Wayne Smith, chairman, president and CEO of Community Health Systems, Franklin, Tenn., exercised stock options on 250,000 shares on May 20, with a net gain of nearly $3.3 million, the company reported in a securities filing on May 22. Smith exercised options that were due to expire on June 8, 2010 and cost him $13 per share. In a series of transactions, he sold the shares for a weighted average price of slightly more than $26.07 per share.
Smith still has 1.8 million stock options, according to the filing. The exercise prices on these options range from $18.18 to $40.41, and their expiration dates are between May 2013 and February 2019. Smith also is eligible to receive 350,000 restricted shares that are subject to the companys financial performance.