Intel 2003 Annual Report Download - page 47

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Table of Contents
Index to Financial Statements
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
In-the-money and out-of-the-money
†
option information as of December 27, 2003 was as follows:
Exercisable
Unexercisable
Total
(Shares in Millions)
Shares
Weighted
Average
Exercise Price
Shares
Weighted
Average
Exercise
Price
Shares
Weighted
Average
Exercise
Price
In
-
the
-
money
282.0
$
16.28
416.7
$
22.77
698.7
$
20.15
Out
-
of
-
the
-
money
45.5
$
46.80
105.9
$
51.93
151.4
$
50.39
Total options outstanding
327.5
$
20.53
522.6
$
28.68
850.1
$
25.54
Options granted to listed officers as a group during 2003 were as follows:
†
Out-of-the-money options have an exercise price equal to or above $31.36, the closing price of Intel stock at the end of fiscal 2003, as
reported on The NASDAQ Stock Market*.
Number of
Securities
Underlying
Option Grants
Percent of Total
Options Granted
to Employees
Exercise Price
Per Share
Expiration Date
Potential Realizable Values at Assumed
Annual Rates of Stock Price Appreciation
for Option Term†
5%
10%
2,650,000
2.4
%
$
16.42
–
$
18.63
2013
$
28,824,400
$
73,046,800
Option exercises during 2003 and option values for listed officers as a group as of December 27, 2003 were as follows:
†
Represents gains that could accrue for these options, assuming that the market price of Intel common stock appreciates over a period
of 10 years at annualized rates of 5% and 10% from the date of grant. If the stock price does not increase above the exercise price, the
realized value from these options would be zero.
Shares Acquired
on Exercise
Value Realized
Number of Shares Underlying Unexercised
Options at December 27, 2003
Values of Unexercised In-the-Money
Options at December 27, 2003†
Exercisable
Unexercisable
Exercisable
Unexercisable
2,088,000
$
31,490,300
8,003,400
10,180,800
$
151,004,500
$
82,736,800
44
†
These amounts represent the difference between the exercise price and $31.36, the closing price of Intel stock at the end of fiscal 2003,
for all in
-
the
-
money options held by the listed officers.