NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE G — INCOME TAXES (continued) NOTE H — COMMON STOCK NOTE I — STOCK OPTIONS AND WARRANTS Income before income taxes for the years ended December 31, 2001, 2000, and 1999 consisted of the following  (in thousands): EMCOR has stock option plans and programs under which employees receive stock options and a stock bonus plan for executives pursuant to which they receive restricted stock units. EMCOR also has stock option plans and restricted stock plans under which outside directors may receive stock options or shares of common stock. A summary of certain terms of the grants under the stock option plans and programs and stock plans are as follows: As part of a program previously authorized by the Board of Directors, EMCOR purchased 174,100 and 957,900 shares of its common stock during 1999 and 1998, respectively. The aggregate amount of $16.8 million paid for those shares has been classified as “Treasury stock, at cost” in the Consolidated Balance Sheet at December 31, 2001. EMCOR management is authorized to repurchase up to $20.0 million of EMCOR’s common stock under this program. (1) At the election of an individual serving as a Director, the individual may elect to receive one-third, two-thirds or all of their retainer for a calendar year in the form of stock options. Such options vest quarterly over the calendar year. In addition, the individual will receive additional stock options equal to the product of 0.5 times the amount of stock options otherwise issued as a result of his election. (2) At the election of an individual serving as a Director, the individual may elect to receive one-third, two-thirds or all of their retainer for a calendar year in the form of deferred stock units equal in value to the retainer. In addition, the individual will receive additional deferred stock units equal to 0.2 times the amount of deferred stock units otherwise issued as a result of his election. Following termination of Board service, the Director receives shares of common stock equal to the number of deferred stock units. (3) Generally, the grant date is the first business day of a calendar year for individuals who are serving as Directors as of such date. EMCOR ANNUAL REPORT 2001  2001 2000 1999 United States $ 79,699 $ 59,105 $ 42,714 Foreign 9,775 12,482 6,964 $ 89,474 $ 71,587 $ 49,678 Authorized Exercise Shares Vesting Expiration Price/Valuation Date 1994 Management Stock Option Plan 1,000,000 Generally, Ten years from Fair market value (the “1994 Plan”) 33$^{1}$/$_{3}$% on each grant date of common stock anniversary of  on grant date grant date 1995 Non-Employee Directors’  200,000 100% on grant date Ten years from Fair market value Non-Qualified Stock Option Plan grant date of common stock (the “1995 Plan”) on grant date 1997 Non-Employee Directors’  300,000 (1) Five years from Fair market value Non-Qualified Stock Option Plan grant date of common stock (the “1997 Directors’ Stock Option Plan”) on grant date (3) 1997 Stock Plan for Directors  150,000 (2) Five years from Fair market value (the“1997 Directors’ Stock Plan”) grant date of common stock on grant date (3) Executive Stock Bonus Plan 220,000 100% on grant date Ten years from Fair market value (“ESBP”) grant date of common stock on grant date Other Stock Option Grants Not applicable Generally, either Ten years from Fair market value 100% on first grant date of common stock anniversary of grant on grant date date or 33$^{1}$/$_{3}$% on each anniversary  of grant date 37