Classmates.com 2008 Annual Report Download - page 140
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. STOCK-BASED COMPENSATION PLANS (Continued)
exercised in the years ended December 31, 2008, 2007 and 2006 were approximately $0.2 million, $2.8 million and $3.9 million, respectively.
Restricted Stock and Restricted Stock Units
In January 2004, the Company granted 575,000 restricted shares of common stock with a weighted-average grant date fair value of $19.91.
In January 2005, 100,000 of these shares were canceled, and in June 2007, an additional 125,000 of these shares were canceled due to the
resignation of a former executive officer. The remaining 350,000 restricted shares vested entirely at the end of the four-year vesting period in
January 2008, at which time 142,000 shares were withheld and employee withholding taxes of $1.5 million were paid.
The following table summarizes activity for restricted stock units during the years ended December 31, 2006, 2007 and 2008:
At December 31, 2008, the intrinsic value of outstanding restricted stock and restricted stock units was approximately $42.0 million. The
fair value of restricted stock units that vested during the year ended December 31, 2008 was approximately $20.5 million. Total unrecognized
compensation cost related to unvested restricted stock and restricted stock units at December 31, 2008, net of expected forfeitures was
approximately $57.7 million and was expected to be recognized over a weighted-average period of 1.3 years.
At December 31, 2007, the intrinsic value of outstanding restricted stock and restricted stock units was approximately $63.0 million. The
fair value of restricted stock units that vested during the year ended December 31, 2007 was approximately $15.5 million.
F-45
Restricted
Stock Units
Outstanding
Weighted
-
Average Grant
Date Fair Value
(in thousands)
Outstanding at January 1, 2006
1,642
$
10.78
Granted
2,208
$
10.36
Vested
(629
)
$
8.74
Canceled
(381
)
$
9.46
Outstanding at December 31, 2006
2,840
$
11.08
Granted
3,922
$
13.94
Vested
(1,077
)
$
10.52
Canceled
(707
)
$
12.51
Outstanding at December 31, 2007
4,978
$
12.65
Granted
4,639
$
10.18
Vested
(1,942
)
$
12.49
Canceled
(760
)
$
12.44
Outstanding at December 31, 2008
6,915
$
11.49