HLTH » Topics » Stock Options

These excerpts taken from the HLTH 10-K filed Feb 29, 2008.
Stock Options
 
As of December 31, 2006, 232,500 stock options were outstanding. These options had a weighted average exercise price of $9.17 per share, were scheduled to, and did, vest in February 2007, and had a remaining weighted average life of 7.33 months as of December 31, 2006. During the year ended December 31, 2007, 226,250 of these stock options were exercised and 6,250 were forfeited. There are no unvested stock options outstanding at December 31, 2007.
 
Stock
Options



 



As of December 31, 2006, 232,500 stock options were
outstanding. These options had a weighted average exercise price
of $9.17 per share, were scheduled to, and did, vest in February
2007, and had a remaining weighted average life of
7.33 months as of December 31, 2006. During the year
ended December 31, 2007, 226,250 of these stock options
were exercised and 6,250 were forfeited. There are no unvested
stock options outstanding at December 31, 2007.


 




This excerpt taken from the HLTH 10-Q filed Nov 9, 2007.
Stock Options
 
Generally, options under the Plans vest and become exercisable ratably over a three to five year period based on their individual grant dates subject to continued employment on the applicable vesting dates. The majority of options granted under the Plans expire within ten years from the date of grant. Options are granted at prices not less than the fair market value of HLTH Common Stock on the date of grant. The following table summarizes activity for the Plans for the nine months ended September 30, 2007:
 
                                 
                Weighted
       
          Weighted
    Average
       
          Average
    Remaining
    Aggregate
 
          Exercise Price
    Contractual
    Intrinsic
 
    Shares     Per Share     Life (In Years)     Value (1)  
 
Outstanding at January 1, 2007
    63,599,871     $ 14.04                  
Granted
    170,000       12.86                  
Exercised
    (10,777,064 )     9.99                  
Cancelled
    (3,408,376 )     25.02                  
                                 
Outstanding at September 30, 2007
    49,584,431     $ 14.28       4.0     $ 114,328  
                                 
Vested and exercisable at the end of the period
    42,088,065     $ 15.03       3.2     $ 83,429  
                                 
 
 
(1) The aggregate intrinsic value is based on the market price of the Company Common Stock on September 28, 2007, the last trading day in September, which was $14.17, less the applicable exercise price of the underlying option. This aggregate intrinsic value represents the amount that would have been realized if all of the option holders had exercised their options on September 28, 2007.
 
The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model, considering the assumptions noted in the following table. Expected volatility is based on implied volatility from traded options of HLTH Common Stock combined with historical volatility of HLTH Common Stock. The expected term represents the period of time that options are expected to be outstanding following their grant date, and was determined using historical exercise data. The risk-free rate is based on the U.S. Treasury yield curve for periods equal to the expected term of the options on the grant date.
 
                 
    Nine Months Ended
 
    September 30,  
    2007     2006  
 
Expected dividend yield
    0 %     0 %
Expected volatility
    0.31       0.38  
Risk free interest rate
    4.67 %     4.56 %
Expected term (years)
    3.94       4.46  
Weighted average fair value of options granted during the period
  $ 4.01     $ 3.47  
 
This excerpt taken from the HLTH 10-Q filed Nov 9, 2006.
Stock Options
 
Generally, options under the WHC Plan vest and become exercisable ratably over a four year period based on their individual grant dates subject to continued employment on the applicable vesting dates. The options granted under the WHC Plan expire within ten years from the date of grant. Options are granted at prices not less than the fair market value of WHC’s Class A Common Stock on the date of grant. The following table summarizes activity for the WHC Plan for the nine months ended September 30, 2006:
 
                                 
          Weighted Average
    Weighted Average
    Aggregate
 
          Exercise
    Remaining Contractual
    Intrinsic
 
    Shares     Price Per Share     Life (In Years)     Value(1)  
 
Outstanding at January 1, 2006
    4,533,100     $ 18.31                  
Granted
    1,105,900       37.58                  
Exercised
    (37,086 )     17.50                  
Forfeited
    (359,625 )     26.02                  
                                 
Outstanding at September 30, 2006
    5,242,289     $ 21.85       9.1     $ 69,088  
                                 
Exercisable at the end of the period
    961,249     $ 17.50       9.0     $ 16,187  
                                 
 
 
(1)  The aggregate intrinsic value is based on the market price of WHC’s Class A Common Stock on September 29, 2006, the last trading day in September, which was $34.34, less the applicable exercise price of the underlying option. This aggregate intrinsic value represents the amount that would have been realized if all of the option holders had exercised their options as of September 29, 2006.
 
The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model and using the assumptions noted in the following table. Expected volatility is based on implied volatility from traded options of stock of comparable companies combined with historical stock price volatility of comparable companies. The expected term represents the period of time that options are expected to be outstanding following their grant date, and was determined using historical exercise data of WHC employees who were previously granted Emdeon stock options. The risk-free rate is based on the U.S. Treasury yield curve for periods equal to the expected term of the options on the grant date.
 
                 
    Nine Months Ended September 30,  
    2006     2005  
 
Expected dividend yield
    0 %     0 %
Expected volatility
    0.60       0.60  
Risk free interest rate
    4.76 %     4.02 %
Expected term (years)
    3.25       3.25 - 5.50  
Weighted average fair value of options granted during the period
  $ 17.11       $8.43  
 
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