Airtran 2009 Annual Report Download - page 105

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96
Restricted Stock
Restricted stock awards have been granted to certain of our officers, directors, and key employees pursuant to
our LTIP. Restricted stock awards are grants of shares of our common stock which typically vest over time
(generally three years).
Compensation expense for our restricted stock grants was $5.7 million, $5.8 million, and $5.4 million during
the years ended December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, we have $5.9
million in total unrecognized future compensation expense that will be recognized over the next three years
relating to awards for approximately 1.5 million restricted shares which were outstanding but which had not yet
vested.
A summary of restricted stock activity under the aforementioned plan is as follows:
Restricted
Stock
Awards
Unvested at January 1, 2009 1,483,306
Vested (659,134)
Issued 671,640
Surrendered (11,900)
Unvested at December 31, 2009 1,483,912
The grant date weighted-average fair value per share of restricted stock awards granted during the years ended
December 31, 2009, 2008, and 2007, was $4.74, $6.96, and $9.10, respectively. Unvested restricted stock
awards are not included in the number of outstanding common shares. Upon vesting, the shares are included in
the number of outstanding common shares. The total fair value of shares vested during the years ended
December 31, 2009, 2008, and 2007, was $3.1 million, $3.2 million, and $4.1 million, respectively.
Performance Stock
Our Long-Term Incentive Plan provides for the grant of performance stock awards. In 2009, performance share
awards were made to certain officers and other employees based on AirTran’s relative Total Shareholder Return
(“TSR”) performance against a peer group of companies. The actual number of shares earned at the end of the
Performance Period will range from 0% to a maximum of 200% of the target, depending on AirTran’s relative
TSR performance. Payment of the earned performance shares will be made in common stock. There are a
maximum of 360,360 performance shares issuable at the end of the performance period for awards made in
2009. All existing performance share awards are based on a three year performance period which began on
January 1, 2009 and ends December 31, 2012.
Compensation expense for our performance stock awards was $0.4 million for the year ended December 31,
2009. As of December 31, 2009, we have $1.0 million in total unrecognized future compensation expense that
will be recognized over the next two years. No performance base stock awards vested during the year ended
December 31, 2009.