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HIW » Topics » Option Grants in 2004

This excerpt taken from the HIW 10-K filed Dec 22, 2005.

Option Grants in 2004

 

Name

   

Number of Securities

Underlying Options (1)

   

Percent of Total

Options Granted

to Employees

in 2004

    

Exercise

Price

Per Share

   

Expiration Date

   

Grant Date

Present Value (2)

Edward J. Fritsch

    171,775    21 %   $ 26.15    February 28, 2014    $ 267,969

Ronald P. Gibson

    182,076    22 %   $ 26.15    February 28, 2014    $ 284,039
     40,000    5 %   $ 22.44    June 7, 2005    $ 38,400

Michael E. Harris

    77,369    9 %   $ 26.15    February 28, 2014    $ 120,696

Gene H. Anderson

    34,417    4 %   $ 26.15    February 28, 2014    $ 53,691

Mack D. Pridgen, III

    62,391    7 %   $ 26.15    February 28, 2014    $ 97,330

Terry L. Stevens

    51,396    6 %   $ 26.15    February 28, 2014    $ 80,178
(1) Options granted in 2004 were based on 2003 performance. Options granted in 2004 generally vest ratably over a four-year period. The 40,000 stock options granted to Mr. Gibson in 2004 with an expiration date of June 7, 2005 vested immediately.
(2) As permitted by SEC rules, we have elected to illustrate the present value of the stock options at the date of grant set forth in this table using the Black-Scholes option-pricing model. Our use of this model should not be construed as an endorsement of

 

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its accuracy at valuing options. All stock option models require a prediction about the future movement of the share price. Except for the 40,000 stock options granted to Mr. Gibson in 2004 with an expiration date of June 7, 2005, the following assumptions were made for purposes of calculating grant date present value: expected time of exercise of 10 years, volatility of 16.0%, risk-free interest of 4.0% and a dividend yield of 6.5%. For the 40,000 stock options granted to Mr. Gibson in 2004 with an expiration date of June 7, 2005, the following assumptions were made for purposes of calculating grant date present value: expected time of exercise of one year, volatility of 16.4%, risk-free interest of 2.0% and a dividend yield of 7.5%. The real value of the options in this table depends upon the actual performance of Common Stock during the applicable period the options are exercisable.

 

The following table sets forth information with respect to options held by the Named Executive Officers as of December 31, 2004:

 

"Option Grants in 2004" elsewhere:

Macerich Company (MAC)
VORNADO REALTY LP (VNO)
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