Pallet-Management-Services - AFM

US $, except number of options Year ended December 31, 2006 Year ended December 31, 2005
Number of
Options
Exercise
Price
Range
Weighted
Average
Exercise
Price
Number of
Options
Exercise
Price
Range
Weighted
Average
Exercise
Price
Outstanding, beginning of period 1,593,436 1.87 – 6.39 3.04 2,023,333 2.14 – 5.01 3.26
Granted 142,500 10.39 – 13.22 12.84 25,100 7.09 – 7.09 7.09
Exercised (543,001) (2) 1.89 – 6.89 2.70 (434,997) (1) 1.86 – 4.43 2.53
Forfeited (17,334) 1.90 – 7.13 4.62 (20,000) 2.04 – 2.07 2.06
Outstanding, end of period 1,175,601 (3) 2.09 – 13.21 4.75 1,593,436 1.87 – 6.39 3.04
Options exercisable at end of year 737,034 3.31 756,323 2.61
Weighted average fair value of
options granted during year 3.78 1.84
Weighted average remaining contractual life of
options, outstanding at end of period 4.42 4.74
(1) The weighted average share price at the date of exercise for the options exercised is $10.59.
(2) The weighted average share price at the date of exercise for the options exercised is $12.20.
(3) Additional are options over 159,996 shares that have not been recognized in accordance with IFRS 2 as the options were granted on or before November 7, 2002.
Fair value of the options was estimated at the date of grant
using the Black-Scholes option-pricing model using the following
weighted average assumptions for 2006 and 2005:
Q4 2006 Q1 2006 2005
Risk free interest rate 3.75% 3.79% 3.12%
Dividend yield 3.00% 3.00% 3.00%
Volatility factor 33.00% 34.40% 30.10%
Weighted average expected life 7.50 years 7.68 years 7.50 years
The expected volatility of the Company reflects the assumption
that the historical volatility is indicative of future trends, which
may also not necessarily be the actual outcome.
| FINANCIAL REPORTING | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
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