Archer Daniels Midland 2007 Annual Report Download - page 65

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57
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 8. Shareholder’s Equity (Continued)
The fair value of restricted shares is determined based on the market value of the Company’s shares on the grant
date. The weighted-average grant-date fair values of shares granted during 2007 and 2006, were $41.75 and
$22.04, respectively.
A summary of restricted shares activity during 2007 is presented below:
Weighted Average
Shares Grant-Date Fair Value
(In thousands, except per share amounts)
Non-vested at June 30, 2006 5,625 $18.11
Granted
1,065 41.75
Vested (846) 14.41
Forfeited
(57) 18.61
Non-vested at June 30, 2007 5,787 $23.19
At June 30, 2007 there was $23 million of total unrecognized compensation expense related to restricted shares.
Amounts to be recognized as compensation expense during the next three fiscal years are $16 million, $6
million, and $1 million, respectively. The total fair value of restricted shares vested during 2007 was $12
million.