33 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 10.  Stock Incentive Plan (Continued)
 2003 2002 2001
Dividend rate 1.68% to 2.35% 1.52% 1.78%
Risk-free interest rate 3.00% to 3.18% 4.24% 4.31%
Expected lives of options 5 to 10 years 5 years 5 years
Price volatility 38.83% to 51.02% 30.03% 38.29%
A summary of the status of the Plan at December 31, 2003, 2002 and 2001 and changes during the years ended on
those dates is as follows:
Shares
Weighted
Average Grant
Price Per Share
Fair Value
Per Share
Outstanding January 1, 2001 117,122 $ 12.50
Granted 39,938 15.79 $ 5.51
Cancelled (6,580) 14.86
Exercised (12,426) 10.72
Outstanding December 31, 2001 138,054 13.51
Granted 47,646 17.59 4.08
Cancelled (19,758) 13.95
Exercised (16,238) 11.27
Outstanding December 31, 2002 149,704 14.99
Granted 75,396 18.89 4.24 to 11.37
Cancelled (11,892) 16.62
Exercised (40,988) 11.89
Outstanding December 31, 2003 172,220
There were 85,670, 91,658 and 83,114 shares exercisable at December 31, 2003, 2002 and 2001, at weighted average
exercise prices per share of, $15.94, $13.70, and $11.71, respectively.  During 2002, the Company issued 4,654 shares
of Company stock to employees valued at $100 thousand in recognition of the Company’s 100th year anniversary.
The following table summarizes information about stock options outstanding at December 31, 2003:
Exercise
Prices
Shares
Outstanding
Option Life
Remaining
Shares
Exercisable
1999 $          9.97 9,700       1 year 9,700
2000          17.19 25,900       2 years 25,900
2001          15.79 31,626       3 years 31,626
2002          17.59 36,888       4 years 18,444
2003 17.98-22.01 68,106 5 to 10 years -
Note 11.  Major Customers
The Company has one major customer and relationship that is a significant source of revenue.  In 2003, as during the
past number of years, the Company's relationship with Sprint continued to increase, due to growth in the PCS business
segment.  Approximately 61.2% of total revenues in 2003 were generated by or through Sprint and its customers using
the Company's portion of Sprint’s nationwide PCS network.  This was compared to 57.6% in 2002, and 47.1% of total
revenue in 2001.  No other customer relationship on a stand-alone basis generates more than 2.5% of the Company’s
total revenue for 2003, 2002 and 2001.
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