NOTES TO FINANCIAL STATEMENTS 2001 STRATTEC Annual Report 20 The Board of Directors of the Company authorized a stock repurchase program to buy back up to 2,639,395 outstanding shares. As of July 1, 2001, 2,160,026 shares have been repurchased at a cost of approximately $69.0 million. The Company maintains an omnibus stock incentive plan, which provides for the granting of stock options. The Board of Directors has designated 1,200,000 shares of the Company’s common stock available for grant under the plan  at a price not less than the fair market value on  the date the option is granted. Options become exercisable as determined at the date of grant by a committee of the Board of Directors and expire 5 to 10 years after the date of grant unless an earlier expiration date is set at the time of grant. A reconciliation of the components of the basic and diluted per share computations follows (thousands of dollars, except per share amounts): STOCK OPTION  AND PURCHASE PLANS EARNINGS PER SHARE (EPS) 2001 Net Per-Share Income Shares Amount ) ) ) Basic EPS $13,026 4,310 $3.02) ) ) ) Stock Options 91 ) ) ) Diluted EPS $13,026) 4,401 $2.96 ) ) 2000 Net Per-Share Income Shares Amount ) ) ) Basic EPS $18,513 4,936 $3.75) ) ) ) Stock Options 143 ) ) ) Diluted EPS $18,513 5,079 $3.65) ) 1999 Net Per-Share Income Shares Amount ) ) ) Basic EPS $17,015 5,639 $3.02) ) ) Stock Options 152 ) ) ) Diluted EPS $17,015 5,791 $2.94) ) Weighted  Average Exercise Shares Price Balance at June 28, 1998 615,889 $17.23 Granted 110,000 $35.44 Exercised 68,148 $15.40 Terminated 20,303 $25.76 Balance at  June 27, 1999 637,438 $20.30 Granted 105,000 $43.01 Exercised 175,490 $15.72 Terminated 1,377 $37.88 Balance at  July 2, 2000 565,571 $25.89 Granted 136,000 $38.49 Exercised 75,101 $15.18 Terminated 2,500 $30.81 Balance at  July 1, 2001 623,970 $29.91 Exercisable as of  July 1, 2001 316,847 $20.07 Available for grant as of July 1, 2001 165,541 Shares Exercise Price July 1, 2001 80,000 $45.79 80,000 $43.07 78,623 $37.88 5,000 $35.97 20,000 $33.63 July 2, 2000 80,000 $45.79 78,623 $37.88 5,000 $35.97 June 27, 1999 80,000 $37.88 5,000 $32.13 80,000 $31.98 5,000 $30.81 Options to purchase the following shares of common stock were outstanding as of each date indicated but were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common shares: