ees tendered  950 , 125  options to purchase the Company’s Class A common stock, which options were cancelled on October  17 ,  2001 , in return for commitments of new grants on the grant date of April  19 ,  2002 . These new option grants were issued  on April  19 ,  2002  at an exercise price of $ 12 . 45  per share.  Effective November  21 ,  1996 , the Company implemented a one-time distributor equity incentive program which pro- vided for grants of options to selected distributors for the purchase of  1 , 605 , 000  shares of the Company’s Class A common  stock. The options were exercisable at a price of $ 5 . 75  per share and vested one year from the effective date. The Company  recorded distributor stock expense of $ 19 . 9  million over the vesting period. As of December  31 ,  2003 , this one-time dis- tributor equity incentive program concluded. At that date, approximately  1 . 2  million of these options had been exercised  throughout the years of the program and the remaining options were either cancelled or forfeited.  The deferred compensation at December  31 ,  2004  represents a restricted stock award of  250 , 000  shares of the Company’s  Class A common stock granted to the Company’s Chief Executive Officer and President in  2003 , which vests over four years.  The Company is amortizing this deferred expense ratably over the vesting period. Compensation expense for this restricted  stock award totaled $ 0 . 7  million and $ 0 . 8  million for the years ended December  31 ,  2003  and  2004 , respectively.  A summary of the Company’s stock option plans as of December  31 ,  2002 ,  2003  and  2004  and changes during the years  then ended, is presented below: The following table summarizes information concerning outstanding and exercisable options at December  31 ,  2004 : The fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the  following weighted-average assumptions: The weighted-average grant date fair values of options granted during  2002 ,  2003  and  2004  were $ 4 . 18 , $ 3 . 92  and  $ 7 . 27 , respectively. Effective February  1 ,  2000 , the Company’s board of directors adopted the Employee Stock Purchase Plan (the “Purchase  Plan”), which provides for the issuance of a maximum of  200 , 000  shares of Class A common stock. Eligible employees can  have up to  15 % of their earnings withheld, up to certain maximums, to be used to purchase shares of the Company’s Class  65 2002 2003 2004 Risk-free interest rate 3 . 6 % 2 . 7 % 2 . 8 % Expected life 3 . 3  years 3 . 8  years 3 . 9  years Expected volatility 52 . 7 % 54. 2% 45 . 4 % Expected dividend yield 2 . 2 % 2 . 5 % 1 . 9 % Options Outstanding Options Exercisable Exercise Price Range Shares  (in  000 s) Weighted- average  Exercise  Price Weighted- average  Years Remaining Shares  (in  000 s) Weighted- average  Exercise  Price $ 0 . 92  to $ 5 . 75 73 . 4 $  5 . 40 3 . 79 73 . 4 $  5 . 40 $ 6 . 50  to $ 11 . 00 2 , 154 . 0 8 . 24 6 . 59 1 , 535 . 6 7 . 94 $ 11 . 37  to  16 . 00 2 , 157 . 5 12 . 30 7 . 50 1 , 107 . 7 12 . 49 $ 16 . 95  to $ 28 . 50 2 , 208 . 2 21 . 64 7 . 40 657 . 3 20 . 82 6 , 593 . 1 14 . 03 7 . 13 3 , 374 . 0 11 . 89 2002 2003 2004 Shares  (in  000 s) Weighted- average  Exercise  Price Shares  (in  000 s) Weighted- average  Exercise  Price Shares  (in  000 s) Weighted- average  Exercise  Price Outstanding—beginning of year 5 , 347 . 1 $  9 . 80 6 , 994 . 6 $  10 . 41 6 , 941 . 9 $  11 . 46 Granted at fair value 2 , 103 . 4 11 . 90 1 , 728 . 1 10 . 80 1 , 355 . 2 22 . 15 Exercised ( 204 . 5 ) 6 . 34 ( 1 , 289 . 8 ) 6 . 82 ( 1 , 655 . 3 ) 9 . 97 Forfeited/canceled ( 251 . 4 ) 13 . 25 ( 491 . 0 ) 6 . 34 ( 48 . 7 ) 12 . 46 Outstanding—end of year 6 , 994 . 6 10 . 41 6 , 941 . 9 11 . 46 6 , 593 . 1 14 . 03 Options exercisable at end of year 3 , 454 . 0 $  9 . 64 3 , 292 . 7 $  11 . 37 3 , 374 . 0 $  11 . 89