Cincinnati Bell 2008 Annual Report Download - page 192

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Time-Based Restricted Awards
The grant date fair value of time-based restricted shares generally vest and are expensed in one-third
increments over a period of three years. The following table provides a summary of the Company’s outstanding
time-based restricted shares:
2008 2007 2006
(in thousands) Shares
Weighted-
Average
Grant Date
Fair Value
Per Share Shares
Weighted-
Average
Grant Date
Fair Value
Per Share Shares
Weighted-
Average
Grant Date
Fair Value
Per Share
Non-vested as of January 1, ................... 375 $4.87 253 $4.74 157 $5.29
Granted ................................... 60 4.69 280 4.94 253 4.74
Vested .................................... (97) 4.85 (144) 4.78 (153) 5.30
Forfeited .................................. (35) 5.03 (14) 4.74 (4) 4.60
Non-vested at December 31, ................... 303 $4.82 375 $4.87 253 $4.74
(in millions)
Compensation expense for the year ............. $0.7 $ 0.7 $ 0.1
Tax benefit related to compensation expense ...... $(0.3) $ (0.3) $ —
Grant date fair value of shares vested ............ $0.5 $ 0.7 $ 0.8
As of December 31, 2008, unrecognized compensation expense related to these shares was $1.0 million,
which is expected to be recognized over a weighted average period of two years.
Stock Option Awards
Generally, stock options have ten-year terms and vesting terms of three years.
The following table provides a summary of the Company’s outstanding stock option awards:
2008 2007 2006
(in thousands, except per share amounts) Shares
Weighted-
Average
Exercise
Prices Per
Share Shares
Weighted-
Average
Exercise
Prices Per
Share Shares
Weighted-
Average
Exercise
Prices Per
Share
Options outstanding at January 1, ........... 20,625 $10.76 21,153 $10.89 22,828 $11.28
Granted ............................... 3,699 2.20 1,135 4.92 1,260 4.61
Exercised .............................. (85) 3.86 (632) 3.96 (535) 3.56
Forfeited ............................... — — (178) 4.50 (4) 4.00
Expired ................................ (1,469) 11.58 (853) 12.74 (2,396) 12.96
Options outstanding at December 31, ........ 22,770 $ 9.34 20,625 $10.76 21,153 $10.89
Options vested and expected to vest at
December 31, ......................... 22,597 $ 9.40 20,625 $10.76 21,153 $10.89
Options exercisable at December 31, ........ 17,999 $11.07 18,881 $11.31 19,974 $11.26
(in millions)
Compensation expense for the year .......... $ 1.8 $ 0.9 $ 0.2
Tax benefit related to compensation expense . . $ (0.7) $ (0.4) $ (0.1)
Intrinsic value of options exercised .......... $ — $ 1.0 $ 0.5
Grant date fair value of options vested ....... $ 1.1 $ 0.7 $ 0.1
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