How many Benihana non-vested stock options were vested during 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
| Shares | Weighted average exercise price | Weighted average remaining contractual life | Intrinsic value (thousands) | ||
|---|---|---|---|---|---|
| Outstanding at January 1, 2021 | 1,707,008 | $ 3.37 | |||
| Vested | 594,402 | 3.09 | |||
| Exercised | (1,039,058) | 3.23 | |||
| Cancelled, expired or forfeited | (10,000) | 2.13 | |||
| Outstanding at December | 1,252,352 | 3.36 | 3.92 years | $ | 11,581 |
| 31, | |||||
| 2021 | |||||
| Exercisable at December | 1,126,685 | 3.48 | 3.72 years | $ | 10,283 |
| 31, | |||||
| 2021 | |||||
| Vested | - | - | |||
| Exercised | (65,000) | 2.13 | |||
| Cancelled, expired or forfeited | - | - | |||
| Outstanding at December | 1,187,352 | 3.43 | 2.84 years | $ | 3,811 |
| 31, | |||||
| 2022 | |||||
| Exercisable at December | 1,187,352 | $ 3.43 | 2.84 years | $ | 3,811 |
| 31, | |||||
| 2022 |
There were no stock options granted
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, 127,667 non-vested stock options were vested during 2021. At the start of 2021, there were 263,333 non-vested stock options. During 2021, 127,667 options vested, and 10,000 were either cancelled, expired, or forfeited. This left 125,667 non-vested stock options at the end of December 31, 2021. The weighted average grant date fair value of the vested stock options was $1.00.
These figures provide a snapshot of Benihana's stock option activity and can be relevant to prospective franchisees if they are considering opportunities involving equity or stock-based compensation. Understanding the vesting schedules and fair values can help in assessing the potential benefits and risks associated with such compensation.
It is important to note that stock options are not directly related to the franchise operations of a Benihana restaurant. These figures pertain to the company's overall stock option plans, which may be offered to employees or executives of Benihana. Franchisees typically do not participate in these stock option plans unless they also hold a corporate position within the company.