51 Notes to Consolidated Financial Statements fair value or intrinsic value, which generally leads to no expense being recorded. The Company opted to use this intrinsic value method and make required disclosures of fair value expense. SFAS 123(R) eliminates this intrinsic value alternative. SFAS 123(R) is effective for the Company on July 1, 2005, at which time all future  share-based payments must be recorded at fair value. The following table summarizes information about stock options outstanding at December 31, 2004: The Company has adopted nonqualified stock option plans and incentive stock option plans which provide for the granting of stock options to eligible directors, officers and employees. The plans are administered by the Compensation and Stock Option Committee of the Board of Directors. Salaried officers, directors and other key employees of the Company and its subsidiaries are eligible to receive options. The exercise price in each instance is 100% of the fair market value of the Company’s common stock on the date of grant. The options have 10-year terms and in most cases are exercisable in either four or five equal annual installments. As of December 31, 2004, the aggregate number of stock options available for grant was 2.2 million. A summary of the status of the Company’s stock option plans is presented below: 2004 2003 2002 Weighted Weighted Weighted Average Average  Average Shares Exercise Shares Exercise Shares Exercise (000’s) Price (000’s) Price (000’s) Price Outstanding at beginning of year 20,867 $ 27.37 14,323 $ 27.18 11,049 $ 20.67 Granted. . . . . . . . . . . . . . . . . . .  276 45.87 8,691 26.11 6,484 34.17 Exercised . . . . . . . . . . . . . . . . .  (5,306) 25.58 (1,875) 19.33 (2,707) 16.99 Terminated . . . . . . . . . . . . . . . .  (472) 27.73 (272) 32.76 (503) 29.51 Outstanding at end of year . . . .  15,365 28.31 20,867 27.37 14,323 27.18 Exercisable at end of year . . . . .  7,490 29.00 8,835 27.01 7,582 24.90 Options Outstanding Options Exercisable Weighted Average Weighted Weighted Number Remaining Average Number Average Outstanding Contractual Exercise Exercisable Exercise Range of Exercise Prices (000’s) Life (Years) Price (000’s) Price $ 10.99 - $ 13.31 . . . . . . . . . . . 949 2.3 $ 13.15 949 $ 13.15 $ 16.59 - $ 24.70 . . . . . . . . . . . 829 4.7 22.41 765 22.48 $ 25.16 - $ 37.73 . . . . . . . . . . . 13,254 7.7 29.34 5,735 32.42 $ 40.15 - $ 54.43 . . . . . . . . . . . 333 8.9 45.18 41 40.27 15,365 7.2 28.31 7,490 29.00