NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE I — STOCK OPTIONS AND WARRANTS — (continued) The following table summarizes EMCOR’s stock option and stock bonus plan activity since December 31, 1998: 1997 Directors’  1994 Plan 1995 Plan Stock Option Plan Weighted Weighted Weighted Average Average Average Shares Price Shares Price Shares Price Balance, December 31, 1998 721,701 $ 10.44 85,500 $ 13.24 35,785 $ 19.94 Granted — — 18,000 $ 22.13 40,968 $ 16.19 Forfeited — — — — — — Exercised (16,933) $ 9.13 (10,500) $ 6.34 — — Balance, December 31, 1999 704,768 $ 10.47 93,000 $ 15.74 76,753 $ 17.94 Granted — — 18,000 $ 27.13 45,612 $ 17.56 Forfeited — — — — — — Exercised (23,001) $ 7.54 (10,500) $ 6.34 (6,828) $ 16.19 Balance, December 31, 2000 681,767 $ 10.57 100,500 $ 18.76 115,537 $ 17.89 Granted — — 18,000 $ 42.30 31,950 $ 25.44 Forfeited — — — — — — Exercised (97,366) $ 14.56 (15,000) $ 15.09 (7,602) $ 17.56 Balance, December 31, 2001 584,401 $ 9.90 103,500 $ 23.39 139,885 $ 19.64 1997 Directors’  Other Stock  Stock Plan ESBP Option Grants Weighted Weighted Weighted Average Average Average Shares Price Shares Price Shares Price Balance, December 31, 1998 1,800 $ 20.00 — — — — Granted 330 $ 19.63 — — 315,000 $ 18.49 Forfeited — — — — — — Exercised (1,200) $ 20.00 — — — — Balance, December 31, 1999 930 $ 19.87 — — 315,000 $ 18.49 Granted — — — — 94,000 $ 18.44 Forfeited — — — — — — Exercised (600) $ 20.00 — — (2,000) $ 16.50 Balance, December 31, 2000 330 $ 19.63 — — 407,000 $ 18.49 Granted — — 56,707 $ 21.62 262,100 $ 37.36 Forfeited — — — — — — Exercised — — — — (16,666) $ 17.28 Balance, December 31, 2001 330 $ 19.63 56,707 $ 21.62 652,434 $ 26.10 At December 31, 2001, 2000 and 1999, approximately 1,271,000, 1,005,000 and 943,000 options were exercisable, respectively. The weighted average exercise price of exercisable options at December 31, 2001, 2000 and 1999 was approximately $18.18, $12.77 and $12.28, respectively. The following table summarizes information about EMCOR’s stock options at December 31, 2001: Options Outstanding Options Exercisable Range of Weighted-Average Weighted-Average Weighted-Average Exercise Price Number Remaining Life Exercise Price Number Exercise Price $ 4.75 - $ 5.13 397,400 3.26 Years $ 4.94 397,400 $ 4.94 $ 9.38 3,000 3.88 Years $ 9.38 3,000 $ 9.38 $ 14.13 - $ 20.00 710,766 6.36 Years $ 18.69 548,435 $ 18.45 $ 20.38 - $ 22.13 96,041 8.44 Years $ 21.71 83,375 $ 21.67 $ 25.44 - $ 27.13 119,950 8.94 Years $ 25.69 49,950 $ 26.05 $ 41.70 - $ 42.30 210,100 9.92 Years $ 41.75 189,100 $ 41.76 The weighted average fair value of options granted during 2001, 2000 and 1999 were $30.02, $19.18 and $18.41, respectively.