.49
In 2003, the Company established a program to provide Performance Share Unit Awards under the 1989
Restricted Stock Award Plan to executives. Awards for the 2004–2006 performance period were made in
December 2003 at a fair value of $46.78 per share. The performance measure for these awards is compound
annual growth in earnings per share, as adjusted for certain items approved by the Board of Directors (‘‘adjusted
EPS’’). The number of performance share units earned shall be determined at the end of the three-year
performance period and will result in an award at that time of restricted stock under the 1989 Restricted Stock
Award Plan. Restrictions on such stock lapse on the fifth anniversary of the original award date. The target
award made in December 2003 was 798,931 shares and requires 11 percent adjusted EPS growth over the
performance period. The maximum award is 1,198,397 shares, if adjusted EPS growth is 13 percent or more, and
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