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Harry Winston Diamond Corporation Reports Fiscal 2012 Fourth Quarter And Year-End Results (3)

The Company's shares are primarily traded on a Canadian dollar based exchange, and accordingly stock option information is presented in Canadian dollars, with conversion to US dollars at the average exchange rate for the year.

Compensation expense for stock options was $2.1 million for fiscal 2012 (2011 - $1.3 million) and is presented as a component of both cost of sales and selling, general and administrative expenses. The amount credited to share capital for the exercise of the options is the sum of (a) the cash proceeds received and (b) the amount debited to contributed surplus upon exercise of stock options by optionees (2012 - $0.6 million; 2011 - $2.8 million).

Changes in share options outstanding are as follows:

                                                                    2012
                                                        Weighted average
                                    Options               exercise price
                                       000s    CDN $                US $
    Outstanding, beginning of year    2,868  $ 12.58  $            12.26
    Granted                             350    16.70               17.44
    Exercised                         (715)     7.26                7.43
    Expired                           (102)    25.54               26.14
    Outstanding, end of year          2,401  $ 14.21  $            14.34

TABLE CONT'D

                                                                    2011
                                                        Weighted average
                                    Options               exercise price
                                       000s    CDN $                US $
    Outstanding, beginning of year    3,234  $ 12.89  $             7.61
    Granted                             300    12.35               11.78
    Exercised                         (428)     7.14                6.92
    Expired                           (238)    26.34               25.79
    Outstanding, end of year          2,868  $ 12.58  $            12.26

Exercisable options totaled 1.9 million at January 31, 2012 (2.2 million at January 31, 2011).

The following summarizes information about stock options outstanding at January 31, 2012:

 
                                                  Weighted
                                                   average
                                                 remaining
                                    Number     contractual
    Range of exercise prices   outstanding   life in years
    CDN $                             000s
    $3.78                            1,015             7.2
    12.35-16.70                        650             6.8
    23.35-29.25                        600             0.6
    41.45                              136             2.2
                                     2,401

TABLE CONT'D

                      Options outstanding                  Options exercisable
 
                                 Weighted                             Weighted
                                  average        Number                average
    Range of
    exercise prices        exercise price   exercisable         exercise price
    CDN $                           CDN $          000s                  CDN $
    $3.78           $                3.78         1,016  $                3.78
    12.35-16.70                     14.69           100                  12.35
    23.35-29.25                     25.21           600                  25.21
    41.45                           41.45           136                  41.45
                    $               14.21         1,852  $               13.94

(d) Stock-based compensation

The Company applies the fair value method to all grants of stock options.

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