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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: 

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The following table summarizes information concerning outstanding and exercisable options at December 31 , 2004 : 

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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: 

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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 

