2001 STRATTEC Annual Report 21 The Company accounts for its stock-based compensation plans in accordance with APB Opinion No. 25 and related Interpretations as permitted by SFAS No. 123, “Accounting for Stock- Based Compensation.” Accordingly, no compensation cost related to these plans was charged against earnings in 2001, 2000 and 1999. Had compensation cost for these plans been determined consistent with SFAS No. 123, the  pro forma impact on earnings per share would have been as follows (thousands of dollars): Export sales are summarized below (thousands of dollars): These sales were primarily to automotive manufacturing assembly plants in Canada and Mexico. Sales to the Company’s largest customers were as follows (thousands of dollars and percent of total net sales): The grant date fair values and assumptions used to determine such impact are as follows: The range of options outstanding as of July 1, 2001, is as follows: The fair value of each option grant was estimated as of the date of grant using the Black- Scholes pricing model. The resulting pro-forma compensation cost is amortized over the  vesting period. EXPORT SALES  SALES TO LARGEST CUSTOMERS  Weighted Weighted Average Number of Average Remaining  Options Exercise Price Contractual Price Range Outstanding/ Outstanding/ Life  per Share Exercisable Exercisable (in years) $11.75-$17.05 167,300/167,300 $12.36/$12.36 3.9 $19.68-$31.98 188,047/132,047 $29.22/$28.06 4.5 Over $31.98 268,623/17,500 $41.32/$33.54 3.7 623,970/316,847 $29.91/$20.07 4.0 2001 2000 1999 Sales % Sales % Sales % )) General Motors Corporation $60,216 30% $68,985 31% $88,938 44% Ford Motor Company 45,341 22% 54,498 24% 52,241 26% DaimlerChrysler Corporation 33,939 17% 35,055 16% 30,757 15% Delphi Automotive Systems 26,913 13% 31,487 14% 2,788 1% )) $166,409 82% $190,025 85% $174,724 86% Options Granted During 2001 2000 1999 ) ) Weighted average grant  date fair value $42.54 $43.01 $35.44 Assumptions: Risk free interest rates 5.38% 6.18% 5.33% Expected volatility 24.97% 25.39% 29.09% Expected term (in years) 5.50 5.67 5.75 Export Sales Percent of Net Sales 2001 $29,013 14% 2000 $31,745 14% 1999 $27,233 13% July 1, July 2, June 27, 2001 2000 1999 ) ) Net income As reported $13,026 $18,513 $17,015 Pro forma $12,447 $17,961 $16,464 Basic earnings  per share As reported $3.02 $3.75 $3.02 Pro forma $2.89 $3.64 $2.92 Diluted earnings  per share As reported $2.96 $3.65 $2.94 Pro forma $2.84 $3.54 $2.85 NOTES TO FINANCIAL STATEMENTS Purchase plan to provide substantially all U.S. full-time associates an opportunity to purchase shares of its common stock through payroll deductions. A participant may contribute a maximum of $5,200 per calendar year to the plan. On the last day of each month, participant account balances are used to purchase shares of stock at the average of the highest and lowest reported sales prices of a share  of the Company’s common stock on the NASDAQ National Market. A total of 100,000 shares may be issued under the plan. Shares issued from treasury stock under the plan totaled 2,695 at an average price of $33.05 during fiscal 2001, 3,317 at an average price of $34.07 during fiscal 2000, and 3,521 at an average price of $28.79 during fiscal 1999. A total of 89,774 shares are available for purchase under the plan as of July 1, 2001. The Company has an Employee Stock