PURSUING A RESERVES  GROWTH STRATEGY
	1993 ANNUAL REPORT
Notes to Consolidated Financial Statements Swift Energy Company and Subsidiaries

6. Stockholders' Equity

 

Common Stock. In May 1992, the Company raised approximately $6,400,000 from the sale of an additional 990,000 shares of common stock through an institutional offering. The sale of these shares increased the Company’s outstanding common stock by just under 20%. Proceeds of the offering were used to acquire producing oil and gas properties and to finance ongoing exploration and development programs.

Stock Options and Warrants. The Company has incentive stock option plans under which options may be granted to employees to purchase shares of common stock and a nonqualified stock option plan under which non-employee members of the Company’s Board of Directors may be granted options to purchase shares of common stock. The plans provide that the exercise prices equal 100% of the fair value of the common stock on the date of grant. Options become exercisable for 20% of the shares on the first anniversary of the grant of the option and are exercisable for an additional 20% per year thereafter. Options granted expire 10 years after the date of grant or earlier in the event of the optionee’s separation from employment. No accounting entries are required until the stock options are exercised, at which time the option price is credited to the common stock and additional paid-in capital accounts.

The following is a summary of stock options under these plans:

The Company also has granted certain stock options to individuals who are neither employees, officers, nor directors, for specific services rendered to the Company. At December 31, 1993, options covering 143,500 shares had been granted at exercise prices ranging from $4.00 to $14.75 per share, of which options to purchase 62,500 shares were outstanding and exercisable. During the years ended December 31, 1992 and 1993, no options were exercised. During 1991 options for 47,450 shares were exercised. Through December 31, 1993, 5,350 options have terminated under this arrangement.

The Company also has a plan which provides eligible employees the opportunity to acquire up to 500,000 shares of Company common stock at a discount through payroll deductions. This plan was approved at the May 11, 1993, shareholders meeting. The plan year is from June 1 to the following May 31 with the first year of the plan commencing June 1, 1993. An employee may authorize a payroll deduction of up to 10% of their base salary during the plan year by making a timely election to participate prior to the start of a plan year. The purchase price for each offering will be 85% of the lower of the closing price of the Company’s common stock as quoted on the New York Stock Exchange at the beginning or end of the plan year or a date during the year chosen by the participant.

In connection with the October 1989 common stock offering, the Company issued to the underwriters, for their own account, warrants to purchase 60,000 shares of common stock, exercisable for a period of four years commencing on September 29, 1990, at a price equal to $12.75 per share, subject to adjustment for certain events.

Go to...

• Previous Section
• Next Section
• Table of Contents
• Financial Report Table of Contents
• PDF Version
• Spreadsheets
• Main Menu

This page was last updated on Saturday, February 08, 2003 , at 07:28:34 PM .

Copyright © 1994-2008 by Swift Energy Company.
Click here to go to our home page or search page.
Please note the terms of use for the Swift Energy web site.
If you have comments or questions, see our feedback or requests pages.
Contact Swift Energy Company Stockholder Relations through e-mail info@swiftenergy.com or telephone (281) 874-2700.